Mediclaim insurance is another name for Mediclaim policy. This medical insurance acts as a safety net to deal with expenses during medical scenarios. The primary importance of Mediclaim policy is that it covers your hospitalisation cost. Additionally, it also covers your treatment cost and any other major expenses incurred during hospitalisation. You can avail your medical policy of a particular sum under tax benefits.
Mentioned below is the importance of Mediclaim policy
- A Mediclaim helps in averting any financial stress during medical emergencies.
- A Mediclaim offers good support to deal with increasing medical costs. It is especially beneficial for ailing people who have to bear costs for ongoing treatments.
- A medical policy allows the policyholder to go cashless. This means that the policyholder need not spend one single penny on his medical costs. The insurance company will directly settle his medical costs with the hospital.
- Making investments on Mediclaim insurance profits the policyholder by saving on tax amount. Section D of the 1961 Income Tax Act sanctions this.
Why go for a Mediclaim Policy?
The importance of Mediclaim policy is such that it will reimburse the monetary cost that you may have incurred. A Mediclaim policy offers both cashless facility and reimbursement.
Medical prices have skyrocketed during the pandemic and it is important that it still remains affordable. A Mediclaim helps in grounding such costs. A Mediclaim serves its purpose for a time period. Regular renewal of policy allows the enjoyment of Mediclaim policies.
Steps to claim Mediclaim Reimbursement or Cashless Policy
Reimbursement Policy
- It is important you notify your insurance company about an emergency hospitalisation as soon as it has taken place. You may also inform the company before a medical emergency takes place if you have knowledge of it.
- Keep all the medical bills with you carefully to produce to your insurance company.
- Submission of these receipts allows availing of reimbursements.
Cashless Policy
- Planned hospitalisation requires the submission of a medical card and a pre-authorisation form.
- During medical emergencies, you may directly produce your medical card at the hospital. You then have to submit the pre-authorisation form to the hospital within a short time frame.
We would advise you to compare medical insurances of different insurance companies before investing in one. Going for the first medical policy you’ve heard of is not a wise option.
What is health insurance?
Health insurance serves as medical coverage just like a Mediclaim. Health insurance also allows reimbursement or cashless policies. However, primary health insurance does not provide coverage for diseases like cancer or cardiovascular problems. Regular health covers cover these diseases.
Health insurance policies can co-payment clauses or deductibles or both. Your previously decided amount during a claim is your deductible amount. Co-payments work on the principle of the insurance company taking care of a certain amount of the payment during hospitalisation.
Difference between the importance of Mediclaim Policy and Health Insurance.
Worried about whether to go for a Mediclaim or Health Insurance? Worry not! We got your back! Closely follow the list below to note the differences between the two.
- Mediclaim only covers hospitalisation. Whereas, health insurance covers the entire package of ambulance cost, hospitalisation, pre and post hospitalisation. The terms and conditions of the policy also cover other medical costs.
- Only a hospitalisation allows availing of medical benefits. However, this does not apply in the case of the health insurance policy.
- Mediclaim policies lack the flexibility in terms of adjusting the premium. However, this is not the case with Healthcare policies.
- Health insurance offers to add on benefits that are not available in a Mediclaim.
What is the importance of health insurance?
It is important to have health insurance that covers a maximum of your medical expenses. Health insurance in this era of skyrocketing medical prices will cover your entire medical package.
Your health insurance allows you to make multiple claims to it untill exhausated. This proves resourceful.
A good health insurance policy will allow you to have a high sum insured. Sometimes this sum also reached crores.
Importance of availing health insurance
Health risks do not always come into a person’s life with adequate notice. Therefore, it is best to be prepared for such emergencies when they arrive. Planning ahead for such emergencies with health insurance will ensure that you are prepared when the time comes.
The current lifestyle that we lead has led to the occurrence of various diseases. It is important that such diseases are cured without the constant worry of finances. Health insurance policies help secure the health of your entire family.
Health insurance also allows you to make changes to your inadequate health cover. If your current health coverage does not provide you enough protection you do not need to worry. You do not need to pay a high amount immediately to buy a higher health coverage. You can gradually pay the amount towards that premium coverage.
Health insurance successfully helps you tackle the worries of medical inflation. You may consider investing in health insurance earlier on. The younger you purchase health insurance the cheaper it will cost you. This is because the gravity of health issues increases as you grow older and so does the cost. Therefore, it is wise to invest early.
Final Thoughts
We hope we have been able to give you meaningful insights on the importance of Mediclaim policy and health insurance. We hope this article educated you on the significance of planning for your health early. Medical and Health insurance offers that planning.
The next time you’re worried about the nitty-gritty of Mediclaim and Health insurance, don’t forget to check out this blog! Remember that sharing is caring! Therefore, if you have a friend or a family member who is worried about medical issues, do pass along this blog.
