Important Facts about Medical Insurance

Mediclaim insurance is one type of health insurance policy. The sedentary lifestyles of people have resulted in several risks related to health. Therefore, taking a proper health insurance plan in the form of a sufficient Mediclaim policy has become important. It secures your health as well as forms an imperative aspect of one’s financial planning process.

Why to get Mediclaim insurance?

Mediclaim insurance is one type of health insurance policy. It’s a form of health insurance policy which covers your medical expenses during emergency events & domiciliary treatments.

Health insurance policy like Mediclaim insurance comes to one’s heed in the subsequent ways-

When one instantaneously falls ill
When one has to undergo surgery during policy year

Who can avail Mediclaim policies?

A person falling in the age group of 18 years to 80 years is eligible to get Mediclaim insurance. One needs to check the maximum & minimum age limits. These limits need to be checked by a person as it varies across different insurance companies in India.

For example, the age bracket of 18-80 specifies minimum & maximum limits for a person to get a Mediclaim insurance plan.

A person who has a family can purchase floater health insurance policies. These plans provide coverage for entire family.

One can also get a coverage plan which extends coverage for new born babies as well. One can also get a coverage plan which extends coverage for aged parents also.

Below are the basic salient features of Mediclaim insurance-

Cashless facilities- A person can avail cashless facilities across empanelled group of network hospitals.

Reimbursement facilities- A person can avail reimbursement facilities in several or any non-network hospitals.

The person can get his expenses covered for various unprecedented events. For example, a person can also receive coverage for domiciliary hospitalization treatments.

The insured person also gets coverage for his/her infants and aged parents

The insured person gets coverage of pre & post hospitalization expenses. The coverage can go from 30 days to 60 days respectively.

There’s no need for medical tests below a certain specified age. It’s generally around 45 years for most insurance companies.

The insured person gets tax benefits on premium payables as per Section 80D of Income Tax Act.

What forms the basic exclusions of Mediclaim insurance?

Several pre-existing diseases if any up to a specified year period
It’s generally up to 2 years
Outpatient treatment facilities although certain health insurance providers do provide covers for outpatient treatments as well
HIV/AIDS treatment
Alcohol related treatments

What the waiting period clause is as stated in Mediclaim insurance policies?

Many prospective buyers are unaware about this most important clause. When one buys a policy, his coverage extends after waiting period of 30 days usually. This can go up to 3 months in certain cases.

Waiting period also applies to certain pre-existing diseases as specified by the company.