The medical expenses all around the world is hiking gradually from last few years. One has to shell out a fortune to obtain the world – class facilities. India is no different in this respect. Most of the people in India are aware of the mediclaim policies. How ever before buying any mediclaim insurance policy one question that comes in the minds of every buyer is that how will a mediclaim insurance policy help me? The straight forward answer is that while one is hospitalized and needs to undergo expensive treatment and thus has to spend a lot of money, then if one is insured by a mediclaim policy, the full or most of the expenses are paid by the insurer i.e. the mediclaim insurance company.
Most of the mediclaim insurance policies help the insured to take the medical services cash-less. This means that the insurance company pays directly to the hospital in which the insured is admitted. In the cash less system the claim filing and procuring process eases to a great extent. Any mediclaim insurance policy includes expenses include the costs of nursing, surgery, medicines, doctor visits, etc. Before buying mediclaim insurance policy one must know few basic things.
• In today’s era the number of frauds is increasing day by day. At such times it is a better option to buy the mediclaim insurance policy from an insurance company that is well reputed. Research well about the company’s history and past cases of mediclaim policy before buying a policy from that insurance company.
• Be clear about who and how many family member you want to be included and be a part of the mediclaim insurance policy.
• Decide the amount of insurance coverage that you need from the policy. Usually higher the premium, higher is the coverage. So indirectly the decision about the coverage depends on the budget of the purchaser also.
• Depending on the age of the person willing to get insured, he / she may or may not have to undergo a medical test. Keep in mind that the diseases that are detected during these medical tests won’t be covered in the medical insurance policy.
• Renew your policy from time to time to take full advantage of the benefits that the insurer is making available. Failing to renew the policy can lead to cancellation of the policy or the insured having to pay fine or penalty.
• Undertake a review of the risk coverage from time to time to make sure whether you and your family are covered with enough risk coverage or not.
• Along with acquiring the knowledge about procuring a mediclaim insurance policy, one must also be well known with the process of filing the claim.
• Keep your all insurance and mediclaim policy related documents together in one place (for example in one folder) so that when required the documents can be easily found.
• Inform the insurance company in advance about the medical treatment that you are about to undergo and also submit all the related documents in time to avoid rejection of your claim.
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Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right Mediclaim policy & often shares his insights about the Mediclaim industry on internet.
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