Learn Everything About a Mediclaim Policy

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A mediclaim policy is one of the essential things that you need to know about in the present times. Awareness about these policies can help you against last-minute confusion in an emergency situation. Here is all the information about a mediclaim policy that will help you in case of medical emergencies! Let us check out the frequently asked questions one by one!

Who Needs a Mediclaim Policy?

One of the first questions that come to people’s minds is about the people who require a mediclaim policy. To begin with, it is essential to acknowledge that the cost of medical and healthcare institutes is very high. Therefore, it is wise to have a mediclaim policy for you as well as for your family members who depend on you. Imagine a situation where you or one of your family members have to undergo hospitalization due to some reason. In such a situation, having a mediclaim protection in place can be immensely helpful to help you against this unexpected expenditure.

If you have an updated mediclaim policy, it will cover a certain amount of your health-related expenditure. This amount depends on various factors like the types of injury, hospitalization and even the type of mediclaim policy that you opt for. You can choose an individual mediclaim policy or the one that covers your entire family. Some insurance companies even offer discounted premiums if you buy a policy for your entire family.

Which Diseases Are Covered in Your Mediclaim Policy?

Before you opt for a mediclaim policy, you must check the diseases that would be covered for your claims. In most cases, if you have a pre-existing disease in your blood test reports, you might have to wait for a few years in order to get coverage for that disease. This waiting period totally depends and changes from company to company and also on the type of disease. So, it is a good idea to check these factors before you choose the ideal one for yourself. Some medical companies also set an age limit to get the medical tests done in order to get a policy. If you don’t fall under this age, you can directly avail the policy without undergoing any tests.

Is the Mediclaim Policy Provided by Your Employer Enough?

In many cases, the mediclaim policy given by your employer is not enough. First of all, the employer might only cover the individual and not the entire family of the employee. Additionally, these policies would not go with you if you switch jobs. Moreover, these policies cannot be transferred to another employer and you can avail them only as long as you work with the company. You might lose the policy even if you retire from the company. Therefore, it is advised to have an individual policy that would continue even after your requirement because insurance companies do not necessarily cover the pre-existing diseases that you might have at that time.

What Is the Best Decide Your Mediclaim Policy Coverage Amount?

You can decide on the coverage amount based on the type of hospitals you prefer for your treatment, your family health history as well as your health consciousness. If you are the kind of person who does not follow a healthy diet, does not get regular annual check-ups done, does not have a regular routine for exercise and end up eating a lot in restaurants, you must get a higher coverage in your mediclaim policy. Moreover, if your family has a history of adverse diseases like diabetes, cancer, paralysis, high blood pressure, heart disease, stroke or any other hereditary diseases, then you definitely need a good insurance policy in place. Also, you can keep revising your policy based on any changes in the factors mentioned above.

Do You Get Tax Benefits on Your Mediclaim Policies?

The answer is YES! One of the biggest incentives to go for an insurance policy is the tax benefits that it entails. Section 80D states the tax benefits that you can avail through mediclaim policies and get a rebate on the premium

Yourself and Family                                        – Rs 25,000

Youself ,Family and Your parents                – Rs 50,000

Yourself, Family and Senior Citizen Parents – Rs 75,000

 that you pay. Therefore, you must consider having a Good mediclaim policy to cover yourself as well as your family’s health in case of emergencies.

What Is the Right Time to Take a Mediclaim Policy?

Many people wonder about the right age to buy their first mediclaim policy while most people don’t even think about getting a health insurance policy at all. These things only hit you when someone very close to you falls sick and has to be hospitalized,and it costs you a lot of money. Getting a mediclaim policy is definitely a lifesaver in such situations,but people tend to put it off until circumstances force them to buy one due to emergency situations. However, leading your life without having a good mediclaim policy is like waiting a time bomb to go off any minute or stepping into the rain without a raincoat or an umbrella.

Final Words

Having a good mediclaim policy in place that protects you and your family members is paramount and cannot be stressed enough. You cannot wait for a disaster to strike in order to get one for yourself. It is essential to be prepared so that if you do need protection in case of an emergency, you are not left without a security blanket. In addition to that, a mediclaim policy comes with a plethora of incentives and advantages that makes the entire task of having an insurance policy worth all the efforts. You can finally end up saving yourself a lot of money on unnecessary taxes and also ensure that you and your loved ones stay healthy and protected at the same time. What more could you possibly ask for? So, if you do not already have an insurance policy, research well and find the best one for yourself without any further delay!


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