With the ever-increasing health expenses rising around us, a dire need for financial security is becoming inevitable. That is why people have now started to fall back on insurance policies like Mediclaim to cover their health-related expenses and safeguard financial stability altogether.
Mediclaim is one of the most prominent medical insurance that provides cover against specified health problems. By paying an annual premium, the insured can exercise its benefits without any stress. Let us read more!
What Is Mediclaim Policy?
A mediclaim policy is a medical insurance that promises to shield the insured in case of hospitalization. They may provide financial assistance in illness, accidents, and more as prescribed in their predetermined list. Like any other policy, this one comes at an annual premium rate and offers a host of benefits for the insured. The cashless hospitalization facility, family protection, and cost-effective services make it a profound policy to opt for.
A mediclaim policy is available to the insured during a specified period. Once the availability period is over, the insurer can procure it again to enjoy its benefits and features. You must make sure that you choose among the different policies as per your health requirement, and not as per your general preference.
Today, medical insurance policy is available in several categories. Each of them caters to various needs for people with multiple health risks.
Types Of Mediclaim Policies
Individual Mediclaim
Under this category, only the policyholder is entitled to insurance and protection against health-related expenses in the hospital.
Family Floater Mediclaim
Under this category, both the policyholder and his family can receive the mediclaim cover for their financial protection.
Group Mediclaim
Generally, these are business-acquired policies where the employer purchases this cover to protect their employees or organization financially.
Critical Illness Mediclaim
People suffering from critical illnesses such as cancer, kidney failure, and stroke can make the most of this mediclaim.
Senior Citizen Mediclaim
These are reserved for senior citizens who are also entitled to special provisions during their cover.
Low-cost mediclaim
This is best for the underprivileged people who wish to receive financial protection during specific health risks for financial stability. However, it is also applicable for other people wishing for low-budget mediclaim.
Overseas Mediclaim
It helps you to raise claims from hospital expenses that got incurred overseas.
What Is Not Covered In Mediclaim Policy?
Mediclaim is restrictive about its cover plan. As a medical insurance policy, here are some health-related expenses they may not cover for you:
- Dental Treatments
- Vaccinations
- Plastic Surgery
- Sexually Transmitted Diseases
- Cosmetic Surgery
- Pre-existing illness
- Maternity expenses
- Diseases that you may have received within a specific period.
- Non-medical expenses mainly toiletries, administrative charges, and more.
The Bottom Line
When you go ahead to buy this medical insurance policy for yourself, do not forget to consider the type of policy you wish to select according to your budget and preference. If you face any inconvenience deciding it yourself, make sure you speak to your insurer for best practices.
