Health problems and their treatment costs can affect our well-being and financial stability. Personal health has become a top priority for every one of us, amidst the pandemic that has affected people across the globe. There is a greater need for health insurance coverage than ever before. Technology gives us many comforts. So, we can choose the best mediclaim policy online and secure our family. A mediclaim policy is a type of health insurance that covers hospitalization-related expenses for a specified time limit. The policyholder of a mediclaim policy is required to renew the policy annually to continue getting coverage. This policy differs from regular health insurance in many aspects, yet there are benefits, common to both the plans, which the insured can avail of during medical emergencies.
Here are some vital facts to know about mediclaim policies that will help you make the most of it.
A Safety Cushion for Emergency Medical Expenses
An accident or sudden illness can disturb the steady pace of our life, and may lead to financial difficulties if we do not prepare in advance. A mediclaim policy will offer the much-needed support by covering expenses resulting from hospitalisation such as room rent, ICU charges, doctor’s fees, etc. and domiciliary care.
Cashless Treatment offers Convenience
While you can apply for a reimbursement claim for your medical expenses, you also have the option to get cashless treatment at a hospital empaneled in your health insurer’s network. Here, the insurer will settle your medical bills directly with the hospital, subject to policy terms and conditions. It is a benefit that you cannot ignore, especially when there are hefty hospital bills you have to pay.
Availability of Cover for Individual and Family
You can avail of an individual mediclaim insurance policy based on your needs. Moreover, this policy is available as a family health cover which would protect multiple family members like spouse, children, and parents under a single policy. It is an affordable option, and there is no hassle of maintaining individual policies for every member.
Tax Benefits under Section 80D
For an average family, saving tax is a crucial part of financial planning. Just like a health insurance plan, your mediclaim policy offers you tax benefits. You become eligible for availing tax deduction on the premium you pay, under Section 80D of the Income Tax Act.
We have to accept the truth that there are uncertainties in life. So, the best we can do is prepare for the future. Medical treatment due to accident-related injury or any illness can lead to a lot of expenditure and eventually result in loss of savings. Hence, buying a medical insurance plan is one of the valuable investments you can make as it will ensure financial security during the trying times. Remember to go through the policy documents to know about the various features and policy exclusions.
Having a mediclaim insurance policy helps you face the future confidently without worrying about the burden of expensive medical treatment. When it comes to fulfilling your medical insurance needs, choose Care Health Insurance (Formerly Religare Health Insurance), and opt for a policy after estimating your healthcare expenses.