Tips for Medical insurance India

Posted by akanshasingh on January 18th, 2017

Getting a medical insurance policy is not as easy as buying a can of tuna in the supermarket aisle. It's more like buying onions in the bazaar. You have to check the price with different sellers or companies. You need to see the size and extent of the policy. You definitely need to see how long its validity is for use. And finally, you should see if anything smells fishy. Within the fine print. There are a couple of ways that medical insurance works, especially in India. Find out what they are and how they affect you.

If you've suffered a heart attack or been in a traffic accident, the last thing you want to think about is the damage the ambulance ride will do to your wallet. Not to mention the doctor's fee, medicines, hospital stay and medical tests. Also in case you need healthcare on an urgent basis, perhaps you may need to lean on near and dear ones to pay your bills. To address such events that can befall anyone at anytime, having medical insurance on hand can be a lifesaver, in more ways than one. Medical insurance consists of a policy or a contract by law where the insured pays the insurance company a fixed sum in exchange for the company to pay a part of or the whole bill that comes with being hospitalised or undergoing medical treatment. Medical insurance in western nations tends to be far more inclusive than the policies you get in India. So it is useful to understand just what you are getting before you apply for one.

A big part of buying Medical insurance India means reading the fine print. Make sure to check the cost of the premium, since one company can be overpriced and offer the same coverage as another company. Or one company may cost more but may have more effective customer service. Or the more expensive company may not take as long to follow up with offering returns or the claim you may have filed. When it comes to the cost of the premium, make sure to have your homework done to see what it includes. Secondly, it is very important to find out what are the limits of what a company will shell out in case you require medical treatment. For instance, there may be a ceiling on the amount you pay per day for a hospital visit. Although the cost for tests may be included as well as meals during the hospital stay, there may be a ceiling on these too. And things that should be part of the coverage like the doctor's fee or medicines may not be part of the package. The amounts for these are usually a percentage of the policy. In case you have a family, it is better to get a policy for the whole family.

Most Medical insurance India is an indemnity product called mediclaim. This is what is described above where medical bills are used as proof to reclaim a limited amount of policy. A mediclaim policy is different from a benefit product where a lumpsum is given out in the event of a medical emergency. No bills are necessary to support this usually.

http://www.sooperarticles.com/finance-articles/insurance-articles/tips-medical-insurance-1210644.html

Like it? Share it!


akanshasingh

About the Author

akanshasingh
Joined: August 6th, 2016
Articles Posted: 56

More by this author