How to Choose a best mediclaim : 12 Helpful Tips

There was a time when people used to buy mediclaim policies to save income tax. Now, the scenario has changed as more and more people are taking up mediclaim policies because of steep rise in medical cost. The confusion arises when a person is trying to find the best mediclaim policy among a heap others. While some people mostly rely on their agent, it is better off if you know how to make the right choice by yourself by assessing the pros and cons of each policy. There are several criteria and requirements that should be met when selecting the mediclaim policies. Here, we suggest a few useful tips as below:

 

12 Tips to select the best mediclaim policy 

• Make sure that the mediclaim policy you want to buy covers or reimburses all your hospitalization expenses. However, one needs to be hospitalized for at least one day to get benefits of mediclaim, except for cataract. These days, an individual does not need to stay at a hospital for cataract operation. 

• A comprehensive mediclaim policy offers coverage for hospital charges that includes operation theatre charges, charges for nurses & doctors, charges for oxygen, charges for blood, x-ray charges, charges against diagnostic materials used for treatment, chemotherapy charges, etc. 

• Do not be late when buying a mediclaim policy. It is irrational to find all features bundled in one policy like less premium, high cover, no loading, best claim settlement, OPD cover, high-end benefits, fast claim settlement, etc. Try to be adjustable with a mediclaim policy that have features linked to several parameters, higher premiums, etc. 

• Before buying a mediclaim, assess your lifestyle. Those leading an disciplined lifestyle like following a daily healthy routine, exercising, having healthy foods, not smoking, and no history of drinking, are eligible for a greater risk coverage. Those who are not have much higher risk to hedge. This situation should be taken into consideration when determining the sum assured. 

• Make sure you want a family floater or individual cover. A family floater gets you a large coverage which is shared by a large family. In this case, the price of more efficient and lower than buying an individual cover. However, if an individual in your family is older than 50, or is a victim of lifestyle issues, then getting an individual cover is more sensible. 

• You should check for co-pay or submit. Many mediclaims have a sub limit on certain expenses, so before you buy a mediclaim you should be clear about these two criteria. 

• Choose your mediclaim policy by comparing hospital room eligibility capping on various mediclaim policies. This condition can depreciate the value of your mediclaim policy with inflation. 

• Check the names of the hospitals included within your company’s network and make sure that those hospitals in the list means something to you. 

• Before buying a policy, go through each and every word of it. Each mediclaim company should file with the Government IRDA. 

• Make sure that your super topup health policy plus base health insurance policy period have similar timed renewal dates. 

• When buying a mediclaim policy, learn what you should ignore. Do some research online where you will know what to exclude and what to assess when comparing. 

• Appoint a good advisor who will suggest you which policy is the best and why. 

Thus, following the above tips will help you select the best policy.