Guidelines to buy the best Mediclaim Policy

Posted by amrina alshaikh on August 7th, 2019

A mediclaim policy is a branch of health insurance policy that is set up to provide financially assurance to you against the high expenses of medication and hospitalisation. This policy is designed in such a way as to support you financially at a time of any sudden or planned hospitalization due to any illness or accident.

You need to pay a certain amount of money annually as a premium to the mediclaim company to easily avail the mediclaim policy benefits at times when needed. This policy is said to be valid for a fixed interval of time after which you have to renew your policy to continue to share and make use of the policy benefits. Here are some of the guidelines you should bear in mind, while going to take up a mediclaim policy for your family and yourself.

• Compare and choose between Individual and family floater - In an individual plan, a certain amount is insured for the policyholder whereas in family floater a certain amount is fixed that will be used by all the members. In an individual plan, the policyholder is insured on several parameters therefore, it does not matter how old he gets it will not affect the insurance coverage of his family members but in a family floater plan, if the primary member of the policyholder dies, then other members cannot renew the policy.

• Check for the sum insured or the coverage amount - You should consider various factors before choosing the sum assured for coverage. Keep in mind the rate of inflation, surgical healthcare cost, your loved ones, the area you in life in because sometimes you would like to opt for a higher sum for your loved ones and if you are living in the city, the cost for hospitalization in the City's hospitals would be more than any in the rural areas.

• Check the rate of co-payment policy – In various Mediclaim policy you have to pay a certain percentage of the total bill that is imposed on you for medication. The company will pay for you but you may have to 10% to 30% of the total, therefore compare the rate of different policies and then opt for a purchase.

• Check the network of hospitals – Another important factor to keep in mind is the network of hospitals that falls under the Mediclaim policy. Seek if they cover the hospitals, where you think, would be an ideal hospital for you to go in need.

Mediclaim Policy is offered both at the public and private sector general insurance companies in India. You should seek for such a policy that will provide full coverage for your medical expenses and surgical bills. Therefore you must aim to reach towards a policy that will offer full medical insurance with complete cashless facilities and claim reimbursement as well.