Know The Features, Benefits And Coverage of Health Insurance Policy

Medical emergencies can occur at any time, and if you have not purchased health insurance, be prepared to pay a hefty medical bill due to hospitalization. Even with ever-increasing healthcare costs, many of us continue to ignore and fail to obtain health coverage for our loved ones and ourselves through a Mediclaim policy.

Mediclaim is a type of health insurance in which you can either be reimbursed   for hospitalization expenses or choose a cashless process to cover your hospitalization expenses. Thus it is essential to get you and your family insured through India best health insurance policy, such as the Bajaj Allianz Health Insurance.

A mediclaim policy is an insurance policy that protects you against rising medical costs associated with hospitalization. It provides financial security in the event of hospitalization due to illness or an accident. Mediclaim policy benefits, like other types of insurance, can be accessed by paying an annual premium. This type of insurance policy has a set policy period and must be renewed to continue receiving the policy’s benefits.

Aside from purchasing the appropriate health insurance policy, it is equally important to maintain adequate coverage. Hence, the insurers pay the hospital bills, and you do not have to pay the bill out of your pocket. And, remember, there is no such thing as the best health insurance policy; instead, choose one that is comprehensive and provides maximum coverage.

These Are Some Of The Main Features In Mediclaim Policies

  • It allows for the convenience of cashless hospitalization.
  • You have the option of choosing yourself or the entire family.
  • It protects you from financial harm.
  • Removes expenses paid from your pocket.
  • Insurance companies will cover the costs of hospitalization.
  • The ease of purchasing through online health insurance companies.
  • It offers tax breaks.
  • Take advantage of cost-effective healthcare services.

There are several types of Mediclaim policies on the market. You can select a policy based on your specific needs.

The Following Are The Most Common Types Of Mediclaim Policies

Individual Policy

As the name implies, an individual policy is for one person, and the benefits listed under the policy are only available to the designated person. When looking to purchase health insurance for yourself, you will need to purchase the Individual health insurance plan, also known as the Mediclaim. They are to be purchased individually, so the premium is based on the buyer’s age and sum insured. They are indemnity policies, which means they reimburse actual expenses up to the amount of coverage purchased. If you are hospitalized for at least 24 hours, they will cover your expenses. Companies like Bajaj Allianz Health Insurance and others can provide you with these types of policies.

Family Floater Policy

A Family Floater plan is essentially the same as an individual health insurance plan. The benefits remain largely the same, but any family member can use the sum insured rather than just one. For example, instead of purchasing health insurance for each family member, if you purchase a Family Floater plan, each member can receive the benefit. Compared to individual health insurance plans, the premiums in these plans are lower. This plan covers the policyholder and other family members such as parents, spouses, and children.

Mediclaim For Critical Illness

Unlike a mediclaim plan, the critical illness plan pays the entire sum insured regardless of your hospital expenses if the specified illness occurs. Cancer, coronary artery bypass surgery, heart attack, stroke, kidney failure, aorta surgery, heart valve replacement, major organ transplant, and paralysis are all covered by all insurers. While battling life-threatening diseases like this, hospital expenses quickly deplete your savings. A critical illness policy helps reduce those costs by paying a lump sum amount upon diagnosis of the disease.

Low-Cost Mediclaim Policy

This type of policy is suitable for those looking for a lower sum insured. Furthermore, such policies benefit the underprivileged segments of society. Employers in small and medium-sized businesses typically purchase these policies to cover their employees at low premiums.

Personal Accident Policy

This policy covers accidental death, permanent total disability, permanent partial disability, and temporary total disability.

Daily Hospital Cash Plan

A Daily Hospital Cash plan, as the name suggests, is a health insurance plan in which the insured pays a fixed amount daily when the policyholders are hospitalized. The Daily Hospital Cash plan will pay regardless of the hospital bill, including room rent, doctor fees, and other charges, depending on the number of days selected by the insured.

Most of India’s best health insurance policy providers such as the Bajaj Allianz health insurance are offering this kind of polices.

A good mediclaim policy protects you against a wide range of medical expenses, which can differ between policies. The following are some of the most common mediclaim policy inclusions:

Hospitalisation Expenses

This category includes all medical expenses incurred while the policyholder or beneficiaries of the policy were hospitalized. It pays for diagnostic procedures, OT charges, medicines, blood, x-rays, oxygen, and other medical expenses.

Pre- and Post-Hospitalisation Expenses

Medical expenses incurred before 30 days of hospitalization and up to 60 days after discharge are covered by the mediclaim policy. However, you should check with your insurer to see if your policy covers this type of hospitalization.

Hospital Room Expenses

Costs for regular wards or the Intensive Care Unit (ICU) are fully reimbursed through the cashless facility.

Doctor’s or Medical Professionals’ Fees

It will cover the doctor’s consultation fees or medical professionals’ fees, such as nurses’ and related ones.

Most of India’s best health insurance policy providers such as the Bajaj Allianz health insurance are offering this kind of benefit with their plans.

So it’s normal to be perplexed when buying a mediclaim insurance policy, especially if you’re a first-time buyer. Insurance is not for everyone, and choosing the right plan can be difficult. There are a lot of companies in the market that are providing great services and plans. You should choose India’s best health insurance policy, such as the bajaj Allianz health insurance in the market.

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