Comparing mediclaim policy – the factors to be considered


We all know that our health is the most important thing that we can ever have. Losing ones health could at times be worse than losing one’s life, sentiments shared by many a sick individual, and by almost every ailing person whose finance might not cover his sickness. Mediclaim policies are your best friend and an integral part of an investors portfolio to cover the major money losing loophole. Little knowledge and patience can lead you to making an investment that will help you cover your biggest asset. Health. Knowing to compare the policies from various companies would enable you to identify the correct product in right time.While deciding your portfolio making, it is a major part to consider how you can deal with the situations that cost you money. Cost for medical treatments to self and family is quite expensive and once you are covering the same by buying good mediclaim policy will add enormous strength to your investment portfolio from losing money when incidents are taken place.Compare with an ordinary health or mediclaim policy, the health plan from an insurance company will be for long term and the amount of premium will not vary year to year. It has a fixed premium for fixed years and then reviewed. Through this behavior, an insurer getting guarantee on his health cover that get existence for a specific period.General health insurance policies usually have well networked hospitals to provide free treatments and reimburse the hospital expenses up to 30 days of pre and 60 days of post hospitalization expenses. Even though, this will not applicable for any pre-existing illnesses. On the other hand, life insurance companies have a cap on coverage, and it is not the actual expenses but only a certain percentage of the sum spent that would be insured. However, they provide you with long term coverage without you having to re validate your insurance policy every year. An investor should be vigilant in this part. He should look at the policy prior to buying and only then make a need based decision to get full advantage fro the policy.

A life insurance or health insurance plan usually cover the person for all illness and hospitalization charges for an yearly premium. Comparing the available schemes enable to identify the nuances. Reading the fine print of a policy before committing to that is utmost important. These policies will cover all the illness except the pre-existing ones but, after a given period, all diseases, pre-existing and those specified uncovered diseases, get covered too. Therefore, understanding which diseases are covered when, should be the first priority.

Below are a checklist to check out prior buying a mediclaim policy:

1. Identify the room type. This will depends on your lifestyle

2. Find out the limitations of amount that will be reimbursed and for what diseases.

3. Carefully read all those points mentioned in the “Exclusion” sessions wherever it mentioned on the policy booklet.

4. Deal with well experienced and knowledgeable agents or advisors.

5. The utmost important part is to identify your needs. Taking a mediclaim for your children’s education or an investment purpose is a foolish act. Like that, needs may vary depends to individuals. Some may require more life cover and another require more mediclaim facilitates for self and families.

Comparing all those policies available in the market is impossible. There are general and life insurance companies having policies that will suite your requirements. Also, there no limit to apply for an another policy from another company if you required. Mediclaim policy can have tax deduction under 80D.

Below are the major points to come under your consideration when comparing mediclaim policies:

1. Age Limit – This mean from what ager a person can included in the policy and till what age this will be.

2. Pre and post hospitalization expenses and its limits.

3. Coverage possibility of pre-existing diseases when applying the policy or in the future.

4. Details of Cashless facility and networked hospitals

5. Do they have any family discount: (This is the possible discount when you cover all from your family including your wife, children’s, parents)

6. No claim discount (What is the minimum and maximum discount available on the premium in case of claim-free year)

7. No claim bonus (It is the amount by which your sum assured increases in case of claim-free year.

8. Maternity benefits

9. Ambulance charges in case of emergency

10. Room and boarding expenses (This is a point to consider because this is depends on your life style)

11. If a pre-existing disease excluded, then, what is the timeframe? When it will be included

12. Mediclaim policies generally has income tax benefit under section 80D. Identify your policy offering income tax benefits or not.

13. Availability and limitations on accidental coverage.

Above are the major and considerable factors, when you have multiple policies to compare and identify suitable one. Remember, any action without patience will give you possible lose that cost you. Always have patience when planning to buy any policies or taking and investment decisions. Through a careful analysis each points, you can have the best results as well as best product. You should avoid the possible error of contacting or taking advise from a person who doesn’t have enough knowledge on the product or services.

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