Some Important Features Of Mediclaim Policies You Should Know

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Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

This article discusses about various significant aspect of mediclaim plans such as eligibility, features and exclusions. Let us start with eligibility. However, it is far from being an easy task to unearth the best plan out of a pile of similar plans. Even a particular provider comes with an array of mediclaim products, making it utterly difficult for a layman to cherry-pick the best cover available. This is why, more often than not, we resort to agents and trusting them offering us the best mediclaim policy available in the market. However, it is not the best way to settle with any policy, be it mediclaim or any other. We cannot ascertain whether the plan pushed by the agent is the best one for us or not. Hence, we should have our own way to search and find out the best mediclaim plan. And, to do that, we need to be armed with substantial information about these types of insurance plans.

Eligibility

In India, people over 60 year of age are not eligible for a mediclaim plan. There is a separate policy designed for them called senior citizen policy. Mediclaim plans are also not available for people below 5 year of age. All mediclaim products available in India go impose this restriction on age without any exception.

Features

Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.

Most mediclaim insurance plans come with a set of features that all those who want to avail this product should be aware of. Here are some of the most common features of mediclaim products.

Reimbursement

Top mediclaim insurance plans offer coverage for up to 30 days of hospitalization. People with these plans are covered from a plethora of charges like, charges for nurses and doctors, Operation Theater, medicine bills, oxygen, blood and any materials that are used for treatment. The policy further offers reimbursement for many other expenses like x-ray, chemotherapy, radiotherapy, pacemaker and blood or organ donation.

Hospitalization is essential for reimbursement

Mediclaim plans require policyholders to be hospitalized for a minimum of one day in order to reimburse the expenses. However, this rule comes with an exception for cataract operation as this treatment doesn't require hospitalization of late.

Premium for a mediclaim policy varied with the age of the policyholder

Mediclaim plans differ from life insurance plans in this aspect. The premium amount depends on the age of the policyholders which means the premium amount for a 30 year old is not the same for a 50 year old. Typically, the premium increases as the policyholder ages.

Mediclaim plans are not meant for the income of the policyholders. All providers are very strict about this and to ensure that, they either pay to the hospitals directly or they reimburse only when the original tests are submitted.

Hopefully, awareness about these features will help common people choose the best mediclaim policy.

Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
Insurance Buying Tips #9: Review your insurance needs on a yearly basis
As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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