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How to Choose Mediclaim Policy?

Consider your age, lifestyle, medical history, and family medical history. Determine if you need coverage for pre-existing conditions, maternity expenses, or critical illnesses.

  • 21 Aug 2023
  • 3 min read
  • 65 views

Are you tired of constantly worrying about medical expenses and unexpected healthcare costs? Have you been searching for the perfect solution to alleviate this burden? Look no further! Choosing the right Mediclaim policy can provide you with the financial protection and peace of mind you need during medical emergencies. With so many options available, navigating through the endless jargon and policies can be overwhelming. But fear not, as we guide you through a creative and informative journey on how to choose the best Mediclaim policy. From assessing your healthcare needs to comprehending the claim settlement ratio, we have got you covered. But before that, let's understand what all your Mediclaim insurance covers.

The policy offers comprehensive coverage that includes a range of benefits such as hospitalisation expenses, ambulance charges, pre and post-hospitalisation expenses, and even daycare procedures. With a Mediclaim policy, you can avail of cashless hospitalisation. This means you don't have to worry about arranging funds for hospitalisation in case of an emergency. You can also choose to get treated at any network hospital affiliated with your insurance provider, and the insurer will settle the bills directly with the hospital.

Steps to choose the right Mediclaim policy

  • Assess Your Needs: Consider your age, lifestyle, medical history, and family medical history. Determine if you need coverage for pre-existing conditions, maternity expenses, or critical illnesses. Analysing your healthcare needs will help you choose a policy offering comprehensive coverage.
  • Coverage Amount: Consider the coverage amount that you require. A higher coverage amount will mean a higher premium. But it will provide complete financial protection. 
  • Network Hospitals: Check the list of network hospitals located near your residence or workplace.
  • Premium: Compare the premium rates of different policies to find the most cost-effective option. However, do not compromise on coverage to save on premium costs.
  • Waiting Period: A waiting period is the time frame during which you cannot file claims for specific illnesses or treatments. Before finalising the policy, check the waiting period for pre-existing conditions, maternity expenses, and other treatments.
  • Exclusions: Read the policy documents carefully to understand the exclusions for illnesses or treatments not covered under the plan. Ensure that the policy covers the treatment that you may require in the future.
  • Claim Settlement Ratio: A high claim settlement ratio indicates that the insurer is reliable and settles claims promptly.

A good Mediclaim policy can provide you with the financial security and peace of mind you need during medical emergencies. Remember to read the policy documents carefully and seek advice from a professional if required. 

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