An Overview Of Mediclaim Policies In India

Mediclaim, popularly known as health insurance

, protects the insured person against hospital expenses, medical costs, and other related expenses. Health is precious for everybody. A healthy mind exists in a healthy body. Health consciousness has its origins from ancient times where there are plenty of examples of kings and queens who were extremely concerned about their good health.

Illnesses have increased drastically in the last few years and correspondingly, if you analyze the cost of healthcare, it shows a tremendous increase. In fact it can be rightly defined as skyrocketing.

Meeting healthcare costs has become almost impossible for the common man. This is where the importance of Mediclaim policies come in. Mediclaim policies provide basic coverage for hospital expenditure, doctors consultation fees, etc. They also offer specific health plans to safeguard the insured person from the costs incurred due to critical illnesses or diseases.

Many Indian insurers provide a plethora of schemes to insurance buyers. Mediclaim policies in India are diverse with lots of salient features like medical insurance, critical illness insurance, etc. Medical insurance typically covers hospital expenditure and reimburses the medical expenses with respect to the insured disease or surgery, against hospitalization. Mediclaim policy India offers individual medical insurance, group medical insurance and overseas medical insurance for the convenience of the purchaser.

In critical illness insurance, the financial risk of serious illness is covered against a premium. A guaranteed sum would be paid in case of the insured person being diagnosed with any one of critical illnesses as mentioned in the policy. It covers illnesses like cancer, coronary artery bypass surgery, kidney failure, paralysis, stroke, among others.

There are several important factors that affect the health insurance premium. The first factor is the age. The older the age, higher is the premium. The next influencing factor is medical history or pre-existing illnesses. If no previous illness exists, then the premium will be less. The premium payment also depends on the working environment of the insured person. For example, a mine worker will be charged a higher premium than a teacher.

In addition, there is a concept called co insurance in which the buyer needs to pay a percentage of the coverage. If it is an 80/20 co insurance plan, the insurer will pay 80% of the medical expenses and the remaining 20% has to be paid by the insured person. To conclude, Mediclaim policies in India definitely enable people in need to tackle financial emergencies due to illness. The trick lies in selecting the one that is apt for you.

by: Cruse Loyle

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