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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Mediclaim policies are a type of health insurance plan, which provide coverage against medical expenses that an individual incurs. A medical policy or health insurance plan provides the insured with much needed financial assistance through facilities for cashless treatments, or they even reimburse the medical treatments and hospitalisation expenses. Mediclaim Policies or Health Insurance Plans not only to cover all the medical expenses incurred during the policy. But also offer tax exemptions under section 80D of the Income Tax Act of India 1961.
A form of insurance where an insurance company provides reimbursement to the policyholder for any medical expenses that he or she has incurred during the term of the policy is known as a Mediclaim Policy or health insurance plans.
Extreme inflation in the medical expenses rate has made the Mediclaim policies or the Health Insurance Plans necessary for the people to avail of the healthcare facilities at affordable rates. One must know that a Mediclaim policy is a type of health insurance plan that offers health coverage for certain illnesses and hospitalisation up to a particular specific sum insured. Mediclaim policies remain valid for a particular period, after which the insured has to renew it to enjoy its benefits.
Though the terms mediclaim policies and health insurance seem to be synonymous, they are very different from each other. Health insurance policies work based on indemnity, which means that the medical expenses which a policyholder incurs, the insurance company reimburses them. Whereas the mediclaim insurance functions for the benefit of the people where a lump sum amount is payable to the policyholder towards the payment of medical expenses for specific unforeseen events like accident, critical illness, etc.
The following table will clarify some of the significant distinctions between Mediclaim Policies and Health Insurance Plans.
|
Feature |
Mediclaim Policies |
Health Insurance Plans |
|
Coverage |
They cover hospitalisation charges and medical expenses |
They cover charges for hospitalisation along with additional expenses like daily cash allowance, ambulance charges, etc. |
|
Claim |
Policyholders are provided with a lump-sum amount in case of a sudden accident or diagnosis with a critical illness. The cover does not exist after the pay-out |
Unlimited claims by the policyholders up to the limit of the sum insured
|
|
Sum Insured |
They usually have a lower sum insured |
Comprehensive Health Insurance Plans offer a substantially higher sum insured that can sometimes go up to a crore. |
Some critical aspects or key features of mediclaim policies or the best health insurance in India are as follows:
*tax benefits are subject to change as per the prevailing Income Tax Act laws
While choosing a mediclaim policy or a health insurance plan, one must consider the following benefits:
The following are some of the Mediclaim Policies in India for consumers' choice:
While choosing a good mediclaim policy or the best health insurance plan in India, one has to make sure about which expenses are getting the coverage under these plans. Let's look at some of the expenses which are mention below:
Usually, while buying a mediclaim policy, the initial 30 days are treated as the waiting period wherein the policyholder cannot make any claim. During such a time, if the diagnosis of a policyholder reveals any disease, it doesn't get insurance coverage. The disease and the medical conditions for the exclusions are listed for the reference. However, these exclusions may vary from one insurer to another.
Wrapping it Up!
Mediclaim policies are important as they offer the much-needed financial assistance in the time of need. The policy is as similar as a health insurance plan, except a few differences. Hence, it is recommended to be careful while choosing a cover under mediclaim insurance.
Ans. Mediclaim policies or health insurance plans allow portability from one existing insurance company to another at the time of the policy renewal without the policyholder losing any benefits such as a period of waiting and a no-claim bonus. The portability is advisable if there are no claims made during the term of the policy in cases where the premium payable is very high, or the insurance claim process is challenging with the existing insurance company. Again, only similar policies are allowed with portability options. One can port a Mediclaim policy or the best health insurance in India with the same insurance company with a request for portability submitted 45 days before the policy's expiry date.
Ans. While choosing a Mediclaim Policy, one needs to determine the plan to be chosen: an individual or family floater plan, the entry, and exit age, the renewability age criteria, coverage of pre-existing diseases, and co-payment, network hospitals, inclusions, and exclusions. Look for the sub-limits, add-ons, free-look period, etc. along with a comparison of features and benefits among various other mediclaim policies available in the insurance segment.
Ans. In India, the employers' lookout for the best health insurance in India or good mediclaim policies for their employees to offer them as an incentive for retaining them in the company. At the same time, the government employees receive incentives for health from the state and central government schemes. These policies for the employees are specially tailor-made to include their family members and also give them tax exemptions on the premium under section 80 D of the Income Tax Act 1961.
