Tips to Choose Best Mediclaim Policy Online

With the sedentary lifestyle, erratic sleeping cycles, and poor eating habits becoming common among the new generation, the number of youngsters suffering from various diseases is rising. The medical costs and the complexity of diseases are also increasing.Today, a regular surgery can cost anywhere between Rs. 50,000 to Rs. 1 lakh, and not everyone can afford to bear the treatment expenses. In such a situation, the best way to get quality medical care without facing financial hardship is by buying a Mediclaim policy.If you are looking for the best health insurance , then the following tips will help you:

The primary reason for buying a healthcare plan is to get sufficient financial protection. This means you can get the best medical care at the best hospital without worrying about depleting your savings. But, to get the necessary coverage, you must choose the best Mediclaim policy with a high sum insured that you can use to pay your medical bills as and when needed.

Generally, the insurers in India offer two types of health care plans – individual health plan and family floater plan. The individual policy is an ideal choice if you are living alone and have no dependents. Suppose you are looking to get coverage for all your family members.In that case, it is better to purchase a family floater plan and cover the entire family under a single plan rather than buying an individual plan for each member. A family floater plan offers a wide range of benefits, and more importantly, it is economical.

The best Mediclaim policy is the one that consists of a base plan and allows the policyholders to widen the coverage to suit their specific needs.You can customise your health insurance policy by purchasing riders or add-on covers by paying an additional premium.But, you must be prudent with your add-on purchases. Ensure that you assess your family's medical needs and choose the rider accordingly so that you get maximum value from your insurance.For example, if you have a family history of cancer, buying a critical illness rider would be a wise choice to get protection against the high medical expenses associated with cancer treatment. On the other hand, if you seldom travel by car, then buying an accidental cover may not be useful for you, and you would only be paying an additional premium.

Today, most health insurance plans have a sub-limit and/or co-payment clause . The insurers specifically include these clauses to reduce their liability during claim settlement. As an insurance buyer, you must be aware of the sub-limits and co-payment in your plan as it would affect the claim. Let us understand what these clauses are:

• Sub-limit When you purchase a health insurance policy, a specific coverage amount is assigned to each component of hospitalisation expenses like room rent, doctor consultation fee, ambulance charges, post-hospitalisation, etc.Let us understand this with an example:Let us assume your health insurance plan has a sub-limit clause of Rs. 5,000 on ambulance charges. In such a case, if the ambulance transportation costs you Rs. 6000, then during the claim settlement, the insurer will only pay Rs. 5000, and you must pay the remaining amount from your pocket.
• Co-payment Co-payment is an arrangement where you agree to pay a part of the claim amount while the insurer pays the rest. This can either be a fixed amount or a percentage of the total claim amount.For example: If your health insurance plan has a co-payment clause of 10% and you raise a claim for Rs. 1 lakh, then the insurer will only pay Rs. 90,000.

Lastly, look for a well-rounded insurance plan. The cheapest plan may not always be the best Mediclaim policy. You must read through the fine print of the policy and look at the inclusions and exclusions, the clauses relating to the waiting period, the deductibles, etc. and choose the one that best suits your specific needs and provides maximum benefits. Final Word When you are looking for the best Mediclaim policy , remember the golden rule – know your needs well, and compare the plans from different insurers to select the best plan.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.