Consider these 5 things before buying a mediclaim policy

New Delhi : A mediclaim policy offers financial protection during medical emergencies and covers medical expenses resulting from hospitalisation for a specified time limit. As healthcare costs are rising in India, choosing a medical insurance policy has become extremely important.

As a smart buyer, it is absolutely necessary to thoroughly research before opting for a policy. This will ensure that you get the right coverage and prevent chances of being underinsured. 

This article aims to give you some simple tips to choose the best mediclaim policy. 

Sum Insured

Opt for a plan that has the right balance of affordable premium cost and maximum coverage. Buying a plan with lowest premium may seem attractive at the outset. However, you may be deprived of certain benefits. If you are likely to incur huge medical costs, it is recommended to go for sum insured which is adequate even if it implies paying high premium.

Waiting Period

Policy buyers should speak to their insurer and understand all the features offered in their policy. One should also check the waiting period clause. For pre-existing diseases like diabetes and hypertension as well as specific illnesses and treatments, there is a waiting period. Policyholders can get coverage for these diseases only after the completion of waiting period. You have the choice to compare the policies and opt for the best policy with minimum waiting period. 

Co-payment

In health policies, you would find the feature of co-payment. As per this feature, you will be required to pay a certain percentage of the total claim amount, as specified in the policy document. The percentage may range between 10% and 30%, depending on the insurer. So, before choosing a policy, remember to check the co-payment feature.  

Sub-limits

Reading the policy documents will also give you a clear idea about the various sub-limits which are applicable for certain treatments or services. For instance, there could be a cap on the room rent charges which will covered by the policy. Similarly, there could a sub-limit on certain medical procedures such as cataract treatment. It is important to understand this feature so that you can be prepared to handle the additional expenses you may have to bear. 

Network Hospitals

Cashless hospitalization is a feature that many health insurers offer. During a medical emergency, it could be stressful for a family to pay the hospital bills; but with cashless treatment it is easier. For this, policyholders are required to get treatment using their health card at any of the network hospitals as listed by the insurer. The bills will be directly settled with the hospital, based on the policy terms and conditions. This saves crucial time and eliminates the need to spend money from one’s own pocket. 

Takeaway 

It is advisable to go through the policy documents to know the exclusions which are basically scenarios where you cannot get a claim under your policy. This will help you to be financially prepared for other unexpected expenses. 

With mediclaim policy, an individual receives hospitalisation benefits including cover for domiciliary care. One should take a sensible decision by considering all the above-mentioned facts in mind.

You can opt for suitable policy from Religare Health Insurance which is a leading health insurer in India. It carters to diverse health insurance needs of customers by offering customised policies with wide-ranging sum insured options. The company has over 7400 network hospitals spanning across India.