Why Health Insurance is Important?
One of the key causes of the rise in these health issues in the big cities is the change in dietary and lifestyle patterns.
Increasing costs for healthcare as well as an increase in chronic diseases like diabetes, obesity, heart disease, and cancer, among others.
⇒ Cover for entire family
⇒ Premium calculate is calculated according to the member with highest age in the family.
⇒ If the Sum insured is Rs 10 lakhs then any one person individually or the entire family jointly can claim up to the max. limit of Rs. 10 lakhs.
⇒ While battling life-threatening diseases like cancer, kidney failure, heart diseases etc. the hospital expenses quickly deplate your saving.
⇒ A critical illness policy helps in curbing those expenses by paying a lumpsum amount on diagnosis of the disease.
Benefit of Mediclaim Policy
When you are covered under a health insurance policy, you can avail cashless treatments which essentially means that you can receive medical treatments without having to pay the hospital from your own pockets.
In case you are hospitalized, you will have to incur costs on room rent. Having a health insurance policy will ensure that these costs are covered to a significant extent.
If you hold a health insurance policy and do not make any claims over the course of an entire policy year, you will be rewarded in the form of a No Claim Bonus.
Effective insurance policies offer coverage for pre- as well as post-xpenses for a period of 60 days before and after an insured individual is.
Frequently Asked Questions
A Mediclaim policy is a health insurance policy which covers all medical treatment expenses up to the sum assured in case you are hospitalized due to an illness or accident.
Due to the high cost of hospitalization expenses, it is important to have a health insurance plan in place.
These are expenses you incur before you are hospitalized. They can include doctor’s consultation fees, medical tests, medication, and related expenditures. Mediclaim policies generally cover 30 days expenses immediately before you have to be hospitalized.
These are expenses you incur once you are discharged from hospital. They can include things such as doctor’s consultation fees, medication, further tests (checkups), and even physiotherapy. The medical expenses you incur in the 60 days immediately after you are discharged from the hospital are usually covered by your mediclaim.
In short, it is the insurer’s way of rewarding you for paying a premium and not making any claim. Generally Mediclaim policies provide an additional cover of 5% of Sum Assured in the subsequent renewal of the policy in case there is no claim in the current policy year. This increase in sum assured of 5% every year is restricted to a maximum of 50% of the initial Sum Assured for most policies. If there is a claim in the policy then this additional cover is decreased by 10% on the next renewal. These percentages can vary depending on the insurer and the policy you choose.
This refers to the number of times an insurer successfully processes claims from admission to pay-out as against the number of times it rejects them. A very high or very low ratio indicates a skewed process. A positive ratio is one where the number of claims processed successfully are higher than those rejected.
If a policyholder is not satisfied with the policy he/she has taken or the provider of the policy, he/she can cancel and return the policy within 15 days of receiving it. Premiums already paid will be refunded, subject to adjustments.