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Non Life Insurance - Things to look while buying a Mediclaim Policy
30-Jan-2015

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For this reason, it is essential for every person to have health insurance cover.

In the present world, health problems have not just escalated, but also have become more severe in nature. Such problems need immediate attention but in many cases, it becomes difficult for the patient’s family to arrange for necessary funds. For this reason, it is essential for every person to have health insurance cover. The factors to be considered while buying a Mediclaim policy are:

Individual or Family Floater plan

There are two popular categories of health insurance plans. The first one is basic individual that covers a single individual, and the second one is a family floater plan that covers the entire family under one health insurance plan. The entire family is considered as one single unit in a Family Floater plan, and for this reason it is advisable to opt for a high sum insured in such plans.

Benefits based plan

The Mediclaim policy can be categorized as either hospitalization cash plans or critical illness plans. In the case of later, the patient gets the entire sum assured in the policy for the treatment of a critical illness. However, hospitalization cash plans only offer a pre-determined amount to the patient on a daily basis. It doesn’t cover all hospital expenses.

Premium and features

People should select the Mediclaim policy as per their individual needs. The selection of the wrong plan will leave them with no financial assistance at the time of emergency. They should not only concentrate on the insurance cost but should also consider the other features like deductibles, co-payments, discount and bonus while taking a plan. A policy should cover a number of critical illnesses, in the absence of which it would be of no use.

Waiting period

There have been instances where patient failed to get the benefits due to the waiting period. Every plan has got a waiting period, after completion of which the Mediclaim policy becomes fully active. Only after it, the insured is eligible to get the healthcare benefits as per the healthcare plan.

Claim settlement

Before buying a Mediclaim policy, make sure that the insurer has got a high claim settlement ratio. It won’t be wrong to call the claim settlement as the litmus test of a Mediclaim policy.

Source : India Infoline back