Understanding your medical insurance policy?

Posted by sanjay on June 5th, 2017

Buying medical insurance is a must for a responsible family oriented person in today’s time of growing uncertainties. But purchasing the right medical plan could be quite a daunting task, with a lot of conflicting information doing the rounds in the market. Thus, the article gives few facts about medical plans that should dispel the confusion in consumer minds:

There are two types of medical covers: Cashless claim or reimbursement. If you visit any of the empanelled hospitals then you can available a cashless claim. However, if you visit any other hospital initially you will have to make the payments and later it will be reimbursed.

One should compare the benefits of policies which are identical in various aspects and belong to the same category. It’s prudent to sit with an insurance advisor to discuss your requirements and consider various options available for media claim policies 

The sum assured on your medical insurance policy can be increased during renewal as per your needs and at the discretion of the insurer. It’s better to review your plan each year to understand wants needs to be covered in your policy

An insurer may increase the premium after few years of the policy, but they can do so with prior intimation only.

More riders mean the premium will be slightly higher. But it should not influence your decision of buying a media claim policy. Discuss the matter with your insurance advisor and then carefully choose the rider and benefits on your medical insurance policy.

When young you’re likely to get lower premium rates on your policies. Some insurers also lower the premium if you buy policies online. It is possible to purchase policies online with no hassles of documents, invoicing, etc. – The instructions are quite simple to follow and payments are accepted online.  You compare quotes online of different insurance companies under a single platform. Compare them on parameters like cover amount, premium costs, claim settlement ratio, a list of empanelled hospitals nearby, etc.

Always keep your family members aware of the medical insurance and its benefits that you have purchased and how to file a claim if necessary. Also, it’s possible to change or add nominees at a later date after purchasing the policy.

A lot of information is available and efforts are being taken by various companies to spread awareness of the importance of health insurance policy.  Companies have come up with the right knowledge about the aspects that should be examined while buying a medical plan and filing a medical claim successfully.

An efficient health insurance plan can provide coverage for you and your family members. Also, some companies have come up with family floaters that can protect your entire family along with extended family plans. Health plans are boon for those individuals who wish to provide medical coverage for a family at affordable premium cost. Besides a medical insurance policy also give you impressive tax benefits under section 80D of the Income Tax Act, 1961. The rising inflation costs make it necessary for every individual to have a healthcare insurance. One can be affected by a medical emergency anytime and anywhere, leaving an individual emotionally shattered and financially distress.