A basic guide to mediclaim insurance

It is paradoxical that rise in personal income has led to surge in the level of stress and lifestyle disorders. An obvious inference is that rise in personal income should aid the well-being and raise the standard of living of the masses. Sadly, this is not to be. Therefore, one must be proactive in safeguarding their well-being through a mediclaim insurance policy.

Mediclaim policy acts a financial support to a family in duress who’s loved one have been hospitalized. Mediclaim policies are available to people from the age group of 5 to 80yrs (depending upon the insurance company).

A note of caution to prospective mediclaim insurance buyers: A mediclaim policy does not cover alternate systems of medicine such as osteopathy, naturopathy, chiropractic and homeopathy. Expenses incurred from the aforementioned methods of medicines are not covered by mediclaim policies. It only covers medical expenses for Unani, Ayurvedic and Allopathic system.

A mediclaim policy also provides money for an attendant or a nurse in case the insured requires acute medical care. It pays for the hospitalization expenses.

Specific treatments such as radiotherapy, chemotherapy and dialysis are also covered under such plans.

Coverage is provided under the following heads:

Nursing expense

Room charges

Expenses paid towards surgeon, specialist, consultants etc

Expenses towards surgical appliances, operation charge, oxygen, blood, Anesthesia, dialysis, radiotherapy, chemotherapy, x-rays, medicines and drugs expenses (all the above benefits are limited to the maximum sum insured)

It is of vital importance to check the mediclaim policy pertaining to its coverage of various disease, disorders and illnesses. Pre-existing conditions are not covered under the mediclaim insurance plan. Every insurance provider has a list of exclusions for which they do not extend the coverage; one must carefully go through it and then decide on the suitability of such a mediclaim policy based on one’s specific needs.

 

Perils of not having a medical insurance

Disaster and unfortunate events have a tendency to bedazzle us like a deer caught in the headlights. They strike when they are the least expected and that is the nature of this savage beast. It is therefore necessary to have adequate safeguard from such uncertain events in order to lead a peaceful life free from the stress of the unknown. Contemporary urban lifestyle and the fast changing rural lifestyle has led to an exponential increase in lifestyle related diseases and disorders.

High rate of inflation in the country coupled with rising medical cost makes the situation more complex than it was a couple of decades ago. The public health care system is either non-existent or completely broke. Under such adverse circumstances, to lead a healthy and peaceful life, one has to take matters in their own hands by medical insurance.

In the absence of an adequate safeguard, in this case a medical insurance policy, the risk exposure to an individual and their family rises tremendously. We go about doing shopping for stuff which our imagination fancies. Those are the ‘wants’, fulfillment of which lead to self-aggrandizement. But having a medical insurance is a ‘need’, a need akin to safeguarding a city like a levees during a hurricane, for an unannounced diagnosis of a major illness is no less than a devastating hurricane for the human psyche.

For most people, buying a medical insurance policy seems like a financial burden they can do away with. Beware of such a folly! Verily it’s a folly that has the capability to destruct the normal scheme of things. Hence, one should always be on the right side of the situation to avoid unnecessary hassles, be it the right side of the law or a situation. Gifting yourself a good medical insurance policy is the best gift that you can bestow upon yourself.

Mediclaim and Critical Insurance: True Saviours in Medical Need

Everyone pray to Almighty for good health and disease free life. However, the risks due to accidents and critical illnesses are becoming common now-a-days. So, you never know when an accident or illness strikes, compelling you to live with the illness or consequences of accidents rest of your life. Therefore, it is always better to take some precautionary measure for leading a secure life. One of the best measures is to get mediclaim policy and critical illness policy. These insurance policies offer protection against the accidents or on diagnosis of critical illness.

Although mediclaim policy and critical illness insurance seems to be similar, there is a very thin line between the two that differentiate them. The mediclaim or medical insurance plan offer financial assistance during emergency situations due to accidents or illnesses. It supports you in paying off the expenses for pre-hospitalization, hospitalization, post-hospitalization, etc. In case of critical illness insurance, the insurer helps you by providing lump sum financial benefit on first diagnosis of critical illness for the treatment.

The benefits offered by mediclaim policy during hospitalization include expenses for room, boarding provided by Nursing home, medical practitioner, consultants, anaesthesia, blood, oxygen, medicines and drugs, etc. On the other hand, the critical illness policy provides benefit for costs required for care and treatment, recuperation aids, loss in income with the decreasing ability to earn, etc. Most of the critical illness insurances offer protection for eight critical illnesses including heart attack, coronary artery bypass surgery, stroke, cancer, kidney failure, major organ transplantation, multiple sclerosis and paralysis.

Thus, mediclaim policy and critical illness insurance are really of great help during adverse conditions. These policies make you independent and you don’t have to run anywhere to arrange money for the treatment. Also, the premium you pay for these policies are affordable. Therefore, mediclaim policy and critical illness insurance can be considered as true saviours during emergency situations.

Medical insurance- as a necessary safeguard for your family

Safety of the family and your own health is very important in this hectic worldly life. Most of the
time, people are concerned and worried about their business, jobs and things. Thus, they hardly get
time to actually focus on their health as well as their family. It doesn’t mean that people don’t care
about their family, but it does mean that somewhere down the line they miss out something for
their family and their own health. As a result of this, people tend to become sick and are compelled
to undergo medical treatments. These medical treatments cost way too much and at times, make
holes in their pockets.

Therefore, it is necessary to stay fit and healthy. So, one must regularly follow balanced diet and
workout for at least an hour. One must also encourage the family to do so. However, this would only
help you keep healthy and may not be considered as a comprehensive solution to safeguard yourself
as well as your family. So, some additional protection is necessary. Medical insurance can fill that
gap of yours by becoming an additional protector of you and your family. And frankly, the troubles
and mishaps don’t occur after giving a prior notice. So, medical insurance can work as supporting
pillar to take care of the medical bills and other complications that arises due to decline in health or
sudden breakdown.

Medical insurance should be selected only after considering the factors like maximum coverage,
minimum deduction and affordable premium. Medical insurance is a policy that will determine how
secure you and your family will be during emergency situations. Therefore, you must be careful
while selecting the policy and must go for a comprehensive medical insurance. Medical insurance
can be bought from agents, brokers and even online. Buying online medical insurance is a better
option as it offers clarity about the coverage and can be considered as suitable for the safety of your
family.

Medical insurance makes your sickness worries lighter.

Getting sick or being sick, even for a brief period of time, affects your scheme of things. It puts a momentary brake on your daily chores as the body needs rest to recuperate. It is not only the physical stress we need to endure but also the professional stress, we have to call in sick and in some cases even have to forego a few day’s salary. The expense seems to rise because of additional expenditure such as doctor’s appointment, medications etc. but, under such circumstances if you have a medical insurance plan, the burden will become lighter.

But, the point is what medical insurance help does to help alleviate your condition. A medical insurance is like any other insurance policy, it will reimburse a said amount agreed upon in the case of any events happening that are specifically covered under the policy.

Medical insurance is instrumental in case you or your family member met with an accident or is diagnosed with a critical illness. As such, these events are unpredictable and therefore any individual is typically not prepared to face the situation as hand. In such case, if you have a medical insurance, the stress is reduced as you have a safeguard against going completely bankrupt due to the vast expense that may be required for treatment.

In case you are sick and hospitalized, medical insurance typically covers hospitalization charges, doctors visit and medication expenses. This will save you significant amount of money. One must make sure to get a good medical insurance plan from an insurance company which has a wide network of hospitals that will give cashless-hospitalization services. This will ensure that, no matter where you are, you can avail the benefit of your medical insurance policy, especially at times when you need it the most.

Why you must shop around for a Mediclaim policy?

With regards to mediclaim policies, it is a known fact that one size will never fit all. Find here the important reason as to why you must shop around to get a good mediclaim policy.

One of the foremost reasons of buying a particular mediclaim policy is to guarantee that you will get the required treatment at a hospital that is near to your home. If you consider any particular hospital worthy, ensure that it is included in the lost of hospitals under the network of your insurance provider. The amount you pay as premium will also differ based on the network of hospital, therefore shop for a mediclaim policy that gives you cover in the hospital of your preference without any increased premium payments.

The level of coverage in mediclaim policies is directly proportional to the amount you pay as premium. While cheap mediclaim policies will enable savings in the near-term, long-term cover will be hampered by this decision.

Always make sure to find a policy that helps you customize it. Make a list of aspects that you absolutely want in your policy to cover you. You will get many insurers who will provide pick-and-mix schemes. The policy will have its core coverage and you can supplement it by your choice of inclusions and exclusions.

Evaluate multiple health insurance policies and ascertain the hidden limits that each one of them has. Make sure that you are not duped by the cover value of the mediclaim policy.

In addition to this, one must also do yearly review of the cover as hospital networks, costs and coverage levels tend to change from year to year. This mainly happens due to change in the fiscal policy at the federal level or any changes made by the insurer pertaining to aspects of coverage and implementing of the policy.

Why a medical insurance for your family is a must?

Many developed countries of the world have developed a welfare system that is known as the universal healthcare. In India such a provision is not there and therefore the only prudent option left is to get a family medical insurance from a private insurance company. But, the cost associated towards having a medical insurance is often on the higher side which leads to people shirking away from this very important financial tool. The situation is understandable but at the same time paints an unfortunate picture.

It is nothing short of a risky gamble to go about our lives sidelining the fact that we may not be caught unaware with a sudden illness or an accident. However, experience from hindsight shows that mishaps and medical problems come on the horizon when one least expect them. As the old saying goes, the wise men expect the unexpected. Therefore, despite of the expensive prices of medical insurance in India one must find adequate sum of money in order to avail a reasonable medical insurance plan.

We often come across horrifying news stories of families that have bored the brunt of unexpected ailments. Illness, in and of itself is nerve wracking and the absence of money to pay for the treatment makes it more irksome then what it already is. Thus the criticality of family medical insurance should be taken in to fair consideration and adequate measure must be adopted to cater to this important need of any household.

The foremost thing to be done is to do a little study of the various medical plans that are floating in the market place. A careful analysis and comparison of medical insurance plans will get you enough information based on which you can make informed decisions that are within your means and at the same time provide suitable coverage.

Making health care a priority is therefore paramount.

Fine prints that need not be overlooked while purchasing a mediclaim policy

A mediclaim policy is a covenant between the insurance provider and the insured. Just like any binding contract, there are many terms and conditions that are associated with the mediclaim policy. Terms and conditions for a mediclaim policy can be overwhelming and therefore many people gloss over the fine print and simply take the insurance advisor or a sales agent’s claims at face value and sign the document which can prove to be a crucial one.

But consider this- do you ever give your consent to a legal document without studying it carefully. I bet you not lest you may get a bad deal out of the bargain. You always sign a contract after understanding it thoroughly. Mediclaim policy is also one such document that is full of procedures, limitations, exclusions, causes of terminations etc which needs your special attention.

For instance, most mediclaim policy will require you to disclose all your medical conditions accurately at the time of signing up for the plan, any malicious intent on the part of applicant are liable for nullification of the policy at a later stage. Thus pre-existing conditions forms an important component of the term and conditions. The way they view coverage for any pre-existing condition also differs significantly as do their definition of what will constitute a pre-existing condition. In order to protect themselves from reimbursing each and every mediclaim policy such terms are defined loosely and are obscure in nature.

When it comes to the coverage of serious illness such as heart disease, cancer or any chronic conditions one have to be very careful, as the onus is on the insurance company to recognize the disease as a pre-existing condition or pay for it as a legit claim.

A mediclaim policy seems tedious while we start to read it, but compare it to paying the expense for the treatment and you will realize that taking some time out to read it closely has far more benefit than choosing to ignore the fine print.

What is health insurance?

A health insurance is a means to protect an individual or his family from financial difficulties arising out of high medical expenses in the unforeseen event that the individual becomes ill or is injured. There are many types of health plans available thanks to the sprouting of health insurance companies all along the market place. What an individual need is however an insurance that gives him a comprehensive converge.

Health insurance is designed for folks who do not get such coverage by virtue of their employment. Thus, they have to find alternate avenues to get them medically covered. It is this need that is driving this segment of the insurance industry.

Health insurance provides 4 key benefits:

First being that, a health plan reduces your medical expenses significantly, as you are not required to withdraw funds from your savings over a lifetime because the insurance plan will cover those medical expenses.

The second benefit if a health care plan is that you will have access to regular medical check up and health care. This is really critical especially in the middle ages when individual tend to be more prone towards lifestyle diseases. Timely medical check up will ensure that the diseases are diagnosed in their initial stages and can be cured easily without much expense.

Another important benefit of having a health care policy is that you don’t have to shell out huge sums of money in order to visit a specialist doctor. Your health insurance plan takes care of such visits.

The last, and in many cases the most important, benefit of health insurance is the swift medical attention that you get in case of an emergency situation. A person having a valid medical insurance policy gets treated immediately without any delay as against someone who does not own a medical policy.

Why do you need a comprehensive Health insurance policy

Courtesy to our modern day lifestyle and the way we conduct it or we may better term it as misconduct it, potential health hazards to our body is a commonality. The apprehensive part about such events is the uncertainty of it. They will strike us when we are least expecting and are prepared for it. This makes health insurance such an important financial instrument in our lives.

A health insurance seeks to safeguard our health and the financial stability in an event of n uncertain event that causes distress to us or our loved ones. The mere fact that medical expenses have shot through the roof does nothing dispel the anxiety. So, when one of our loved ones suffer from a road accident or is diagnosed with some critical illness, we usually are in a state of shock before we act upon it. The least hassle that we desire in our endeavour to take care of our loved ones is the financial constraints. Under circumstances of duress, financial difficulties add-on to the pile of problems that already exists.

This is where a good and a comprehensive health insurance policy come to our rescue. It takes care of all our medical expenses, hospitalisation expenses and in some cases also covers ambulance charges. A comprehensive health insurance plan provided by companies such as HDFC ERGO, New York MaxLife, Bajaj Allianze and their ilk; try to provide for that much needed assistance in times of adverse health condition of the policy holder.

Through their various benefits and features of any health insurance plans, they try to mitigate the financial risks that arise out of unhealthy situations. One must beware of the fact that there are a few exclusions for every policy- events for which the company is not liable for. One must carefully study such intricate points in a health insurance document before signing on the dotted line.