More often, medical emergencies come when we least expect it. Without a mediclaim policy, it is difficult to handle massive medical bills and hospitalization expenses at a time where healthcare cost is rising every year. But what is a mediclaim policy? Is it the same as a health insurance policy? Let’s understand the mediclaim policy in detail.
Table of Contents
What is a Mediclaim Policy?
Mediclaim policy is one of the insurance types which covers hospitalization expenses in case of an illness or an accident. It is one of the safest methods to protect you and your family financially and avoid the burden of looking for money in time of a medical emergency.
In mediclaim policy, you need to pay the premium and renew it after the period ends to enjoy the benefits.
Difference between Mediclaim Policy and Health insurance
Many people use mediclaim policy and health insurance interchangeably. But in reality, both have different definitions and intention. A mediclaim policy helps in mitigating health-related emergencies and it is limited to hospitalization expenses. Whereas health insurance covers a broad range of expenses like pre and post hospitalization expenses, medical expenses, ambulance charges etc.
Benefits of Mediclaim Policy
A mediclaim policy has many benefits which are mentioned below:
- Protects you and your family from the unwarranted financial burden
- All expenses incurred due to hospitalization is paid by the insurance provider
- You can avail tax exemptions and tax benefits under Section 80D of the Income Tax Act 1961
- You can conduct cashless hospitalization
- Helps in tackling cost challenges of healthcare
- Mediclaim policy can be opted for yourself and your family.
Mediclaim Policy Types
There are different types of mediclaim policies which you can opt for according to your needs. It includes Mediclaim policy for individuals, Family floater, Group mediclaim policy and others.
Mediclaim Policy Inclusions
- Some of the most common inclusions in a mediclaim policy are discussed below:
- All hospitalization expenses related to things such as blood test, scans, X-ray, diagnostic procedures, medicines etc. are covered under mediclaim policy.
- Expenses that arise 30 days before hospitalization and 60 days after hospitalization are covered. But make sure to check as coverage terms and conditions vary with different insurers.
- In case you require hospitalization for less than 24 hours, mediclaim policy covers all the expenses as well.
- Miscellaneous medical expenses like doctor fees, hospital room, ICU is covered too.
Additional Features You Should Know
A mediclaim policy covers expenses related to hospitalization, accidents or specific existing diseases found with a specified time-limit. Unlike health insurance, you cannot avail add-ons like critical Illness cover. Moreover, there is no flexibility in coverage.
Also, the sum assured doesn’t exceed 5 lakh. This should be verified by the insurance provider. A claimant can claim insurance till this amount gets exhausted. It is necessary to get hospitalized to avail medical benefits.
If you want more information regarding mediclaim policy, contact experts at Future Generali. We are one of the leading insurance providers in India.