subject: How to choose a mediclaim policy? [print this page] How to choose a mediclaim policy? How to choose a mediclaim policy?
Health insurance is a form of insurance that provides coverage to unexpected medical expenses that may lead to financial hardships. Health Insurance is one of the fastest growing sectors in the insurance industry of India at a current Rs 8,100 crores and is estimated to grow upto Rs 30,000 crores in the next 5 years. Like all other forms of insurance, medical health insurance also comes with different policies and premium rates. Medical health insurance may be provided by a government organization or private insurance companies.
Medical insurance policies come with a minimum duration of 1 year and a maximum duration of 2 years. A detailed financial structure is constructed by estimating the overall healthcare expenses and the monthly premium to be paid. These details are included in the insurance agreement and the benefits are paid by the insurance company. Health insurance policies can be bought collectively or individually. Collective policies may include family insurance, group insurance or short term health insurance. Family health insurance covers the entire family that is stay-at- home parents; students etc. with just one low monthly premium Group insurance are usually bought by employers to cover all their employees at discount rates and greater benefits.
Short term insurance keeps a person covered for short span of time like college years or in between jobs etc. Individual health insurance usually preferred by self employed, entrepreneurs covers the medical expenses of a single person. At a low rate, an individual can opt to cover his/her spouse as well. Medical insurance which is flexible with the varied range of rates and premiums are available for people from all walks of life. Opting for the right scheme or policy may save a person from having an unexpected hole in his/ her pocket with the heavy expenses that arise from an unforeseen accident or hospitalization of the loved one.
Medical Insurance pays for only a certain set of accidents and ailments. Any pre existing ailment like diabetes, poor eye sight etc is not included in the insurance. Hospitalization bills are covered after a brief check by the insurance company whether the rates applied are in sync with the normal amount charged by other hospitals in the area. Any extravagant costs have to be borne by the patient. Surgical costs, out patient bills are covered only if the amount fits the amount quoted in the insurance agreement. Expenses beyond this amount should also be borne by the patient.
Medical insurance companies usually have a list of hospitals which provide a discount or other benefits to the client if the treatment is taken from any one of the hospitals enlisted. However it is not mandatory to opt for these hospitals. In India, with naturopathy and homeopathy also being a prevalent option apart from allopathic treatments, naturopathy treatment is not included in the medical insurance cover so far. However, off lately, some insurance companies provide cover to homeopathic treatments, provided they are opted from certain specified hospitals. In case of a death of the person covered, the benefit amount would be received by the nominee.
Best health insurance is the one that comes with a low premium rate and covers a majority of ailments and accidents. It is very important to opt for the policy which pays at the earliest in case of an emergency. If the patient has to reimburse the amount, the procedure has to be made simple and fuss free to avoid unnecessary hassles by the healthcare providers.
