9 Things You Must Remember While Buying the Best Mediclaim Policy For the Future

If you are looking for the best mediclaim policies, you must be careful while buying them. One must remember many things while purchasing the same, and if you have not taken your time to research, then this article will help you with that.

What is a Mediclaim policy?

A Mediclaim policy is a type of insurance that pays the policyholder back for any medical costs they may have incurred throughout the policy period. The insured may use entirely cashless services at the insurer’s network hospitals or submit the required receipts for reimbursement. Here are 9 things to remember while buying a mediclaim policy:

9 Things You Must Remember While Buying the Best Mediclaim Policy For the Future

1.  Eligibility Criteria:

● Age: Anybody within the age bracket of 18-65 is eligible to buy mediclaim insurance. Children aged between three months and 18 years are eligible as well.

● Existing medical conditions: Generally, the insurance company covers pre-existing medical conditions after waiting. But make sure the company knows about you/your family’s pre-existing medical conditions before you purchase a mediclaim policy.

2.  Network of cashless hospitals:

The best mediclaim policies are the ones with a wide network of cashless hospitals. During a medical emergency, you can focus on getting to the nearest/best hospitals rather than worrying if the hospital is under the insurance provider’s network. 

In a cashless settlement, the insurer pays the sum assured directly to the hospital, saving you the hassle of going through paperwork for admission & claims.

3.  Premium vs coverage:

While selecting an insurance provider, filter them for your coverage needs first and then pick the one in your budget. By prioritizing the ‘coverage’ aspect of the policy, you save yourself a ton of costs & stress when there’s a medical emergency.

You should purchase a medical policies that provide sufficient coverage without sacrificing advantages at a price you can afford.

4.  Opt for an online policy:

Online policies are cheaper and easier to renew, claim and cancel than offline ones. You can also get a quote in seconds with the help of a few clicks on your computer screen.

5.  Waiting period:

The waiting period is the amount of time you have to wait before your policy is in force. It varies from insurer to insurer and depends on what type of policy you buy. The waiting period can vary from 24-48 months.

During this time, the insurer will not accept any claims related to pre-existing conditions or specific illnesses.

Therefore, you can compare and select the finest mediclaim policies with a short waiting period before you can use the benefits in an emergency.

6.  Add-ons:

Generally, most insurance companies don’t give add-on features to a mediclaim policies. Even if they do, these add-ons will drive up the premium prices.

7.  Claim settlement ratio:

Claim settlement ratio is simply the ratio of claims the insurer can successfully settle to the total claims in a year. The higher the ratio, the better the policy.

The best mediclaim policies usually have a claim settlement ratio greater than 90%.

8.  Unclaimed bonus:

The discount provided by the insurance provider for all the years you have not made a claim is known as a no-claim bonus. For every year without a claim, your coverage level is enhanced during subsequent insurance renewals.

Therefore, make sure to read the NCB clause in your policy and check if there’s any cap to it as well.

9.  Co-payment:

Most people ignore reading the co-payment clause while buying a mediclaim policy. It is the portion of the total that you would be required to pay at the time of a claim, with the insurer covering the remaining sum.

This clause is generally applied to those with low premiums or pre-existing medical conditions.

Therefore, when signing your Mediclaim policies, be sure there are no co-payment provisions.

Now that you know the factors that most affect buying a mediclaim policy, we believe you can make an informed decision. Please make sure to read all the documents, Terms, and Conditions carefully.

Note: Under the Income-tax Act, Section 80D, you can claim deductions up to Rs.25000 on premiums paid for the mediclaim insurance. Moreover, senior citizens can avail of up to 50,000 rupees for the same. 

At the end of the day, nobody is immune to uncertainty. But the least we can do is be prepared for it. 

If you want to save yourself and your family from those hefty hospital bills and tons of stress during a medical emergency, get a mediclaim policy today.

Today, many companies can help you to buy health insurance and Turtlemint is one such company that can provide you with expert advice to buy the right insurance policy.