Tuesday, 27 March 2018

Why Mediclaim is important and why you Must have a Mediclaim

It is human nature to invest your money in only things that yield returns. But it is also important to recognize that health insurance is the most vital investment. Holding a Mediclaim policy means peace of mind for your entire life concerning your health and one less worry about expenses during a medical emergency.

Why Mediclaim policy is a necessity and not a choice

According to statistics, India will soon become the diabetes capital among all countries of the world, and 60% of patients with heart disease are from India. India also has maximum cases of cancer. These sorts of health news are alarming and make us ponder over the importance of having a mediclaim policy. Although we can keep ailments at bay to a certain extent with a healthy lifestyle, our genetic setup may lead to diseases that cannot be avoided. This is when a Mediclaim policy acts as a safety net so that you don’t drown in medical and treatment bills.

Due to current lifestyle and habits, even young and middle-aged people are vulnerable to health-related issues and insurance may be needed at any stage of life to avoid financial hardships. Ensuring once health for life is imperative to avail of good quality medical treatment when necessary without having to stress about the medical bills burning a hole in your pocket. There are numerous mediclaim policies available in the market tailor-made for an individual depending on his age, income, health and so on. They are designed in a way that makes them affordable to everyone and provides financial coverage during medical contingencies.

Advantages of having mediclaim policy:
     You can avail adequate medical treatment in private hospitals with modern facilities without worrying about insufficiency.
     You will not go bankrupt due to a medical emergency; health insurance gives you financial security.
     There are tax benefits under section 80D of the Income Tax act where you may receive up to Rs.25,000 per annum if you buy medical insurance for your family.

Key features and Myths about Mediclaim policy

It is necessary to understand if your Mediclaim policy has these key features and also apparent misconceptions about the details.    

Pre-existing health conditions
Pre-existing diseases are ailments or even symptoms that are diagnosed or that exist at the time of buying the Mediclaim policy. It is essential to read the clause about pre-existing conditions in your Mediclaim policy carefully. Typically, pre-existing health conditions are covered by Mediclaim after four years. But of late, many insurance companies are excluding pre-existing conditions permanently in their Mediclaim policy. To get clarity on this, you must provide a detailed report of the medical history of your family.

The myth here is that the pre-existing clause is for everyone. You must know that if you are in perfect health at the time of taking the policy, this requirement doesn’t apply to you.

Reimbursement/Cashless reimbursement
Every insurance company is tied up with a network of hospitals with which they have a direct billing arrangement. Then the company directly pays the amount of legitimate claim to the hospital. Apart from this, the insured only has to pay the expenses that are not covered under the Mediclaim policy from his pocket.

On the other hand, if you get admitted to the hospital that is not in the network of the insurance company, then you are responsible for making all the payments to the hospital and then submitting the claim papers to the insurance company to obtain reimbursement.
This busts the myth that cashless eases everything.

What is covered under Mediclaim
Before you sign up for a Mediclaim policy, it is essential to take an informed decision. The following are the costs that are covered by a standard Mediclaim policy:
     Investigative costs or in other words, prices of medical tests, doctors fee, consultation charges.
     All expenses incurred during hospital admission like room charges, charges for diagnostic tests, any surgery charges, medicines bought during hospitalization and so on.
     Cost of an ambulance is usually covered by Mediclaim as well.

Family Floater

Family Floater policies are economical if you want medical insurance for all members of your family. It is under one Mediclaim policy and has fixed cover. The full family can only make claims up to the designated amount of coverage in the year.

Pregnancy coverage
It is again a myth that pregnancy-related expenses are not covered by Mediclaim policies. That was true until recently. Insurers now have begun to cover the costs associated with pregnancy and childbirth. But they may include some conditional clauses like they are covered only three years later or just the first pregnancy is included and so on.

Tips before you choose the right Mediclaim policy

Before you zero in on the right Mediclaim policy for you make sure you have the followings points clarified:
     You must understand that there is no one perfect insurance plan. Each may have some shortcomings. But make sure to choose the one that maximum fits your needs.
     Look ahead. You are looking for insurance cover until old age. Try not to go for a very less amount of sum insured. Since the medical costs are only going to rise, plan to allow about 20-25% of your annual salary towards premium.
     Before you sign a policy, demand all the rules and regulations in words and study it in depth.
     Do not just depend on the insurance given by your employer as that may vary each year depending on their budget and constraints.
     It is better to choose lifetime renewable Mediclaim policies.
     Consult a good health insurance advisor if needed who will assist you in claims, renewal and so on.
Your health is your responsibility, and it is never too early or too late to sign up for Mediclaim policy to acquire financial security and peace of mind.

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