Mediclaim Insurance: Know Why It Is A Must-Have Policy In 2022

Mediclaim Insurance

Over the past few years, health concerns have risen in importance. Today many people are exposed to a number of health risks due to their lifestyle. Most people undergo an expensive medical procedure at least once during their lifetime. In such circumstances, it is essential to maintain your financial security. Although health insurance is a significant tool for protecting your finances, the majority of the Indian population is still hesitant about buying it. However, the situation has altered to some extent with the worldwide outbreak of the Covid-19 pandemic. Depending on the trend, the insurance companies have launched multiple plans, which can be termed the best health insurance in India.

The many advantages of the Mediclaim policy are useful for that reason. Buy mediclaim policy which is designed to offer financial assistance in the event of a medical emergency. If you intend to purchase such coverage, you should be informed of the advantages of having health insurance.

Why you’ll likely need a Mediclaim policy soon:

1. Better healthcare

Without Mediclaim policies, you’ll rely on the NHS to take care of you whenever you need it. However, this care is limited based on how much they think they can afford. It means that people with conditions and illnesses are not given the required attention in cold-quality medical attention. With your Mediclaim policy, this won’t be an issue. With a proper health plan, you can enjoy hospitalization costs, offering coverage for in-patient treatment, domiciliary treatment, ambulance coverage, pre-and-post-hospitalisation costs and many others.

2.  Choose your doctor

Without Mediclaim policies, you’ll have no choices regarding your healthcare service. You are going to whichever hospital nearest you, which could mean your treatment gets delayed or not up to the same standard as others. If no one in your area has a Mediclaim policy, you could have to go abroad for treatment – something which could cost hundreds of pounds! With your approach, you’ll be able to choose any doctor you want.

3. Save your money

Even if you’ve chosen your doctor, there’s a chance that your Mediclaim policies won’t cover treatments. If this is the case, it could still be cheaper for you to pay from your pocket. The NHS can sometimes put a price on treatments – so if they’re more expensive than what you can afford, then it could mean that they may not be covered at all! Your insurance policy may cover these extra costs.

4. Save your life!

Most Mediclaim policies are all-inclusive, which means you can claim on top of the procedure for any treatment or service received, including any surgery and hospital care. If anything goes wrong with your condition or illness, a Mediclaim policy could help you find any financial support if you need it after the claim is closed.

6. Cashless claims:

Under such circumstances, the insurer will directly settle the claims due with the hospital authorities without any need for the insurance holder to pay for anything, depending on the policy terms. It is best to seek admission to one of the network hospitals to enjoy a cashless facility.

6. Alternative treatment cost:

Several insurance providers cover alternative treatment costs like homeopathy, Ayurveda, etc. Therefore, under such circumstances, you can easily resort to alternative treatment procedures without any hassle and enjoy insurance coverage.

7. Free health check-up:

Several health insurance providers offer free health check-up facilities for a certain number of claim-free years. Moreover, you can even avail of cashless check-ups if you undergo the treatments in network healthcare facilities.

8. Tax benefits:

Mediclaim insurance offers tax benefits under Section 80D of the IT Act for the premiums paid. Up to 60 years, you can claim a deduction of up to INR 25000, and if the age is above 60 years, then the deduction limit rises up to INR 50000.

What do Mediclaim policies cover?

Let’s look at what’s included in Mediclaim policies:

1. Personal Accident Coverage (PAC): PAC covers various injuries like fractures and head injuries, but not all of them. PAC is most commonly offered by larger insurers.

2. General Accident Coverage (GAC): GAC policies cover the same injuries as PAC but also cover things like theft and falling objects.

3. Comprehensive personal accident insurance (CPAC): CPAC policies cover all the same injuries as GAC policies but also cover rare accidents like animal bites. They’re usually offered by larger insurers like Bupa and AIA – although sometimes smaller insurers offer them too.

4. Medical Benefits Coverage (MBC): MBC pays for your medical bills even if there’s no accident involved.

Some of the significant factors to consider while choosing the mediclaim policy:

1. Seek the right coverage:

Ideally seek a health plan that covers pre-and-post-hospitalisation, ambulance charges, cashless treatment, maternity benefits, critical illness cover, daily hospital cash facility, in-patient hospitalization, along with an extensive range of ailments. After choosing a plan, go through the policy document well enough to understand every clause.

2. Check the waiting period clause:

Generally, most of the standard mediclaim and health insurance plans for pre-existing ailments, maternity benefits, and certain particular treatment costs like hernia, varicose veins, etc. depending on the choice of the plan and the insurance provider, the waiting period can range between 2 and 4 years. Pre-existing ailments can have a waiting period of upto 4 years.

3. Select a plan with a lifetime renewability option:

This is one of the most highlighted factors that need to be considered before purchasing any mediclaim policy. It is essential to check the policy tenure and whether the concerned plan offers limited renewability or lifetime renewability option. This is essential as mediclaim policies are more important in the older ages.

Conclusion 

While the government hasn’t officially said what they plan to do, they’ve stated that failure to get a policy may result in losing your driving license and passport. According to the proposed insurance act 2017, an individual can make an additional tax-free contribution of Rs 50,000 to a health insurance policy. The government has also reduced the turnover tax on Mediclaim policies from 1 percent to 0.75 percent. If you are looking for a balanced investment plan with a decent return on your investment, then Mediclaim can help you achieve the same. It seems like a positive move by the government toward promoting health insurance. Considering the skyrocketing inflation of medical treatments, maintaining a Mediclaim policy or health insurance has become an indispensable option in our lives. The principal difference between Mediclaim and health insurance plans lies in the fact that Mediclaim benefits are exclusively available in case of hospitalization.


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