How Mediclaim & Health Insurance Actually Benefit To Us in 2022?

Medical emergencies can strike at any time and if you’ve no health insurance and you are not prepared, then be ready to pay a huge medical bill due to hospitalization.

Even as we witness the growing healthcare expenses, we often are unable to secure health insurance for family members and ourselves by acquiring a Mediclaim plan. We must understand the significance of benefits, coverages, and benefits under the Mediclaim plan.

What is the Meaning of a Mediclaim Plan?

Mediclaim policy is an insurance plan which protects the insured against increasing costs for medical treatment due to hospitalization. It also provides financial protection when you need to be hospitalized as a result due to an accident or illness.

Like other insurance plans, you will be able to avail of the benefits and coverages offered by the Mediclaim insurance plan by regularly paying a monthly premium. The plans are backed by a set policy term and require renewal for the duration of the protections provided by the plan.

Mediclaim is a kind of health insurance through which you may choose to either take cashless payments to cover medical costs or have the costs incurred due to hospitalization reimbursement.

In addition, the amount you pay to the plan is qualified for tax deductions according to Section 80D in the Income Tax Act.

What are the benefits of the Mediclaim Policy?

A great Mediclaim plan provides the policyholder protection against medical expenses of all kinds and may differ among plans. A few of the most significant benefits that are included in the Mediclaim plan are outlined below:

Pre – and Post-Hospitalization Costs: Under a Mediclaim policy, pre-hospitalization expenses are covered for up to 30 days. Post-hospitalization expenses for up to 60 days. However, you must confirm that your insurance company is aware of the hospitalization you require is part of your plan.

Hospitalization cost: this includes all kinds of healthcare costs that are incurred during the hospitalization for the policyholder, or nominee. It covers the costs related to OT costs including diagnostic procedures such as blood, oxygen, and x-rays, etc.

Hospital Room Fees: Expenses that are incurred for hospital rooms such as the Intensive Care Unit (ICU) and regular wards can be covered with cashless facilities or are completely reimbursed.

Day Care Fees: Healthcare expenses incurred because of advanced medical procedures that do not require the patient to stay in the hospital for more than 24 hours are covered.

Medical Professional Fee or Doctor’s Fee: Medical professional fees or consultation fees for a doctor are covered as part of the Mediclaim plan.

Health insurance serves as an insurance policy that protects you financially and will cover medical expenses if you become sick. You must pay your monthly premiums and the policy provides insurance to the policyholder subject to the fulfillment of any other conditions and terms.

Fixed benefit health insurance policies provide an amount fixed in the event of a claim without any payment from the insured, whereas traditional policies reimburse the amount spent on medical treatments. Insurance for health in India is provided by general insurance firms and life insurance providers.

Differentialities Between Mediclaim Insurance and Fixed benefit health insurance plans

Mediclaim Insurance policies are indemnity-oriented plans. They will reimburse the insured for the expense of medical bills up to the amount assured.

The policyholder must provide hospital bills that detail the actual costs incurred and a successful claim can be made cash-free i.e. straight to the provider of healthcare or directly to the policyholder as the basis for repayment.

The policies could have restrictions when it comes to providing coverage for serious illnesses, cancer, and heart diseases that might require specific health insurance coverage or a fixed benefit insurance plans.

Contrary to fixed benefits health insurance plans protect against certain diseases or conditions, such as heart diseases and cancer. These policies offer the claim amount upon the first diagnosis, regardless of actual medical expenses. It is not necessary to locate an in-network hospital or file reimbursement claims.

It’s because the fixed benefits health insurance plans will send you the amount of coverage when an appointment is made. This means that you can get treated in a hospital that you prefer.

Benefits of Mediclaim

You will be able to get coverage immediately from medical bills when you’re hospitalized

If you select the Cashless Mediclaim policy, your insurer will pay directly for the costs

If you choose to take Reimbursement, the money will be refunded by your insurer.

Benefits of health insurance

Provides you with a complete coverage

It offers a wide range of accessories

You may choose to purchase a Family Floater Health Insurance plan that covers all family members under single Health insurance.

Hospitalization costs for both pre and post are paid for

It allows you to choose the Critical Illness coverage

You can choose benefits such as Outpatient Benefit and Maternity Benefit Restoration benefit and so on.

If you have parents you may choose an individual senior citizen health insurance plan.

Cashless claims are possible

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