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Questions (FAQs) on
Mediclaim & Health Insurance
What is a Mediclaim Policy or a Health Insurance Policy ?
Mediclaim & Health Insurance policy may on the face of it give a notion of being identical but they are different from each other in the sense that how they work and what they cover. A mediclaim is type of general insurance and is a medical insurance policy which protects you against the expenses of hospitalization or medical treatment whereas a Health Insurance policy has a much wider coverage. Besides taking care of the expenses which come under mediclaim, health insurance also covers critical illness, day care treatments, add on coverage etc.
Though whether you buy mediclaim or health plan the intent is to safeguard against the possible expenses that may arise out of your illness.
What are the key features of a mediclaim policy ?
Some of the key features of a mediclaim policy are :
Coverage against hospitalization expenses against illness or surgery or accidents.
At the time of purchasing a medical insurance policy you decide the risk coverage that you want. This is called sum assured.
Basis the sum assured, your age, your family size if you are adding family in the policy & health conditions, the insurance company calculates an amount which you have to pay every year for the policy. This is called Premium of Mediclaim.
You can buy individual mediclaim or family mediclaim or even group mediclaim for employees of a company.
The premium amount that you pay every year qualifies for a tax rebate under Section 80D.
If you don’t need to take claims in a year, you get benefitted by way of a NCB (No Claim Bonus) which results in a discount in the premium that you pay.
Mediclaim policy also comes with Cashless features which enables you to get your treatment done at the listed hospitals and the insurance companies directly pays the bills to the hospital.
What are the key features of a Health Insurance Policy ?
Some of the key features of a health insurance policy are :
Health Insurance policies offer a much wider coverage than mediclaim and they often include critical illness cover & day care treatments too.
Like Mediclaim, Health insurance policy too comes with No Claim Bonus feature.
The highest value of sum assured for a Health Insurance Plan is permitted upto 6 crore a year.
Tax Benefits, Cash Less settlement continue in case of health Insurance policy as well.
How does a Mediclaim Insurance Advisor help me ?
There are around 30+ companies in India which are licensed by IRDA to offer mediclaim or Health Insurance. Each of these companies has multiple offerings. There are various terms & conditions which need to be evaluated carefully. Not buying the right mediclaim policy takes you to a stage when your claim settlement becomes a trouble. A health insurance advisor helps you picking the right mediclaim policy and even helps you in claim settlements if required.