Health insurance guarantees your and your family’s welfare in times of need. In order to protect your family from huge medical expenditure, one should apply for a good mediclaim policy. The rising cost of sophisticated medical treatments shouldn’t be a major concern for you if you have a good insurance policy. It’s advisable to do a bit of research before selecting your mediclaim policy. It’s a lifetime investment hence one should be extremely careful while choosing his or her insurance policy.
Most of the families in India are dependent on one or two salaried members, which is why insurance policies make complete sense to ease off extra burden of paying huge medical costs.
How To Choose Affordable Medical Policy In India?
- A good mediclaim policy allows you and your family covered under the policy to take benefits during medical crisis. The two main mediclaim options available are individual and floater policy. Individual policies have slightly higher investment rates, as they allow each member of the family to take cover up to maximum 10 lakhs in a year while floater policy gives insurance of 10 lakhs in a year for the whole family.
- Individual policies are beneficial compared to floater policy because they provide no-claim bonus every year however it’s advisable to choose the scheme according to your needs.
- For higher requirements, one can take up more than one mediclaim policy. During medical emergencies, the cost of treatment will be divided equally between the insurance companies.
- It’s advisable to take up individual policy if you have dependent parents and you have just started your own family. Most mediclaim policies don’t cover medical check up charges below the age of 45/50.
- Most insurance companies may not cover dental and pregnancy related issues. It’s important to know the insurance guidelines before applying for a mediclaim.
- A good medical insurance advisor can guide you during the process of selecting an affordable and beneficial mediclaim policy.
- Some good insurance companies also provide cashless mediclaim services where you can get the full treatment without making any direct payment. All the payments are made directly by the insurance companies. Such facilities reduce the burden of going through too much paper work during medical emergencies.
- Mediclaim policies not only manage your medical bills but also save tax under sec 80D. You can easily claim the deduction from your income tax by showing your mediclaim statements provided you have paid a premium of minimum Rs.15,000 for your self and your family. The deduction from income tax is higher if he or she is a senior citizen. (65 or more).
- It’s very important to have a mediclaim policy to protect yourself and your family from the fast rising medical expenses. One should never make delays in taking up an affordable insurance policy.