Mediclaim policies cover medical expenses incurred due to hospitalization, surgeries, treatments, and related expenses. They offer coverage for hospitalization expenses, including room charges, doctor's fees, surgery costs, medicines, diagnostic tests, and sometimes post-hospitalization expenses for a specified period.
Mediclaim policies can be individual policies or family floater policies that cover the entire family under one plan. They have certain exclusions such as pre-existing illnesses and non-allopathic treatments. Many policies offer cashless hospitalization facilities in their network hospitals. To make a claim, you need to inform the insurer about hospitalization within the stipulated time and provide the necessary documents for claim processing. Premiums paid towards mediclaim policies are eligible for tax deductions under Section 80D of the Income Tax Act in India, subject to certain limits.
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
With cashless facilities in network hospitals, immediate access to treatment is possible without upfront payments, easing financial stress during emergencies.
Mediclaim policies offer financial security by covering unexpected medical expenses, preventing a significant drain on savings or sudden financial strain.
Mediclaim policy covers you & your family during medical emergencies
They cover various hospitalization expenses such as room charges, surgeries, medications, and diagnostic tests, ensuring comprehensive coverage during illness or accidents
Offering lifelong renewability, these policies assure uninterrupted coverage, irrespective of age, promoting long-term healthcare planning.
Add-on benefits like maternity coverage, critical illness cover, wellness programs, or alternative treatment coverage enhance the policy’s scope, addressing specific health needs.
Premiums paid towards mediclaim policies qualify for tax deductions under Section 80D, providing tax relief and encouraging investment in health coverage.
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
Buying a mediclaim policy online offers several advantages:
You can claim a deduction for mediclaim policy premiums paid for yourself, spouse, children, and parents. The maximum deduction allowed is ₹25,000 for self, spouse, and children (if below 60), and an additional ₹25,000 for parents (if below 60). If you or your parents are above 60, the maximum deduction for premiums paid increases to ₹50,000. An additional deduction of up to ₹5,000 within the overall limit is available for preventive health check-ups for self, family, or parents. Pay premiums via cheque, credit/debit card, or online banking to claim the deduction, and keep records of payment receipts and policy documents as proof of payment and coverage.
Example:
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: Visit Coverfox: Go to the Coverfox website or mobile app.
Step 2: Fill in Details: Enter necessary details like age, coverage requirements, family members to be covered, etc., in the online form.
Step 3: Compare Plans: Coverfox will generate a list of available mediclaim policies based on the information provided. Compare different plans based on coverage, premiums, and features.
Step 4: Select a Plan: Choose the mediclaim policy that best fits your requirements and budget.
Step 5: Provide Details: Complete the application by providing personal information and policy-specific details.
Step 6: Upload Documents: Upload the required documents, such as ID proof, address proof, age proof, etc., as specified by Coverfox.
Step 7: Review and Pay: Review the policy details, coverage, and premiums. Proceed to payment and choose a convenient online payment method to complete the purchase.
Step 8: Receive Policy Documents: Once the payment is processed, you’ll receive the policy documents via email or on the Coverfox portal
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.
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.
To claim your mediclaim policy, follow these steps:
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.
Mediclaim policies provide financial coverage for hospitalization, treatments, and related medical expenses. They offer protection against unexpected medical emergencies, access to cashless treatments, coverage for pre-existing illnesses, tax benefits, and customization options. Having a mediclaim policy ensures access to quality healthcare without bearing the full financial burden, giving you peace of mind during medical emergencies.
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?