The skyrocketingprices have made health insurance more important than ever. Without a Mediclaim policy, it is tough to afford the medical expenses. A single hospitalization can cost you a bomb. Even though it is the need of the hour, it does not mean that you take the decision to get the ‘best Mediclaim policy’ in haste.
Here is a 5 point checklist to help you choose the best Mediclaim policy:
Type of plan
The first thing you must check is whether you need an individual or a family plan. Don’t forget to check the add-ons or the riders for the plans you shortlist. Study the plan in depth and find answers to all your questions before choosing one. Moreover, consider things like sub-limits, waiting period, no claim bonus, plan renewability and settlement ratios etc. For instance, the shorter the waiting period the better is the policy. One of the most important aspects is to check for critical illness coverage where you get a lump sum amount if you are diagnosed with one of the critical illnesses.
Budget limit and sum assured
You must opt for a convenient amount of health cover or sum assured considering the shooting up medical health care costs. The kind of city you live in does determine the hospitalization costs. Check on the room rents and other hospitalization costs, surgery cost, treatment of severe illnesses cost etc. However, in order to maximize sum assured, do not forget that you have a limited budget. You may be able to invest well since you have steady source of income at present. But in future, it may be quite a costly affair for you to invest on health care policy as you might be living on your pensions.
Indemnity based health plans offer numerous benefits like Pre hospitalization charges, Post Hospitalization charges, inpatient hospitalization benefit, day care procedures, domiciliary treatment, maternity benefit, etc. It is imperative to understand all the benefits and look for plans which offer you such base policy benefits and otherextra benefits like free health check-ups on renewal, free ambulance services, etc.
When you make a claim in your policy, as per the pre-agreed amount or percentage, you have to bear the cost of the claim amount. Some insurers offer health insurance plans will have a mandatory co-pay clause wherein you are bound to bear the defined percentage of the claim amount on each and every claim. It applies to every claim you file in a policy period.
Check the list of hospitals in the network
It is advisable to check the list of network hospitals before you go for the policy. You must check whether hospitals in and around your locality are enlisted or not, as this may help you to benefit in terms of cashless claims during an emergency situation. In the case of planned hospitalization, distance from your home to the hospital may not matter, but in the event of emergencies, it would be practical to go to the nearest hospital, and on the top of it, ifit is in the list of a network hospital, it will enable the cashless hospitalization process also.
The above stated factors must be understood and considered before choosing a policy to get rid of the last moment claim hassles. It is imperative to spend a little time before gathering information on the vital aspects associated with the best Mediclaim policy for you rather suffering later.