India has a low penetration of insurance, and people generally do not have a fair idea about tackling financial issues that occur due to medical emergencies. Hence, it comes as no surprise that India ranks among the top countries for out-of-pocket expenditures (OOP) per capita. The fact about being unaware of financial issues and insurance is disconcerting. Thus, making it more important to understand how to make the best use of mediclaim policy for family.
Types of Mediclaim Policies
There are several types of mediclaim policies available, and you should purchase the one that meets your requirements.
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Individual Mediclaim Policy
As the name suggests, this policy is meant for an individual. This policy insured an individual for a specific amount and provides hospitalisation and mediclaim benefits.
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Family-Floater Mediclaim Policy
If you are 3-4 family members at home, it makes sense to purchase this policy. This policy provides the sum insured for the entire family. Additionally, it can cover you, your spouse, your children, and even your parents. This mediclaim policy for family can be used by a single member or by the entire family as well.
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Critical Illness Mediclaim Policy
In a critical illness mediclaim policy, if the policyholder is diagnosed with a critical illness, the insurance provider pays a lump sum amount to the policyholder. The policyholder can then plan out the treatment plan with the help of the sum received. For example, a regular mediclaim would cover hospitalisation expenses, but a critical illness mediclaim covers various ailments. Furthermore, critical mediclaim policies allow for a higher sum insured to be claimed. Generally, these policies include illnesses like cancer, heart problems, strokes, kidney failure, organ transplant, paralysis, bypass surgery, etc.
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Senior Citizen Mediclaim Policy
This policy is applicable for people above 60 years and provides them with coverage and several benefits. Some senior citizen policies also provide lifelong renewability, which keeps them financially secure in their advancing years.
Getting the Best Out of Mediclaim Policy for Family
Like cricket, buying and getting the best out of mediclaim policy for family also involves using strategy. Firstly, shortlist the policies based on their features, sum insured, premium amount, exclusions, and key clauses. The key clauses are the sub-limits, no-payment clause, and waiting period. Focusing on each of these clauses before purchasing the policy is extremely important. For example, try choosing a plan that has a short waiting period, few sub-limits, and a small no-payment clause. At times, insurance providers offer a low premium and then include these clauses in the fine print, which may end up costing you more.
It makes sense to include your spouse and kids with you in a mediclaim policy for family. In this case, ensure that the sum insured is high since it includes multiple family members. Additionally, it makes sense to opt for the senior citizen mediclaim for your parents too. It will provide them with coverage and benefits in the form of a sufficient sum insured.
Making Claims on Your Mediclaim Policy for Family
In todays technological age, it has become easy to make claims on your mediclaim policy. There are two types of claims, which include:
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Cashless Claims
Cashless claims are made when your insurance provider directly pays your hospital bills to the hospital. This is only applicable to in-network hospitals; thus, choose a plan with a wide range of network hospitals. You have to submit a claim form with the doctors report for approval for a cashless claim. Once the cashless request is approved, the insurance provider will pay your bills. Cashless claims can only be employed if the treatment or illness falls under the purview of your mediclaim policy.
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Reimbursement
In this form of claim, you have to settle the amount with the hospital. Once that is done, you have to send the claim form, doctors report, discharge summary, prescription and medical bills to the mediclaim provider. The insurance company will then examine the documents and decide your claim.
Research and Purchase Mediclaim Policy for Family
This should help you in understanding mediclaim policies better and how to use them to your advantage. That being said, opting for these policies also make greater sense as they are reliable and economical and will safeguard your finances during medical emergencies.
