How to Choose the Best Mediclaim Policy? Guide to Choose The Best Policy!
Health Insurances are one of the most popular types of insurances. These are the kinds of insurance that pay for your medical and surgical expenses. It can also reimburse you for the expenses incurred during your illness or injury. But there is a big flaw with Health Insurances, and that is Health Insurance only cover a bunch of diseases. So, for this reason, Mediclaim Policy was introduced.
Mediclaim Insurances are beneficial policies that are offered by public and private insurance companies. The main benefit of this policy is that it takes care of your medical expenses. But choosing the right policy can be quite a difficult task. Down below I have provided a detailed explanation of things that you need to look out for while choosing the right Mediclaim Policy. But before proceeding to that let’s check the benefits of this policy.
Why Should You Choose a Mediclaim Policy?
There are quite a lot of benefits of Mediclaim Policies. Let me provide you with some of the other benefits of Mediclaim policies.
- Unlike health insurances, it doesn’t provide you with a lump of money after the diagnosis of a disease. What it does is that it reimburses the whole amount of money that you need for your medical treatment.
- Other than this Mediclaim policies offer some other health care benefits which are rarely available with the regular policies, and this also provides you with a sense of security.
- Cashless access is also quite possible. Here, the patient doesn’t need to pay a penny to the Hospital. But this procedure is only available with the Network hospitals. Certain procedures need to be followed for ensuring that the process goes smoothly.
- Mediclaim Insurances let you escape the high going medical cost. So, the treatment prices will be quite reasonable.
- These policies are only for children over 5 years and elders below 60 years. Separate policies are available for Senior Citizens.
Well, these are some of the benefits that you can avail after taking up this policy. Down below I have provided a list of conditions which will help you in choosing the best policy.
Points to Remember for Choosing the Best Mediclaim Policy:
Choosing the best Mediclaim Policy can be quite hectic. For buying the best one, you need to look out for the things that have been listed below.
Better Premium Means Better Policy:
There is a saying “Good Money provides Good Benefits.” You might think that a low premium policy will be better for you now, but in the long run, you will face a lot of complications with it. Suppose that your hospitalisation fees are about 2 lakhs and the coverage that your policy provides is up to Rs.50,000. So I guess you can understand the problem that will arise at that moment. So you need to choose a policy which doesn’t have a low premium.
The Brand name is quite an important factor when it comes to choosing the best Mediclaim Policy. There are numerous brands that offer policies which are or would be quite beneficial for you. But the biggest drawback of these brands is that they are not well-known, and it is quite hard to trust them. Well, it’s nothing out of the ordinary to not trust these companies. You would always want to keep your money with a brand that is well-known and provides legitimate security.
Besides this, there is another benefit of picking a well-known brand. A well-known brand provides you with better benefits. You can always check a couple of reviews of the policy that you are about to pick. But with a brand which is not that well-known, you may not get any reviews. For example, LIC Mediclaim is one of the best policies around.
Avoid Flashy Policies:
Mediclaim policies have lots of beneficial features when compared to regular health insurance policies. But what happens with some Insurance companies is that they provide some extra features. These features are not available for free; they are added to make the policy look flashy and attractive. These features come at a price and when the time for claiming the policy arises they don’t provide any real-time benefits.
So the insurance provider is only benefitted by these extra features, and you end up losing some of your precious money. My recommendation would be that pick a policy with an affordable premium and one that doesn’t have too many features.
Premium Increases with Age:
Mediclaim policies are such type of policies that doesn’t have a fixed premium. The premium of the policy increases as the age of the insured increases. So make sure that you are choosing such a policy whose premium will be affordable in the near future. And for that, you need to compare the policy that you are about to choose with other policies.
Well, these are the points that you need to look out for choosing the best Mediclaim policy. But everything has certain limitations too, and Mediclaim policies also have some limitations.
Limitations of Mediclaim Policies:
Though these policies are said to provide the best coverage’s but there are certain limitations of these policies. Well, some of the limitations of Mediclaim policies are listed below.
You may thing that Mediclaim policies are quite similar to other health Insurances regarding premium and renewal, but actually, it is not. These policies are to be renewed every year. Yes! You heard it right, every year you need to renew these policies. Don’t freak out now! It doesn’t mean that your policy won’t be in effect. Your policy will be in effect from the first year you paid the premium, but the premium of your policy will go up every year after the renewal.
Minimum Waiting Period:
If you have an insurance policy, then I am quite sure that you might have come across the term “Waiting Period.” Well, Mediclaim policies also have waiting periods that you need to go through before making a claim. The waiting periods vary from policy to policy.
I will suggest you not to change from one company to another. As you need to wait for a certain period before making a claim. But if you are in a situation due to which you would have to change, then I would suggest that you change within the first two years. Otherwise, stick to one company and one plan only.
Most people are familiar with the fact that Mediclaim policies don’t cover any disease that might have been there before talking up the policy. It does cover the pre-existing diseases, but you need to mention about these diseases before taking up the policy.
And after a period of 3-5 years, continuous renewals it will cover those diseases. Some Mediclaim policies provide coverage from the first year, but you need to mention those diseases to the Insurance Agent while taking the policy. This condition is not applicable for all diseases; only some pre-existing diseases are covered.
Increase in Premium with Age:
Mostly, all regular insurance policies come with fixed premium whereas Mediclaim policies do not. These policies come with increasing premium i.e. your premium increase with every passing year. This process is known as “Loading.” The reason behind this is that with every passing year your chances of dying increases, and for this reason, there is a hike in your premium.
Mediclaim Policies are not lifetime policies; there is a certain limit of these policies. Suppose that you have taken a policy in your twenties, this policy will stop existing when you hit the age of 65-70. There are some policies that expire after you hit 75, but that’s it. This is the highest age limit any such policy will offer you.
If you need a policy beyond this age limit, then you have to opt for a senior citizen health policy. Yes! You have to take up a health insurance policy because there is no Mediclaim policy that covers you beyond the age mark of 75. My suggestion would be that you go for a policy that has the highest age limit.
Reimbursement is only possible after 24 hours of hospitalisation. For instance, assume that you have not been hospitalised and are trying to claim your Mediclaim policy. Your request won’t go through as you haven’t been hospitalised for 24 hours. But there is one exception i.e. Cataract; nowadays Cataract patient doesn’t need to be hospitalised before the surgery. Other than this everything should fall under the provided criteria for reimbursement.
To conclude I would like to advise you to know each and every detail about the policy you are about to pick. Go through the terms and conditions of the policy minutely before choosing it. If you follow all the provided points, then I can assure that you that choosing the best Mediclaim Policy will be quite easy for you.