In the midst of rising costs of healthcare, a health insurance or Mediclaim is absolutely essential for anybody who seeks to secure their health and the health of their family. A Mediclaim policy essentially serves the function of covering medical expenses that one may incur suddenly and without warning or possibility of prediction. Today, there are a wide variety of Mediclaim policies offered by a range of companies and firms. However, while one policy may be good for some person, it may not be the right policy for you. Consequently, you need to look out for and consider a few factors that will help you make a wise decision. Below, we will look at the various components of a Mediclaim policy, the types of Mediclaim policies and the things to consider while investing in one.
Components of a Mediclaim Policy
Unlike an insurance policy, in a Mediclaim policy, any medical expense incurred by the holder of the Mediclaim policy is reimbursed by the insurer. The important factors for a Mediclaim policy are as below:
- Premiums that need to be paid for Mediclaim policies vary from one insurer to another.
- Any one between the age of 18 and 65 can apply for and buy a Mediclaim policy.
- An individual can get a Mediclaim policy for the entire family by paying a master premium.
- While claims are generally made from third-party insurers, some insurers deal with in-house claims.
- You can choose from one of the many types of Mediclaim policies such as individual policy, group policy, policies for senior citizens or maternity policies.
- If you are the holder of a Mediclaim policy then you are eligible for a tax deduction of INR 25,000.
Types of Mediclaim Policies
There are various types of Mediclaim policies available in India which can be taken for an individual or a group. Some of them are:
- Individual: Individual Mediclaim policies provide coverage for single individuals against any medical expenses that they might incur.
- Family: For a family Mediclaim plan, a premium is paid to cover the liabilities that any family member may face.
- Group: Generally, an employer or any other person who’s in charge of a group can take a group Mediclaim policy.
- Senior Citizens: Senior citizens can avail of Mediclaim policies specifically meant for senior citizens.
- Critical Illness: A critical illness Mediclaim policy specifically offers Mediclaim for reimbursements against costs incurred in the treatment of critical illnesses such as cancer, kidney failure etc.
- Overseas: An overseas Mediclaim policy provides security for emergency medical expenses that may have been incurred while overseas.
- Low-cost: As the name suggests, a low-cost Mediclaim policy is for those who cannot afford to pay for normal policies. Low-cost policies are also bought by employers in small and medium-scale industries for their employees.
Today, you can also avail of cashless health insurance whereby the insurance company pays for your claims on your behalf. This is especially crucial during any sort of medical emergency where you might not be able to arrange money during an emergency.
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