Mistakes To Avoid While Buying Mediclaim Insurance
May 29, 2022

Avoid These Costly Mistakes While Purchasing a Mediclaim Policy

Medical emergencies never come up knocking on the door. And in case you do not have health insurance coverage in place, be mentally prepared to pay the hefty medical bills. With rising expenses of healthcare and medical inflation, it is imperative to cover not just yourself but your family members too with a mediclaim insurance policy. Wait! Wondering, what is mediclaim policy, its features, benefits, and much more? Read ahead to get all your queries answered.

What is a Mediclaim Policy?

To put it simply, a mediclaim insurance policy is a cover that protects you against the increasing medical expenses that might incur due to hospitalization. A mediclaim policy offers financial safety in case of an accident or illness that might lead to hospitalization. The mediclaim benefits can be availed by paying the premium timely. It is the type of insurance policy that comes in with a defined policy term and should also be renewed in a timely.

Benefits of Mediclaim Insurance

Now that we know what a medical policy is, let us have a look at the following benefits of mediclaim insurance briefly:
  • Cost-effective
Having the right mediclaim insurance policy prevents financial stress for any medical emergency. It is also an ideal way to combat the increasing healthcare expenses. *
  • Cashless Facility
The cashless health insurance facility is helpful as the policyholder need not shed money out of their pocket during any medical emergency. The insurer directly settles the medical bills with the network hospital. In case the treatment is availed at a non-network hospital the policyholder need to file the reimbursement for the incurred expenses. *
  • Tax Benefit
Investing in the mediclaim insurance policy also lets the policyholder save on the taxes under Section 80D of the Income Tax Act. * Disclaimer: The tax benefit is subject to change as per the prevailing laws.

Costly Mistakes Made by People While Buying a Mediclaim Policy

With the ongoing pandemic, people have somewhat understood the need to secure health. When it comes to buying a suitable mediclaim policy several aspects need to be considered. Here is a rundown of the costly mistakes made by people while buying the mediclaim policy that needs to be avoided:
  • Not Enough Coverage
While buying the mediclaim policy, ensure you understand that healthcare costs are rising. Before you zero down a plan, understand the needs and the age group as well. Opt for a sum insured that covers multiple treatments and other hospital expenses if the need arises. Do not buy a plan on the premise of low premium as in the long run it won't be helpful. Having the right coverage should be the approach rather than being under-covered. *
  • Not Reading the Fine Print
To comprehend the policy coverage is critical yet understanding the exclusions is also prudent. It is important to carefully read the inclusions and exclusions offered within the plan. Have a thorough read of the fine print. In case you have doubts or are unsatisfied you can utilize the free-look period. *
  • Not Sharing the Medical History
While buying a mediclaim policy ensure that you do not conceal any existing medical condition or past medical history. This is one of the most common blunders that is misrepresented by the insured. During a claim, if anything like this is found out, the medical claim is rejected. Hence, ensure to provide every information related to the health. *

Important Aspects to Consider While Buying a Mediclaim Policy

With a plethora of mediclaim insurance plans available, making a choice sometimes might appear tricky. Let us understand some of the following important aspects that need to be considered while buying the mediclaim policy:
  • Network of Cashless Hospitals
While you zero down a mediclaim policy look for a wider network of cashless hospitals. It will help to avail easy access to cashless treatments during a medical emergency. It enables to focus on recovering and not worrying about the hospital expenses. In case of an untoward medical emergency, a mediclaim policy will be a financial relief. Do not make a purchasing decision just because of Section 80D medical expenditure*
  • Claim Settlement Ratio
The claim settlement ratio is an important factor when choosing the plan. It shows the claims percentage of the insurer that has been successfully settled out of the total claim number received in a year. It is recommended to go with the insurance company that has the highest claim settlement ratio. *
  • Capping and Limits
When it comes to hospital expenses or bills it is made up of various expenses that include room-rent charges, ambulance charges, etc. Regardless of the complete sum insured, chances are to have out-of-pocket expenses in case of a hospitalization. Go for a plan that has either low or no caps and limits as it helps to get more compensation during a claim. * * Standard T&C Apply

The Bottom Line

In uncertain times like these, the mediclaim insurance policy becomes an integral part of financial planning. You could also refer to it as the backbone of a healthy life. In case you feel, that is not important, just imagine the medical bills that you would end up paying in case of a medical emergency. Do not deplete your savings in paying the high medical bills. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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