Good health is a blessing, but considering the modern lifestyle, health issues can arise at any time. Mediclaim policy covers major expenses that are incurred when a person goes through any medical emergency. Currently, 30% of the Indian population does not have any health insurance policy as suggested by the data. Therefore, with this article, we answer two of the most commonly asked questions so that you can make a sound decision when you purchase a health insurance policy.
What are the Types of Policies?
Though there are many mediclaim policies, some of the most commonly purchased policies are listed below.
1. Individual health policy – This mediclaim policy is meant for young adults who do not have any history of ailments but are looking to secure their future with financial and health well-being.
2. Senior citizen policy – As the name suggests, this policy is specially designed for senior citizens (those over the age of 60) and helps them be provided for old-age ailments.
3. Family floater- These policies are meant to cover an entire family of up to 6 members. There is a single sum insured for the whole family in these policies.
4. Critical illness plans – These plans aim to cover the expenses that will be incurred in treating critical illnesses like cancer, etc.
5. Maternity health policies- These aim to cover all expenses related to pregnancy, including expenses for standard and cesarean delivery, vaccination, etc.
How to choose a good policy?
Now that you know what a mediclaim policy is & the different types of policies, let us look at how you can choose the best policy for yourself and your family.
1. Check your eligibility
Health insurance policies often come with eligibility criteria that must be met to claim benefits. Age restrictions are the most common restrictions placed on eligibility. Therefore, before you purchase a mediclaim policy, check whether everybody you are looking to provide for is eligible for benefits under the policy.
2. Maximum coverage with affordable premium
The key to choosing a mediclaim policy right for you is to ensure maximum coverage for an affordable premium. It is not advisable to opt for a policy offering very high coverage if you cannot afford to pay the premium, which might lead to policy cancellation. Neither is it advisable to go for a policy that offers inadequate coverage. You must find a balance between the coverage and the premium to choose the best and get the most benefit from your policy.
3. The higher the CSR, the better
CSR or Claim Settlement Ratio refers to the number of claims settled by an insurance service provider from the total number of claims raised in a year. The higher the CSR, the greater the chances of settling your claim. In other words, the higher the CSR, the greater the reliability of the insurer offering the mediclaim policy.
4. Read the clauses carefully
The only way to know if a mediclaim policy is right for you is by reading all the clauses in the policy carefully. You should specifically look out for the exclusions clause and the co-payment clause. The former lays down those expenses that the insurance service provider will not cover. The latter refers to the percentage of the amount claimed that the insured would have to pay in part or whole. These clauses are critical and will determine whether the policy suits your needs or not.
Now that you know the basics of a mediclaim policy and what factors you should consider before buying one, we advise you to check out Care Health Insurance and know more about their comprehensive mediclaim policies that would benefit you.
Photo by National Cancer Institute on Unsplash