Studying The Best Mediclaim Policy
First let’s understand the difference between Mediclaim policy and health insurance policy.
Firstly, the Mediclaim insurance forms a type of a health insurance plan.
Usually, insurance companies offer 2 types of insurance options. They are indemnity products & benefit products offered by companies.
In terms of indemnity products, actual treatment cost is borne by insurance provider. It goes up to sum assured. The policy holder is required to provide all current medical bills & other vital documents in order to get the claim.
For instance, a person is liable to get a sum assured of amount of Rs 3 lacs as per his policy. His cost of treatment is Rs1 lakh. The insurance company will pay only Rs 1 lakh which is actual price of treatment.
In terms of benefit products, health insurance firms give lump sum amounts to insured people. This can also go up to sum assured value.
A critical illness policy forms one type of a benefit product. For instance, an insured is found to be diagnosed with cancer. The sum assured amounts to Rs 50 lakhs. The insurance company will pay total amount of Rs 50 lakhs in lump sum to the insured. Submission of bills isn’t required. Once the amount’s settled, policy terminates.
Many people consider Mediclaim policy as an integral part of their current lifestyles. Each individual wants to have the best Mediclaim policy. It should offer maximum benefit covering health contingencies of self and dependents.
In order to buy the best Mediclaim policy, one needs to understand benefits of the policy. One also needs to study the network hospitals & renewal process offered by the insurance company. Health insurance companies in India offer wide range of insurance products for individuals.
Let’s look at the general inclusions of the best Mediclaim policies-
General Inclusions
The day- care treatments-This refers to treatment procedures which work faster due to technological advancements.
Domiciliary treatment- This refers to a person’s treatment for around 3 days or more in his/her home. This may happen due to absence of accommodation & other inevitable circumstances.
Ambulance costs- Best Mediclaim plans must contain ambulance costs.
Pre-existing illnesses- Best Mediclaim plans should cover pre-existing diseases after a certain waiting period.
Maternity coverage- Most health insurance providers provide this cover.
Processing of claims
Generally, the “Third-Party Administrators” process the claims who are appointed by health insurance companies.
Premiums owed
One has to pay the premium amount for each policy year. It continues up to the policy term. In this way the insurance company gets insurance coverage for further insured people.
Settlement process
This settlement procedure forms the most important one for Mediclaim policies. One can avail cashless hospitalization facilities or reimbursement facilities.
