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Nowadays where health risks are increasing, safeguarding oneself against unforeseen medical expenses is more crucial than ever. This is where mediclaim insurance, a vital aspect of health insurance policy, comes into play. Mediclaim policies offer a safety net during medical emergencies and you do not have to worry about hospital bills since you will have quality healthcare services assured. This blog explains what mediclaim is, its main features and all the benefits it brings.
Understanding Mediclaim
Mediclaim, a type of health insurance policy, covers the cost of medical treatment including hospitalization, surgery, and also other medical bills occurring in case of any illness or injury. Policyholders get financial aid when medical events occur in return for making a regular payment to a health provider. These policies can provide the individuals or it can be availed by groups as well (for example, employees in a company).
Key Features of Mediclaim Policies
Here are the key features that mediclaim policies offer:
- Hospitalization Coverage: Usually, a mediclaim Policy covers the hospitalization expenses including room charges, recuperation costs, ICU expenses, and other related treatment expenses.
- Pre and Post-Hospitalization: Patients are also reimbursed for the expenses which accrue before and after the hospital stay, including diagnostic tests and follow-up consultations.
- Cashless Treatment: Lots of insurers have tie-up arrangements with network hospitals where a policyholder can access the cashless treatment with the hospital, which means the insurer directly pays the bill to the hospital.
- Day-care Procedures: Procedures not requiring 24 hours monitoring in the hospital, like cataract removal and chemotherapy, are normally included under most policies.
- Ambulance Charges: Most of the medical insurances cover the charges for evacuation to the hospital through ambulance too.
- No Claim Bonus (NCB): By not making a claim during a policy year, insurers may provide a bonus, which can be a reduction in the premium rate or an increment in the insured sum.
- Renewability: Most of the policies guarantee lifetime renewability and protect you from the loss during your time.
- Tax Benefits: Insurance premiums under the mediclaim schemes can be deducted from the income tax payable under Section 80D of the Income Tax Act.
Benefits of Mediclaim Policies
Here are the benefits that a mediclaim policy typically offers:
- Financial Protection: With a mediclaim, you enjoy the peace of mind knowing that high medical expenses won’t deplete your savings or strain your finances since that is what the insurance is for.
- Access to Quality Healthcare: Mediclaim leads you to the top healthcare units with better health outcomes.
- Peace of Mind: The presence of the mediclaim policy in your life makes you feel at ease because you no longer have to give your attention to financial burden on top of being sick.
- Cashless Facility: The feature for cashless treatment eliminates the trouble of raising funds during crisis as the insurance company settles all dues with the hospital.
- Comprehensive Coverage: Mediclaim policies extend to almost everything encompassing not only hospitalisation but also the costs of pre and post-hospitalization, ambulances, and day care.
- Customisable Plans:By opting a mediclaim policy of your choice among different kinds of plans, you can ensure a perfect match of requirements and finances.
Is Mediclaim the Same as Health Insurance?
In India, these two terms – mediclaim policy and health insurance are often used synonymously. However, those are two different things. In the situation of picking between a mediclaim policy and health insurance in India it’s best to select a health insurance plan because that is more comprehensive. On the other hand, both the options share tax benefits but health insurance plans offer more comprehensive covers.
It is equally important to carry out thorough research and spend reasonable time comparing different health insurance plans offered by different companies based on their coverage, services, benefits and premiums.
It is important to keep in mind that the costs of health insurance may differ, so finding the most suitable plan for you depends on your unique needs and choice.
The Bottom Line
Mediclaim insurance is the fundamental instrument to control medical expenses and provide financial security timely during medical emergencies. A good mediclaim policy is not just about financial security; it is also the necessary measure to provide backup and health care facilities when they are needed the most.
However, as already stated, mediclaim only offers basic coverage, while comprehensive health insurance provides everything you might need in case of a medical emergency. Therefore, having a good health insurance policy is a great idea in order to protect yourself from unforeseen medical expenses. So, if you are interested in knowing about different health insurance plans, contact ACKO today.
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