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 Mediclaim Uncovered – Part 1

Mediclaim Uncovered – Part 1

Ray is a hardworking professional who is hale and healthy. Aged 32 and blessed with a wife and son Ray has a routine life and his plans for life usually work out well. However, he has been confused of late, since he is trying to choose a mediclaim policy. He relies on his insurance agent since he’s unable to spend time on researching about the various options available out there for Mediclaim.

Here are some of the questions that were addressed by Ray to his agent.

First of all, I’d like to know, what is a mediclaim policy? And why do we need it?

Although it is difficult to imagine the reason for falling sick and thus going bankrupt, it is quite possible. This is why it is always a safer option to equip yourself and your family to meet such hurdles.

Mediclaim policies are primarily availed to cushion your bank accounts during those extensive but unexpected hospital visits. Escalating health costs is certainly a motivation for most to go ahead and choose a suitable policy.

Please remember that, a mediclaim in fact safeguards your money by covering for your medical surgeries or treatments. The specific details vary from one institution to another.

 How much does it cost?

It’s not how much it will cost, it’s all about how much require and how much premium you can pay.

Your mediclaim cover may vary depending on the type of policy you choose as well as the cover value. Of course, you can arrive at an estimate for your cover value by evaluating your and your family’s medical history.

For instance, an approximate sum of 3500 INR is usually paid as monthly premium for a cover of 3 lakh.

Can you spell out the benefits of mediclaim?

A mediclaim availed from the popular insurance companies in India usually take care of ALL of your hospital expenses. Right from the time you enter, till the time you are discharged. These expenses normally include: surgeon fees, boarding expenses, anaesthetist, and medical practitioner as well as consultant fees. Also, the cost involved in diagnostic test, report printing, operation theatre, and charges for anaesthesia, blood, oxygen etc will be covered.

 What are the limitations of mediclaim?

-    The first and foremost limitation would be: pre-existing health conditions. If you are already a heart disease patient or are vulnerable to any other type of critical disease (ex: HIV), a mediclaim will not cover for your hospital expenses since it is not an unexpected situation.

-   Similarly, cosmetic surgeries or dental surgeries will not come under the mediclaim cover either.

-   Further, when a policy for the first time, if you make a claim in the first month, the mediclaim usually will not cover for it.

Quite apparently, Ray seems to have several questions regarding mediclaim. He’s not wrong or alone, it is always better to make an informed choice especially when it comes to health insurance.

There is still a whole lot more questions he had asked, here’s a sneak peek:

How do I make sure I am able get my claim reimbursed without much hassle?

What is a critical illness rider?

More to come..

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