5 Important Points to Keep in Mind before Buying a Mediclaim Policy

Posted by jessica kappor on March 21st, 2018

Choosing the right mediclaim policy is a deliberative decision and it should not be taken in haste. Ideally, one should discuss it with family members first and list down what the individual wants from a mediclaim policy. Once an individual is thoroughly aware of their requirements, they are well-equipped to search for the right policy for oneself. This narrows down the search and makes it easier for the individual to buy a policy which is perfect for them. However, personal requirements are not the only considerations one should make when checking mediclaim policies. When looking for policies, an individual should also look for:

1.  Claiming Process

A mediclaim policy is always as good as its claiming process. Ideally, it should be efficient and quick in reimbursement for the hospitalization charges. Therefore, when an individual is looking for the right company to buy the mediclaim policy from, they should read about the claim settlement time and claim settlement ratio of the company. Faster settlement time and higher settlement ratio generally imply that the insurance provider is good with genuine claims.

2.  Coverage for Critical Illness

One of the drawbacks of a mediclaim policy is that it does not cover critical illnesses like severe coma, cancer, kidney failure, cardiac arrest, etc. This gives the mediclaim policy backseat in regards to the health insurance policy, which is more expansive. However, there are insurance providers like IFFCO-Tokio, for instance, which provides coverage for critical illnesses as well.

3.  Co-Payment Clause

The co-payment clause mandates that in a medical emergency, the policyholder will pay certain percentage of the total hospitalization cost, whereas the rest will be settled by the insurance provider. It is an option that an individual can have if they do not want to completely rely on the policy. It is not mandatory and one can have a policy which provides full coverage.

4.  Network Hospitals

Before buying a mediclaim policy from an insurance provider, it is important to make the list of hospitals in its network. It is important for a policyholder to know this in advance. For instance, when a medical emergency falls, one does not want to go to a hospital which is not in the network of the insurance provider. This renders the whole mediclaim policy ineffectual.

5.  No-Claim bonus

If a policyholder has not lodged a claim for the duration that the mediclaim policy was active, many insurance providers offer what is called a no-claim bonus. This can either be the increase in the insured sum, decrease in the premium, or both. The no claim bonus varies from one insurance provider to another.

If one keeps the personal requirements and above-mentioned points in mind, buying the right mediclaim policy will be easier. In addition, there are plethora of cashless mediclaim policy and health insurance to choose from. Which mediclaim policy should one buy for them solely depends on their purpose and requirements. Once an individual knows the purpose, they would never make any mistake on buying the right policy for them.