Friday, 20 April 2018

Mediclaim Policy

Mediclaim Policy
Mediclaim policy is an Insurance product that refunds the expenses for hospitalization or domiciliary care. It can return either your expenses when you submit relevant bills or you have an entire cashless hospitalization where your insurer will directly deal with the hospital. Nowadays, it is very important to have a Mediclaim policy because lifestyle diseases and health care have made it necessary. Mediclaim policy is a health policy that offers you total health cover up to the sum insured in case of illness or accident which lead to hospitalization. In India, Mediclaim policy is issued for the specific time period, but the policy is renewed for its continuing benefits.
Premiums benefit:-  that are payable on Mediclaim policies but they are based on certain criteria like the age of the proposer, geographical area of treatment, sum insured, term of the plan, etc.
Age:- of insured persons can range from 5 years to 80 years, is the age criteria and range insurable varies between companies.
Family cover: - you can cover Mediclaim for your entire family with the payment of one master premium.  This may eligible for a discount on your premium.

Types of Mediclaim policies in India.
Individual Mediclaim- In this policy you can insure yourself against the financial liabilities of hospitalization.
Family floater- you can provide additional benefit for your entire family, and feel tension free in case of hospital bills and related expenses.
Group Mediclaim- In this term employer or person in charge of a group of people willing to add to their salary benefits of cashless hospitalization or return on hospital expenses.
Low-cost Mediclaim- is for the poor village masses. For small scale and medium scale industries insure their employees and their dependents for Rs. 1,600 per annum.
Senior citizen Mediclaim- This type of Mediclaim requires testing special provisions and it’s a huge step for the industry as they can safely insure senior citizen at premium rates.
Critical illness Mediclaim- This is the most expensive treatments in the field are those spent on critical illness. It usually offers a higher claimed amount, include some of the following.
1.      Aorta graft surgery.
2.      Cancer.
3.      Coronary artery bypasses surgery.
4.      First heart attack.
5.      Kidney failure.
6.      Major organ transplant.
7.      Multiple sclerosis.
8.      Paralysis.
9.      Stroke.
10.  Primary pulmonary arterial hypertension.

Benefits of buying Mediclaim policy
Mediclaim policy is very cost effective and affordable health care. It reduces the financial burden faced by an individual in case of sudden illness or accident that leads to hospitalization. Mediclaim policy offers cashless hospitalization wherein the insured member doesn’t have to pay for medical expenses. The insurer will pay for the treatments received at a hospital.  You can also get tax deduction benefits in premium paid towards Mediclaim for self, spouse, and children under section 80D of the Income Tax Act 1961. You can get another 15000 tax benefit on premium paid towards a Mediclaim policy for parents Rs. 20000.

Mediclaim policy covers all direct charges that you incur as a result of hospitalization like OT charges, medicines,  blood, oxygen, diagnostic material, X-rays, radiotherapy etc. it also include day care treatment where 24 hour hospitalization is not needed. It also covers medical professional fees, anesthetist charges, etc.  

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