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With our sedentary lifestyle, poor eating habits, erratic sleeping cycles and degrading environmental conditions, the rate of illnesses is consistently on the uphill. The medical costs and the complexity of diseases is also increasing. Normal surgeries can cost anywhere between Rs 30,000 to 70,000 or more complex procedures can cost over Rs 3-4 lakh. This kind of money does not come easy; thus the best solution is to purchase a mediclaim Policy. Ever rising medical costs have made it essential to opt for medical policies in India.
Mediclaim policy comes to you as a rescue if in case you are hospitalized due to any disease or an accident. With a mediclaim policy, a person is able to opt for medical care, without worrying about arranging a big amount of money. It covers you for lodging, nursing, and treatment costs up to the coverage amount that you select while choosing the policy. Simply put, it takes care of your medical expenses following hospitalization on accident or illness or even for any surgery required. Sudden medical emergencies are surely going to burn a hole in your pockets, thus it’s better to be prepared well in advance. Besides, mediclaim policies offer great benefits and coverage for a wide range of expenses, depending on your insurance company. Types of mediclaim policies can be classified into two categories: Individual mediclaim and family floater.
Today, you can get your mediclaim policies online as well. So if you are planning to apply for the one, then here are the following things to consider before buying a mediclaim policy. Take a look –
1. Know your Company
While choosing an insurance, it is important that you know the company you are engaging with. Their background, their management, their policies etc. It is better to choose a general insurance provider rather than a life insurance company. You can check for online customer reviews of the company in question to get a real perspective.
2. Know your Plan
While choosing your plan you need to be aware of the various features under your mediclaim policy. Make sure that these features coincide with your respective speculative health needs. The inclusions and exclusions of the policy are the most important part of the policy. Ensure that your policy covers all the major diseases and procedures. The exclusions may be dental procedures, sleep disorders etc.
3. Cost
The cost of the policy should be a defining factor in choosing the mediclaim policy. The amount of premium you have to pay should be a big determinant. In order to calculate the premium amount, you can use an online premium calculator. This will allow you to know the exact amount of premium required and also help you compare health insurance plan with other policies. Premium calculators also provide you with the total premium and monthly premium you would have to pay. You should also keep in mind that the total cost of your mediclaim policy includes the cost of inflation as well.
4. Renewal Policy
Your mediclaim should have a decent renewal policy. By the time you become 60 or 70 years old your susceptibility to diseases will also increase. Therefore, it is essential to have a mediclaim policy at your old age. When you take up your policy, you may be young and therefore less vulnerable to diseases, however with old age this will increase. While choosing your mediclaim policy make sure that the renewal process is simple and hassle-free.
5 . Claim process
This is one of the major factors when it comes to the selection of any insurance policy. The simpler the claim process, the faster is the settlement of claims. Therefore, it’s good to be insured.
6. Exclusions
Every health insurance policy is designed to cover your health risks. Although, there are few exclusions that you need to look at. Conditions such as addiction to alcohol or drugs, suicide attempt, congenital diseases are not covered under any policy.
7. Coverage amount: While choosing the coverage amount, it is advisable to consider factors such as increasing healthcare costs, rate of inflation, etc. so as to choose the right amount of coverage. For example, if you are living in one of the modern cities, your hospitalization cost will definitely be higher as compared to rural areas. Similarly, if you are opting for the coverage of your dependents too, you might have to consider a higher coverage amount. Thus, choosing the right mediclaim policy is important if you do not want to end up with an insufficient health cover. Have sufficient coverage to cover all your medical expenses.
8. Credibility of the insurance company
It’s always good to check the credibility of your insurance company you wish to buy your mediclaim policy from. In addition to this, a little research about the claim settlement ratio will also prove to be very useful while making the final decision.
9. Network hospitals
One of the biggest advantages of buying a mediclaim policy is the convenience of cashless settlement of hospitalization. You can avail cashless hospitalization only at a network hospital of the insurance company. Every insurance company has a list of network hospitals and when you seek hospitalization in any such hospitals, you are entitled for a cashless treatment if the hospitalization is within the scope of coverage. This comes as a great relief during crucial times of your life. Thus, you need to find out and be aware of the network hospitals in your surrounding areas which are in tie-up with the insurance company from where you are planning to buy your insurance policy.
So, these are some of the factors that can be used to compare different insurance plan options that are available in the market. Besides, if you are planning to buy mediclaim policy online, then go for Royal Sundaram; it offers affordable mediclaim policies that is Arogya Sanjeevani Policy with wide range of benefits to take care of you and your family.