Having financial security for health-related emergencies was always important since emergencies are unforeseen and cannot be predicted beforehand. Moreover, increasing costs of healthcare often mean that you might not have the money that you need, which can be accessed quickly. For such times, a health insurance or Mediclaim can be a life-saver in more ways than one. A Mediclaim policy is basically a health insurance policy that one can avail of, when faced with a medical emergency or circumstance. It can be availed in the case of sudden illnesses or accidents also. Mediclaim policies in India are generally issued for a limited period of time at the end of which, you will need to pay a premium so as to keep availing its benefits. Fortunately, there are a range of excellent policies such as those offered by Bharti AXA that offer flexible and affordable policies.
Mediclaim policies are generally available in two forms i.e. an individual Mediclaim policy and a family-based Mediclaim policy. Depending on your needs, you can opt for either type of policy and can be assured of a cost-effective and easy way of securing the health expenses and security of oneself and/or one’s family. However, before investing in a Mediclaim policy, you need to keep a few things in mind. Below, we will look at some of the things that you must consider before buying a Mediclaim policy for your family.
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What to Look out for while Buying a Mediclaim Policy
A Mediclaim policy not only gives you financial security for unforeseen medical emergencies but also can provide you with peace of mind. However, before buying a Mediclaim policy from a general insurance company, you will need to be sure that it is the right policy for you. This involves a variety of factors and criteria that you should keep in mind such as:
- Coverage: You will need to make sure that the Mediclaim policy that you have bought provides adequate coverage against various kinds of eventualities and circumstances. You should make sure that the sum you have invested in will be enough for you and your family.
- Co-payment Plans: Before investing into a policy you will need to make sure if there are any co-payment plans, which is the percentage that is shared between you and your insurer.
- Limits on Treatments: You will also need to make sure that there are no claim limits on specific kind of treatments such as cardiac treatments.
- Period of Waiting: Before buying a Mediclaim policy, you will also need to have clarity regarding whether your insurer has stipulated a waiting period for any diseases.
- Maternity Coverage: Before buying a Mediclaim policy for insuring your healthcare, you should also check if the policy offers any special benefits and coverage for maternity.
- Hospital Network: An important thing to consider while getting a Mediclaim policy is also whether hospitals near you are empaneled under the insurance company that you have bought the policy from.
- Inclusions and Exclusions: Lastly, you should be clear about all that which is included and excluded from your policy, including those circumstances and diseases that the policy covers and those that it does not.