Mediclaim Policy - 8 Things You Should Know

HEALTH INSURANCE



Being Prepared Is the Best Way

 Life is full of uncertainties and so are medical emergencies. This makes it important for every individual to have a health cover which offers an array of benefits that cater to your specific healthcare needs. 

At the end of the day, it is you who needs to invest. It is crucial to be well aware of all the related facts before investing in a mediclaim policy. You may then be able to invest in a good policy unfailingly and have peace of mind knowing that you are covered at all times. 

Essential Facts about Mediclaim Policy 

1.Documentation Policy 

When you purchase a Mediclaim policy, it is important to keep your documents up-to-date. In the case of planned hospitalisation, you may inform your insurer in advance and seek preauthorization of the treatment. 

2.Rules for Non-Resident Indians 

Non-Resident Indians (NRIs) too can invest in health insurance policies in India. However, they will have to submit a proof of residence along with other documents. The policyholder shall seek treatment in India and pay premiums according to Indian actuaries. 

3.Staying with your existing insurer 

Health insurance companies offer bonus, rewards and free health checkups to its loyal customers. You may get to avail such benefits in case you have stayed loyal with your insurance provider. 

4.Change of Hospitals 

There are a few insurance providers who allow you to change hospitals if you wish to avail a better quality treatment. It is also possible if your request is approved by a Third Party Administrator, in compliance with the terms and conditions of the policy. 

5.Cashless Mediclaim Facilities 

Cashless mediclaim is yet another important element of your policy. It is crucial to understand that a cashless claim will be declined if the documents provided by you are insufficient. In order to avail the same, it is mandatory that you are hospitalised in one of the network hospitals listed by the insurer. 

6.Mediclaim & Critical Illness Cover 

There is a difference between mediclaim and critical illness cover. Mediclaim policy covers your hospitalisation expenses while a critical illness policy covers severe illnesses like cancer, strokes, heart attack and more. A lot of health insurance policies do not cover critical illnesses and hence it is important to check the benefits of critical illness coverage at the time of investment. 

7.Maternity Expenses Cover

A number of medical insurance policies offer benefits to cover maternity expenses. This includes coverage for pre-natal expenses, delivery cost and the postnatal-costs. 

8.Copayment & Coinsurance are not the same 

While both the terms mean cost-sharing between the customer and the insurance provider, they are, in fact, two different types of payments. In copayment, the policyholder pays a specific amount to the service provider usually for each treatment. However, in coinsurance, the patient must pay a percentage of cost after the deductible is met. 

Armed with the aforementioned information, it is easier to make an informed decision of investing in a lucrative health cover. All you need to do is think wisely!

Care Health Insurance (Formerly Religare Health Insurance) offers comprehensive health insurance plans, including health insurance plan with maternity coverage, comprehensive health insurance plans for individuals and family, group health insurance plan, and more. With a strong network of 7800+ hospitals across the globe and a claim settlement ratio of 93%, health insurance plans by CHIL secure your healthcare needs.