Don’t you think investing in mediclaim policy is a wise decision? What should be your considerations while buying a mediclaim policy? If we talk about the most economical and best way of confronting the medical emergencies without imposing a dent on your savings, then the mediclaim insurance policy is the most apropos thing to have. So, to protect your financial well-being, mediclaim policies come to the fore. But it is pretty disheartening to say that in a developing country like India, people are still unconscious about the need of planning their finance for savings as well as expenditures.


In today’s 21st century, people are often interested in investing money that will give them returns- monetary returns. Also there are people who believe that some things happen only after a certain age or time, and hence they ignore the essence of insurance.


What if you have an unexpected stint of weakness due to work and you get hospitalized? What if you meet an accident and get your leg fractured? Now, all the uninsured people out there, will you always have cash to settle the hospital expenses in the above scenarios? I don’t doubt that you can’t, but there might be some day on which you can’t. The prices of the hospital and nursing expenses are shooting exponentially and thus, having a mediclaim policy is of utmost importance.


Why Mediclaim Policies?


Mediclaim policy in India provides you:


  • Cashless Treatment in the hospital
  • Mediclaim policy can be renewed annually
  • Higher cover at affordable premium 
  • Avail tax deductions on the premiums paid under Section 80D of the Income Tax.
  • The age window for a mediclaim policy lies between 91 days and 65 years.
  • At the time of renewal, policy can be ported to another insurer.
  • Goes for both individual and family floater.


How are Premiums calculated?

While determining premiums for the mediclaim insurance policy, the insurance companies take the following points into considerations:

  • Age
  • Sum of the amount
  • Geographical location
  • Any pre-existing medical problem
  • Time period of the coverage
  • Number of members to be insured.


However, according to the guidelines of IRDAI, the health insurance companies calculate the premium amount according to your needs and requirements.


How to Claim on your Mediclaim Policy?

You can claim on your Mediclaim Policy in two ways:


·        Cashless: For availing the cashless treatment, you need to contact the Third Party Administrator at the time of admission in the hospital. Moreover, a claim form along with the reports of the doctor needs to be submitted to seek approval for the cashless treatment. On getting the approval, the insurance company settles all the expenses of the hospital without even involving the policy holder.

·        Reimbursement: In this mode, the claim form along with all the hospital documents and the reports of the doctor are sent to the insurance company. This process takes almost 15-20 business days to settle the amount because the insurance company verifies all the documents and then takes the final decision.


Considerations while taking a Mediclaim Policy?


1.    Exclusions: Mediclaim policies are such that they cover your health risks, but there are some exclusions which are not covered. Such exclusions include conditions arising out of a suicide attempt, drug addiction, HIV infection and other congenital diseases.

2.    Stand of the Insurance Company: It would be wise of you to check the credibility and reputation of the company in the market before you choose to buy the mediclaim policy. Moreover, checking the claim settlement ratios of the companies would help you in taking a firm decision.

3.    Insured Amount: Increasing healthcare costs and rate of inflation are some of the reasons you should bear in mind while deciding the coverage amount. Those living in the metropolitan cities need to choose the high coverage amount, as the medical costs in such cities would likely to witness an upswing.

4.    Individual or Family Floater:  It is completely your call whether you take the mediclaim policy for yourself or for your entire family. However, if you choose to cover your entire family, then it would be one of the ideal choices. Insurance companies offer discounts on the family floater plans, and hence it becomes a perfect choice for all.


Get yourself a mediclaim today because it is not the time to think, it’s time to act. So, those who cannot withstand the skyrocketing hospitalization costs, they should invest in the mediclaim policies for sure. Don’t think of the premiums you need to pay every year, rather think of the benefits you would reap in the years to come. Trust me, it is better to save your life than your money.