Mediclaim Insurance

Ones Guide to Mediclaim Insurance Policy for Family

Last updated on June 23rd, 2022 at 04:24 am

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Family is of paramount importance for anyone, and one will do anything in their power to keep their health in the best possible way. However, life is very uncertain and anytime one may face any medical emergency that can cause panic and chaos if the individual does not know how and from where required funds are to be arranged. A medical emergency can cause a huge amount of money that can really take a toll on one’s life-saving and hard-earned money. Medical expenses include various things such as consultation fees, treatment costs, and many more. The only right way for safeguarding against all these skies rocketing expenses is to buy the Mediclaim insurance policy for family.

Many people tend to confuse Mediclaim policy for the family with health insurance policy. Though the purpose of both these policies is to relieve the financial burden these policies are very different from one another. Mediclaim policy for the family is an indemnity-based policy that reimburses for expenses that are borne by the policyholder or their family on medical bills up to the amount insured whereas health insurance policy pays the policyholder lump sum in case of some illness or accidents. Thus, one must on the basis of their needs and requirements choose the right policy for them and their family.

Mediclaim insurance policy for the family has become a popular policy among lots of people as this policy provides protection to the policyholder and their immediate family with one plan only. Thus, gone are the days when one has to buy a different policy for different family members with the advent of Mediclaim insurance policy for family. However, one must remember to pay the premium regularly and get their policy to renew to avail its various benefits.

Mediclaim policy for families aims to provide maximum flexibility and convenience to the policyholder. This policy seeks to reduce the financial stress of medical bills of the policyholder and their immediate family in the best possible way. To do so they allow their user to get access to the insured amount in two easy ways as per the choice of the policyholder. These include:

  • Reimbursement: Under this option, the individual gets reimbursed for various medical expenses i.e. hospitalization expenses, doctor consultation fees, hospital room rent, medical tests expenses, and many more. However, for getting reimbursed properly one needs to inform the insurance company of such a medical emergency and keep all the original documents pertaining to medical bills, payment slips, etc. These documents are to be submitted to the insurance company as proof of the amount spent on medical emergencies and based on which the individual will get reimbursed.
  • Cashless Claim: Another option for getting the insured amount under the Mediclaim policy is the cashless procedure of hospitalization at the networks hospital of the insurance company. In case of planned hospitalization, the individual needs to submit the pre-authorization along with the medical card issued by the insurance company at one of the network hospitals to avail of the benefit of the cashless feature. In case of an unexpected medical emergency, one can easily access the cashless feature of the Mediclaim policy by submitting the medical card and thus later on submit the pre-authorization form. One must remember that cashless hospitalization is available on the networks hospitals and thereby one must carefully go through the list of networks hospital of the insurance company.

Like all other insurance policies, the individual is required to pay a premium to get them and their family covered under one single plan. The premium one is required to pay might vary from one person to another as there are several factors that go into deciding the amount of premium. Some of these factors are mentioned that affects the premium rates are mentioned below:

  • Age: Age is one of the prominent factors that affect the amount of premium one is supposed to pay for the Mediclaim policy. The premium tends to increase with the increase in age. Thus, with the younger population, the Mediclaim policy for the family is more affordable as they have low health risks as compared to older people.
  • Sum Insured: Another important factor that affects the premium is the amount for which the policyholder and its family are getting insured.
  • Coverage Type: The premium of Mediclaim policy will differ on the type of coverage one is going for i.e., individual Mediclaim or family Mediclaim. In the case of the family Mediclaim policy, the premium will also depend upon the number of family members.
  • Pre-existing diseases: The premium for a policyholder with pre-existing diseases such as diabetes etc. will be higher.
  • Habits: Individual lifestyle and habits also affect the premium. If people tend to have an intake of alcohol and tobacco, then it will increase the premium.

These factors will greatly affect the premium for the Mediclaim policy. To get the right deal on the Mediclaim policy for the family one must put their trust with Care Insurance.