Insurance providers have developed several different plans in an effort to accommodate the needs and requirements of an individual and their family in different types of financially demanding situations;. At a time where diseases are on the rise due to high-stress lifestyle choices and inflation in medical expenses such as hospitalisation, doctor fees, tests and drugs; it is essential that people invest in the best mediclaim policy for family that can protect them from financial and emotional distress caused by these costs.
A Mediclaim is a specific type of insurance policy that promises coverage to a policyholder but under specific limits. These limits may range from hospitalisation duration or certain types of illnesses. The costs covered under a Mediclaim are usually lower when compared health insurance. With the help of providers like Care Health Insurance, one may choose an individual or a family floated mediclaim that can aid them in meeting medical expenses that vary across different family members.
The best mediclaim policy for family can be expected to offer cashless and prompt coverage against hospitalization costs, maternity expenses, including pre and post-op care. According to the necessities of the policyholder, they can avail a sum insured under an affordable premium which can include their parents, spouse and their children under one plan. On paying an extra premium over the existing amount, one can add a new family member’s insurance as per their requirement.
Purchasing the best mediclaim policy for family should be done with full cognizance of one’s requirements, budget and after reading the terms that the providers list under each plan. Let us look at the things one needs to know while exploring the best mediclaim policy for family:
- Coverage: The best mediclaim policy for family will offer complete end-to-end coverage against hospitalization costs, ambulance fees, including pre and post-op care and even domiciliary costs. A daily cash allowance is also provided to the policyholder at the time of hospitalization.
According to the necessities of the family members of the policyholder, they can avail coverage for maternity incurred expenses, organ donor expenses, day care procedures and mental illness cover for conditions like schizophrenia, depression, anxiety etc.
- Cashless Claim Facility: Some insurance providers have specific hospitals and treatment centres listed within their policy as policy partners in providing a seamless claim process for the policyholder. Cashless hospitalization is one of those features which can be expected from the best mediclaim policy for family where, the policyholder can claim a cashless payment at the hospital, which means that the insurance provider settles the medical costs directly to the partner hospital without the long process of document verifications and other formalities.
- Claim Settlement: Since there is an abundance of insurance providers in India who offer health insurance and coverage; one can expect the best mediclaim policy to have a claim settlement ratio at or over 80% ; which is the best choice for those needing recurrent claims for multiple family members. One can do independent comparisons and credential analysis about the providers and how prompt they are with claim settlements.
- Pre/Post Hospitalization Cover: The best mediclaim policy for family allows one to have extensive cover over not just hospitalisations, but also tests, recurrent doctor consultations, medicines and for treatments such as Ayurveda, homeopathy, Siddha etc.
- Renewal Age: Insurance investments are usually done to protect oneself from financial distress caused by medical expenses, hence one should purchase the best mediclaim policy for parents that lasts well into and beyond retirement because that is when one is more prone to illnesses and ailments. One should keep their policies updated and renewed, or opt for lifetime renewal so as to avoid any distress caused by sudden illness or accidents.
- Tax Benefits: For mediclaims, the premiums paid are deductible for up from the net taxable income earned by the policyholder as per Section 80D of the Income Tax Act, 1961.
Therefore, it is essential to read through the policy literature and carefully understand which policy features are integral in building a safe and secure future for one’s family.