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What is Medical Insurance ?

A mediclaim is a sort of insurance that protects you from escalating medical costs and will pay for your hospital stay up to the amount insured. The insured person can choose to acquire coverage without paying any money up front by either being admitted to a network hospital or by submitting medical bills to receive reimbursement. Depending on the insurance provider, you can get a medical insurance plan for your family for a year or two. This kind of insurance is only good for a year, after which the policyholder must promptly renew it.

Benefits

Benefits of Medical Insurance

One of the more affordable methods to counteract the rising expense of healthcare is to purchase Mediclaim insurance.

Purchasing a medical insurance policy can protect you from the financial strain brought on by a medical emergency, such as an accident.

Take advantage of cashless hospitalisation at network hospitals, where the insurance provider pays the hospital directly.

The Income Tax Act of 1961's Section 80C allows policyholders to gain tax benefits by purchasing mediclaim policies.

Documents required to purchase mediclaim insurance

To purchase mediclaim insurance for you and your family, you need to submit the below documents:

Duly filled proposal form
Identity proof

Address proof

Medical records are required by the insurance company

Inclusions and exclusions of mediclaim insurance

A mediclaim policy provides the below coverage

Inclusions of mediclaim insurance

Hospitalization costs: They cover things like rent for a room, the price of drugs, medical fees, and more. Pre- and post-hospitalization costs are covered, and they can last anywhere between 30 and 90 days. They often consist of lab fees, follow-up exams, consulting costs, etc. Medical professionals' fees: Mediclaim insurance covers the fees for doctors, surgeons, nurses, and other healthcare providers.

Exclusions of mediclaim insurance

Health issues that are already present conceiving and giving birth Vaccination Cosmetic procedure The cost of contact lenses, hearing aids, etc. dental procedures Treatments relating to obesity and cosmetic surgery Alcohol consumption leading to hospitalisation

Process

Process of Medical Insurance

In this kind of claim, you must first pay the hospital fees before receiving reimbursement from the insurance provider. All you have to do is include copies of the bills with the claim form, and the insurance provider will pay the bills after reviewing the supporting documentation.

You can benefit from a cashless claims facility under this sort of claim, meaning you won't be required to make any payments at the time of hospitalisation. Pre authorisation forms must be completed for scheduled hospitalisations, and the hospital must get the health ID card in the event of an emergency admission.

The maximum amount of coverage in the event of hospitalisation is known as the sum insured. Nowadays, it's crucial to choose a greater insurance payout because both medical inflation and lifestyle disorders are on the rise. You and your family will only be protected by mediclaim insurance up to the chosen insured sum.

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