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The cost of healthcare is increasing in India. The yearly cost of universal medicine is expected to be around INR 1,713 per individual. Using branded healthcare supplies and pharmaceuticals can raise this cost by almost 24%. This makes it all more necessary to have a good mediclaim policy as a part of everyone's family health program. This article will go over everything you need to know about mediclaim health insurance plans in India.
A mediclaim can be defined as a type of health insurance plan that reimburses the insured for medical expenditures incurred while treating their health problem. If you have mediclaim insurance, you can send your invoices for reimbursement to the insurance provider. You can also choose cashless care, which puts the insurance provider in a position to settle hospital and medical bills directly with the hospital administration.
If you are on the lookout for the best health insurance in India, these mediclaim insurance policies are a great place to start. However, you should keep in mind that the best health insurance policy depends on your coverage requirements as well as your budget. So, you should compare health insurance online in order to get the best deal available. This helps you when you decide to buy health insurance plan.
A mediclaim policy gets you hospital treatment without disturbing your savings
Cashless hospitalization in all your mediclaim policy network hospitals
A mediclaim policy lowers your financial load during any medical emergencies
Mediclaim policy covers you & your family during medical emergencies
A Mediclaim policy covers hospital costs related to accidents or illnesses
A mediclaim policy offers lifelong renewability options depending on the policy
A mediclaim policy also covers room rent & ICU charges
Tax benefits availed under section 80D on your policy premium you pay every year
Choose a mediclaim policy that covers you & your family for large cover amount
Pick a high cover amount mediclaim policy considering the increasing treatment costs
You have to share expenses with the mediclaim insurer as per a pre-decided percentage in copay
A mediclaim policy doesn't cover a few medical expenses. Check what's not covered before buying
Before buying a mediclaim policy one must check the list of network hospitals
Choose a mediclaim policy with lifetime renewability option
Before purchasing a mediclaim policy, check the waiting period for pre-existing diseases as to when they will be covered
You can raise claims in two ways when you have a mediclaim policy. The first one is a cashless claim & the second one is a reimbursement claim. Here's some quick info on the mediclaim policy claim's procedure.
Cashless claims make sure that you receive cashless medical treatment at a network hospital as your mediclaim policy. You don't have to pay a single penny at the network hospital for medical treatment.
Save Up To Rs. 75,000 On The Overall Mediclaim Policy
A Mediclaim policy offers tax benefits where you can save nearly up to Rs.75,000. This falls under the Section 80D of IT Act 1961.
Save Up To Rs. 25,000 on Mediclaim Policy Premium
Buying a Mediclaim policy can get you a deduction of up to Rs. 25,000 every budgetary year on your mediclaim policy premium.
Save Extra Rs. 25,000 on Mediclaim Policy For Parents
If you have a mediclaim policy for your parents, you can claim additional deduction of up to nearly Rs. 25,000/- each budgetary year.
Save More Rs. 5,000/- Annually On Medical Check-Ups
You can also get tax benefits through claims on your preventive medical health check-ups once in a year under the Section 80D of IT Act. This can be up to 5000/- annually.
*The above-mentioned list of benefits are according to the present tax laws in our country. You should reconfirm about these benefits from your mediclaim policy provider.
Buying Health Insurance Policy online through the Coverfox website is quite an easy task. Coverfox gives you detailed insights, on-call customer service & an efficient tech-enabled interface. These factors make your online health insurance buying process quite smooth & easy. We get you expert advice along with an informed, unbiased opinion that will clear all your doubts and help you buy the perfect plan.
Follow the steps given below in order to buy a health insurance policy online with the Coverfox website.
Step 1: Enter full name & select gender.
Step 2: Put in your correct mobile phone number, then click on the option 'view plans' & then select your age.
Step 3: Click 'continue' & then enter your resident city name and its pin code.
Step 4: Select Yes or No if you take any medications.
Step 5: Choose the best health insurance plan from the options that are displayed.
Step 6: Now select and compare the different health insurance plans on Coverfox. You can also choose the personalized plans options.
Step 7: Once you select the plan, you can pay the premium or speak to our customer care representative to take you through different options.
Step 8: Do make an informed decision and pay the premium. Once all the steps are done, the policy will be emailed on your registered email-id.
Once you select the plan which meets your needs with the least amount of premium, you can go ahead and pay the health insurance premium or talk to our customer service to avail of the insurance policy. While it is understandable to choose the policy with the least insurance premium, it is essential to know that various factors can affect your health insurance premium. Some factors influencing the premium of a health insurance policy include lifestyle, family health history, personal medical history, proposer’s age, sum insured etc. These factors are considered before the premium amount is determined. It is important to take note of these to make an informed decision.
A good health insurance policy is the best thing that you can avail of and invest in if you want to enjoy financial stability. The fact that healthcare costs go on rising year by year has made it essential for everyone to obtain insurance coverage as soon as they are able. Having the right mediclaim policy gives you peace of mind and makes every household function smoothly, even in difficult times. So, if you haven’t already, you should get one of the best health insurance plans in India. The best health insurance plan in India will meet all your coverage requirements as well as offer multiple value-added benefits when you renew health insurance online.
You need to keep the following parameters in mind while selecting a suitable mediclaim policy:
While choosing a health insurance policy there are a few things which you should be ready with are:
Some mediclaim policies that cover pregnancy in India are:
Yes you can cancel a policy after you buy it. A free look period of 15 days is provided to you after buying a policy to understand the terms and conditions. In case there is any objectionable clause, you can cancel the policy and get a refund. Stamp duty, expenses on medical check-up and proportionate risk premium (the number of days that the insurance company was at a risk of bearing your health expenses) would be calculated while the premium amount is refunded. Refer to the policy termination or policy cancellation section in your policy wording to know the amount that would be refunded.
Group mediclaim policies are specifically designed for employers, who can opt for it for their employees on the payment of pre-determined premiums. This policy enables employers to cover their employees on specific hospitalization and other related expenses, as defined in the policy document of the insurance company. Employees can also avail tax benefits under such policies.
The following are the two types of cashless claims in mediclaim:
Here’s how Coverfox simplifies the process of selecting a suitable mediclaim policy.
A mediclaim is a type of health insurance wherein the insurance companies reimburse the policyholder for medical expenses..
Apart from the emotional pain, an unexpected medical emergency can dig a huge hole into your lifetime savings.
Still confused whether to buy a health insurance policy or a mediclaim policy?