Mediclaim, or medical insurance, is one of the most recent forms of insurance. A mediclaim insurance policy ensures that your medical expenses are expensed, or reimbursed by the insurance company, in case you have to incur those during the coverage period. While the earlier medical insurance policies required you to expense the cash and claim a refund at a later date, the present day insurance policies for medical cover offer you an option of a cashless transaction. In this case, all you need to do is hand over a “Cashless Insurance” card, provided by the insurer, to the hospital authorities. The hospital authorities will then expense the amount to the insurance company directly and you do not need to put in a requirement for a claim at a later date.
Costs and Benefits
Amongst all the forms of insurance, mediclaim is easily the most cost effective. Mediclaim ensures that you are adequately covered for all your medical expenses which might arise in the future. The coverage offered by mediclaim policies is different, depending on what kind of a policy you choose. Mediclaim Solutions has the option of solutions for getting a mediclaim cover for anyone between 5 months to 80 years old. Mediclaim Solutions also offers you a choice of different policies offering a specialized cover or a floater policy offering cover over all major medical situations.
The cost of any mediclaim policy is only a fraction of the total expenses that you might have to incur in case you are hospitalized. Often ranging between 0.5% to 2% of the total anticipated cost, the mediclaim policies offer tremendous benefits when compared to the premium expense. What’s more, you can also claim a deduction on your medical premiums up to Rs. 15,000 in each financial year. That is coverage and tax savings, a dual benefit.
The table below summarizes the costs and benefits of a few types policies offered by different insurers:
As you can see, the benefits of getting a mediclaim policy are enormous. In today’s world, if you can ensure complete peace of mind for a fraction of your income, it does make sense to go in for Mediclaim, doesn’t it? Click here for a detailed description of the different policies offered by mediclaim solutions and help us help you get the policy best suited for your needs.