Understanding The Best Mediclaim Policy

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

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.

Mediclaim policy has become an integral part considering current lifestyle. Every individual wants the best mediclaim policy that offers maximum benefit to cover health contingencies for self and their loved ones. Before you jump to buy your best mediclaim policy understand the benefits that the policy offers, the network hospital panel and the renewal process. The health insurance India has wide insurance products for every individual.

Mediclaim policies are the policies that cover the hospitalization expenses of the insured for availing treatment as per the policy terms and conditions. The coverage amount, the treatment for which the coverage would be extended and all other inclusions and exclusions are listed in detail in the policy document. Most of the insurers not only cover the hospitalization expenses but also provide coverage for pre and post hospitalization expenses for certain period as specified in the policy document.

General Inclusions

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.
  • Day- care treatments: This term refer to the procedures which because of technological advancement take less than 24 hours of hospitalization.
  • Domiciliary treatment: This refers to availing treatment for more than 3 days in the confinement of home (due to unavailability of accommodation or other unavoidable circumstances) which would otherwise require treatment at hospital
  • Ambulance cost: Your best mediclaim plan must include the ambulance cost of shifting the patient to the hospital.
  • Pre-existing ailments: After certain waiting period, the coverage is also extended towards the pre-existing diseases. Some insurance providers may charge additional premium and provide coverage from day one.
  • Maternity cover: Maternity cover is also provided by majority of health insurance providers.

Claim processing

Generally, the claims are processed through Third-Party Administrators. They are appointed by the health insurance providers to verify all the claims of the policy holders. Once the claims are verified the insurance companies settle the claims via TPAs.

Premiums payable

Premium is the amount that you agree to pay every policy year till the policy term to the insurance company to get the insurance coverage. Premium payable is determined by various factors such as age, occupation, medical history and place of residence.

Settlement procedure

The settlement procedure is the most important aspect of a mediclaim policy. Settlement can take place by cashless hospitalization or reimbursement facility. Most of the insurance companies have certain hospitals on their network and the health insurance providers extend cashless facility if availing treatment in network hospital. The bill is directly settled between the insurance company and the hospital. If treatment takes place in non-network hospital, then the cost of treatment is reimbursed on bill and documents submission.

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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