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Mediclaim Policy

Health Insurance

The Necessity of Mediclaim Policy for Senior Citizens

Mediclaim policy refers to a health insurance product, offered by public and private general insurance companies, which reimburses expenses in event of a medical emergency up to the sum assured. The medical emergencies could be anything from domiciliary care to hospitalization arising due to an accident or illness. You can either get the expenses reimbursed by submitting the relevant bills, or opt for cashless hospitalization and focus more on the betterment of your health.

A mediclaim policy in India is offered for a specific time period, and must be renewed for the insured to keep benefiting from it.

How is it different from standard health insurance?

In India, health insurance products are sold under the following two categories –

Benefit policy – Generally a traditional health insurance policy, it pays out a pre-determined amount of sum insured, in event of an accident or the occurrence of disease, that the policyholders have been insured against.

Indemnity policy – This policy reimburses the medical expenses related to hospitalization and daycare, on submission of required proof up to a limiting amount mentioned in policy.

A Mediclaim policy falls under the second category, and reimburses your actual medical expense instead of giving you a lump-sum amount on diagnosis of any medical illness. The scope in case of mediclaim policies is also much wider than critical illness, as these cover hospitalization and treatment towards accidents.

Why opt for Mediclaim policies?

Everyone wants the best services when it comes to healthcare for themselves or their loved ones. However, with the cost of healthcare rising with each passing year, even one episode of medical emergency can disrupt a family’s smoothly going financial state. Many lives are often lost on the table, due to a financial constraint, while many rely on cheaper medical service options to survive.

This can however be addressed by selecting from among the best Mediclaim policies available in India. A more cost-effective way of managing healthcare, these policies allow the insured to regain their health without worrying about arranging finances. With availability of cashless hospitalization, it greatly reduces the financial burden on people, and provides the requisite peace of mind. Also, it saves people from paying for their medical expenses out of their own pockets as that is taken care of by the insurance company itself.

Basic Types of Mediclaim Policy

  • Individual policy – It is meant to cover a single individual and the premium will be fixed based on the person’s age.
  • Family Floater- This policy covers an individual and his/her family consisting of spouse, dependent children and sometime dependent parents.
  • Group Mediclaim – It allows any employer to provide benefits of cashless hospitalization/reimbursement of medical expenses to their employees.
  • Senior Citizen Mediclaim- It provides financial safety to senior citizens
  • Critical illness – This offers a bigger claim amount to the insured in cases of critical illnesses, including but not limited to, kidney failure, first heart attack, cancer, paralysis etc.
  • Overseas Mediclaim – It takes care of all the hospitalization and other medical expenses during the time the insured is staying overseas.
  • Low-cost Mediclaim – Meant for underprivileged masses, it is provided by employers in small-scale industries to their employees.
  • Although anyone can purchase mediclaim insurance policies in India, they prove to be the best form of health insurance for senior citizens and people with limited finances or unsteady income. What’s more, at Insurance Inbox, you’ll find many mediclaim policies online by a number of mediclaim companies in India, making the process of comparing and purchasing a mediclaim policy more convenient, and quicker than ever.

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