Health expenses have become a concern for most Indian families now- a-days. This is because at times it covers 75% of annual income. This is the reason insurance companies in India and also the Indian government has been promoting health coverage/ Health Insurance. Mediclaim is the expenses covered or meted out by the government or insurance companies for the treatment or a coverage given after the death of the patient that is it covers the life risk amount.
To avail such facility, there are different policies called mediclaim policies that provide coverage to unexpected health expenses that may lead to hardship. With growing health insurances it becomes difficult to choose the right kind of policy. Most mediclaim policies are for duration of 1 to 2 years. It is framed by evaluating the overall health expenses and the monthly premium to be paid. These policies can be purchased individually or in groups that is a whole family can buy a single policy called group policy.
An Individual policy plan means a separate policy for each member of the family. For example in a family of three covering a policy of Rs.200,000 each then eligible hospitalization expenses for each individual will be reimbursed up to that limit. Whereas if a family has taken a floater policy of Rs.400, 000 and one of the individual has incurred a medical expense of Rs.300, 000 then the entire amount will be reimbursed by the insurance company. So the family or group policy is more beneficial. The premium to be paid for a family floater is often much less than an individual policy.
Health insurance or medical insurance cover the following benefits:
1. Room and boarding expenses varying according to the company.
2. Ambulance charges, which is normally up till Rs. 1000
3. ICU charges, doctor, anesthetist, surgery expenses and other diagnostic expenses are covered.
4. Day care expenses like chemotherapy, dialysis, radiotherapy etc.
5. Pre and post hospitalization expenses like 30 days before hospitalization and 60 days after release from the hospital.
6. Cashless hospitalization is offered by almost all non-life Insurer.
Before buying a policy make sure about the exclusions and limitations in various covers of the policy. One should ensure the number of hospitals covered to get a cashless and hassle free claim. Any disease incurred before buying the policy should be disclosed to know if the insurer covers them.