Health is wealth, and it is essential to keep oneself prepared for any potential health crises. Mediclaim policies come in handy in such times, covering medical expenses and providing much-needed financial assistance. With the growing importance of healthcare and increasing medical costs, it has become imperative to invest in one of these policies. However, before purchasing a plan, it is crucial to understand its primary features, benefits, and limitations. Therefore, it is necessary to do thorough research and compare different policies to find the ideal one.
Here are some crucial things to consider before purchasing a mediclaim combined policy.
1. Coverage and exclusions:
It is essential to analyse the policy's coverage and exclusions before purchasing a mediclaim policy. Some policies provide individual coverage, while others offer family coverage. In addition, it is crucial to observe the policy for inclusion and exclusion criteria. Pre-existing health conditions, maternity expenses, and coronavirus treatment expenses are some crucial inclusions to check. Exclusions may include cosmetic surgery costs, self-inflicted injuries, drug abuse, and more.
2. Waiting period:
Most policies have a waiting period before providing coverage for pre-existing conditions or specific treatments. Therefore, it is necessary to check the duration of the policy's waiting period and ensure it is feasible. Moreover, some policies also have a waiting period for specific diseases. So, it is essential to check the policy thoroughly before buying.
3. Sum insured and premium:
The sum insured is the maximum amount of money the insurance company will provide in case of an individual claim. It is crucial to choose a sum insured that caters to the individual's medical needs, so the coverage is optimal. In addition, the policy's premium is the cost of coverage that individuals pay regularly. Before purchasing a policy, it is essential to analyse the premium and ensure it is affordable and reasonable for individuals.
4. Network hospitals:
One of the most crucial aspects of a mediclaim Coverage is to check the network hospitals, which the policy holder can avail themselves of. It is crucial to check the hospitals within the policy's network and ensure they are accessible. Moreover, quality of service, facilities, and reputation of the network hospitals are vital considerations.
5. Claim process:
The claim process is the procedure to get the medical expenses reimbursed by the insurance company. Before purchasing a policy, it is essential to understand the claim process and ensure it is hassle-free. It is crucial to check the documentation and other formalities required to avoid any inconveniences at the time of claim.
In conclusion, getting a mediclaim combined policy is an important financial decision, and it is essential to do thorough research before buying. One must take into account all the factors mentioned above to make an informed decision. The best way to go about it is to compare different policies, their features, benefits, and limitations. With the right mediclaim policy, individuals can breathe easy, knowing they have financial assistance during any potential health care crisis.
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