The rising prevalence of lifestyle diseases such as diabetes, hypertension, stroke, and heart attack among both the young and elderly in India is a major source of concern. Without a family history of these conditions, there is no guarantee of protection from associated complications. In today’s fast-paced world, you must always be prepared for medical emergencies. This is where a comprehensive health insurance policy comes in handy. One of the primary benefits of health insurance in the event of a medical emergency is that it allows you to divert your attention away from the stress of healthcare costs and toward the treatment.
Bear in mind that a medical emergency can strike at any time, regardless of your current state of health or disciplined lifestyle. As a result, it is critical to plan ahead and protect yourself and your family from any unexpected medical situation. Be prepared and financially secure in advance to deal with health-related risks. This is especially critical if you have elderly parents who are dependent on you, as they are more susceptible to infections and other diseases. If hospitalization or surgery is required, the costs can quickly escalate and deplete your savings. Additionally, the situation and the associated treatment costs can put you under a great deal of stress.
However, if you or a family member is diagnosed with a chronic illness, a health policy will allow you to put aside concerns about healthcare costs and instead focus on the treatment process. Additionally, insurers provide free annual health screenings to all policyholders, ensuring that you are aware of your health status and can identify a problem early on. These are just a sampling of the numerous benefits of health insurance. Consider some additional Benefits of having an insurance policy.
Medical emergencies strike without warning, and if you lack health insurance, be prepared to face a hefty medical bill as a result of hospitalisation. Despite rising healthcare costs, many of us disregard and fail to protect our family and ourselves with a Mediclaim policy. However, what exactly is a Mediclaim Policy? Let’s take a closer look at its features, benefits, and coverage.
Mediclaim is an insurance policy that protects you against rising medical costs associated with hospitalisation. It provides financial security in the event of hospitalisation as a result of illness or an accident. As with other types of insurance, Mediclaim policy benefits can be accessed by paying an annual premium. This type of insurance policy has a specified policy period and must be renewed in order to continue receiving the policy’s benefits.
The Advantages of a Mediclaim Policy:
- It enables cashless hospitalisation.
- You may choose to purchase for yourself or for your entire family.
- It protects you from financial hardship.
- Eliminates out-of-pocket expenses.
- Insurance companies will cover hospitalization-related costs.
- Purchases made through online health insurance companies are simple.
- It provides tax benefits.
- Take advantage of cost-effective healthcare.
What Is Covered by a Mediclaim Policy?
A good Mediclaim policy will protect you against a wide variety of medical expenses, the extent of which varies between policies. The following are some of the most frequently included benefits in a Mediclaim policy:
Hospitalisation Costs: This category includes all medical expenses incurred during the policyholder’s or beneficiaries’ hospitalisation. It covers diagnostic procedures, OT charges, medications, blood, x-ray, and oxygen, among other things.
Pre- and Post-Hospitalisation Expenses: The Mediclaim policy covers medical expenses incurred prior to 30 days of hospitalisation and up to 60 days after discharge. However, you should check with your insurer to see if this type of hospitalisation is covered under your policy.
Day-Care Expenses: Medical expenses incurred as a result of advanced medical treatments that do not require the patient to stay more than 24 hours in the hospital are covered.
Expenses for hospital rooms on regular wards or in the Intensive Care Unit (ICU) are fully reimbursed or covered through the cashless facility.
Fees for Consultation with a Physician or Medical Professionals: Consultation fees with physicians or medical professionals such as nurses are covered.
Individual health insurance benefits
You can purchase individual health policies for each family member based on their unique needs. The following are the primary advantages of medical insurance:
You are financially protected against the costs of treatment for a wide variety of diseases up to a predetermined limit.
Procedure for making a claim without using cash
If you are admitted to a network hospital, your insurer will pay the hospital directly without your involvement.
Protection against medical expenses
You cannot predict when you or a loved one will develop a chronic medical problem. If you have a family floater or individual health insurance, your insurer will cover the medical expenses, allowing you to focus on the treatment process. The following are some of the advantages of health insurance:
Cashless payment or reimbursement of expenses
If you opt for sufficient coverage, you will not be required to pay anything out of pocket for cashless treatment facilities. Transfer the patient to one of the network hospitals with which your insurer has a relationship, and immediately notify the TPA (third party administration) and the insurer. The insurer would pay the hospital directly. Alternatively, you may seek treatment at any hospital or healthcare provider of your choice and submit a reimbursement claim to the insurer by submitting original invoices and other required documents.
Apart from the cost of hospitalisation, there are numerous advantages. Additionally, insurers cover ambulance services up to a certain amount, costs associated with online or e-consultations, costs associated with harvesting a major organ from a donor, lifetime renewability options, and free preventive health check-ups.
Alternative methods of treatment
Certain insurers cover the costs of alternative treatments such as AYUSH (Ayurveda, Unani, Siddha, and Homeopathy) and Naturopathy. Additionally, cashless facilities are available for daycare treatments, treatment at home on a physician’s recommendation, and pre- and post-hospitalization expenses up to a certain period.
Benefits of pregnancy and alternative treatments
Numerous insurers include maternity coverage as part of their health insurance policies. This is especially advantageous for young couples planning or expecting a child.
Service de réclamation sans argent
With cashless claim services, you can receive treatment at some of India’s best hospitals without having to pay anything out of pocket. You simply need to be admitted to one of your insurer’s network hospitals. After notifying the TPA (third party administrator) and insurer of your hospitalisation, they will communicate directly with the hospital staff and settle the bill. To qualify for a cashless claim, the cost of your treatment must be within the coverage amount.
Benefits of Portability
Portability of health insurance refers to the ability to switch from one insurance company to another or from one plan to another without losing any accumulated benefits. This is in accordance with the IRDAI’s new rules (Insurance Regulatory and Development Authority of India). Your new insurer should honor the credit you received from your previous insurer for the waiting period for pre-existing conditions. Your new insurer must provide coverage equal to or greater than the sum insured under the previous policy. A necessary condition is that you must port the policy only during the renewal period, ensuring that the new insurance period is with a different insurer.