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September 24, 2021
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Why Should you Buy a Mediclaim Insurance Policy?

A Mediclaim insurance policy can be extremely helpful during medical emergencies like hospitalization. Based on the coverage limit, a Mediclaim policy can cover all your hospitalization costs. It also covers the treatment expenses incurred before and after hospitalization, typically up to 30 days before and up to 120 days after hospitalization. Nowadays, due to the exponential rise in healthcare expenses, having a Mediclaim policy is of utmost importance. Unless we are not well prepared in advance, for most of us unexpected medical crises are certain to dent our financial budget. In such cases, a Mediclaim policy can be extremely helpful. In India, any family or individual Health Insurance policy can be availed for a definite tenure as granted by the insurer and can be renewed further based on the requirements. Below we have explained a few important terms that should be considered before you purchase a Mediclaim policy.

Sum Insured and Cover Benefits:

Understand your medical requirements and accordingly purchase a Mediclaim policy with sufficient sum assured that not only matches with the increasing inflation in the health care division but is also cost-effective and is within your preferred budget.

The best Mediclaim policy must cover a vast number of sicknesses without any room rent restrictions during hospitalization, sub-limits, and co-payments. A medical policy must offer life time renewals, as a Mediclaim is necessitated the most in the later stages of life i.e., for senior citizens. Also, take the waiting period into consideration for pre-existing diseases. In an ideal Mediclaim policy the waiting period must be minimum. Also, understand all the inclusions and exclusions thoroughly so that you can smoothly evade any confusion or complications during a medical emergency.

Claim Settlement Ratio

It is among the most crucial factors to be considered while purchasing a Mediclaim policy. If the insurance provider fails in claim settlement, then, the entire objective of purchasing a Mediclaim policy gets wasted. It is the ratio that reveals what percentage of claims an insurance company has settled during a financial year. For example, a company with a CSR of 90% indicates that the company settled 90 out of 100 claims made and the remaining 10 were rejected.

Therefore, whenever you are purchasing a Mediclaim policy, it’s always recommended to thoroughly research its claim settlement ratio and opt for an insurance company with a maximum CTR. It provides an opinion of its reliability and financial stability. For instance, Care Health Insurance has a claim settlement ratio of 95.2%. The company received more than 700K claims in the financial year and settled almost 95.2% of them.

List of Network Hospital

Before purchasing a Mediclaim policy check the entire list of network hospitals shared by the insurance provider and ensure that it covers the list of hospitals that are easily accessible and offer standard medical facilities. For example, if you opt for a cashless mode of payment, make sure that the insurance policy that you purchase must include hospitals where you can easily avail this facility during hospitalization.

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