Health insurance or medicalim insurance has become essential these days. If you too consider it as imperative to lead a healthy life and save more, then these pointers should be in your checklist that one must adhere while buying a mediclaim plan.
Here we go:
Pre-existing diseases:
Let the insurer know about pre-existing illness if any, at the time of buying a plan. The list of pre-existing ailment includes diabetes, blood sugar, asthma etc. As per the policy terms, no pre-existing illness will be covered only after 3 to 5 years of continuous policy renewal. For instance, you own National Insurance Medicalim policy and at the time of buying the plan, you’ve intimated the insurer about your pre-existing condition. In this case, if you make any claim during the defined waiting period, your claim will not be entertained. It will only be cover after you make national insurance mediclaim renewal for continuous four years. However, there are some plans that especially cover pre-existing conditions. Shop around the plans.
One-year Plan and Waiting Period
Before purchasing a plan, bear in mind that it is a yearly affair. You need to renew or review the policy yearly. The policy gets reviewed every year and based on the number of claims you made, your premium may go up. But again it depends on the insurer, as for nominal claim, the premium might not increase. Some insurers also offer a two-year plan but not above that. So, it means you have to renew the plan accordingly in a stipulated time to enjoy the policy benefits. Secondly, every plan comes with the minimum waiting period of 30 to 40 days within which no claim will be accepted. Some whenever buy a plan try to opt for one with a limited waiting period.
Your Age Matters
Your age considered as an essential element in the insurance sector. With age, your premium may go up. Age loading will be lower when you buy a plan at the age of 25-20 but as you grow up, you’re liable to pay a higher premium. That’s why it is preferable to purchase a plan at your young age. Unlike a term insurance, when one has to pay a fixed premium throughout the policy tenure, premium for mediclaim policy tend to be higher with your age.
Insured is compensated only In Case Of Hospitalization
If there is a medical emergency leading to a hospitalization, the insured will be reimbursed for the expenses incurred, provided the hospitalization time is for at least 24 hours. No mediclaim will cover any day –care facility. Often it creates confusion among the buyers as we usually tend to ignore the policy clauses, and end up facing difficulties at the time of claim. You should consider this before choosing a plan.
Maximum Age Limit for Renewal:
You can’t buy mediclaim for life-long and it is with you up to a certain age. The current mediclaim that you bought at the age of 25 or 30 will work for you as long as you are 60 or 65. Once you cross the maximum age limit, the policy will be invalid. You may find the upper limit of 75 with some insurers but not more than that. In that case, you’ll be required to buy a separate senior citizen plans which are designed keeping the needs of the old age people in mind. The best part is that one can avail these plans at a lower premium. So, opt for a mediclaim plan that offers higher age limit.
Pregnancy Clause
That is another concern out of which a lot of chaos may arise. Normally mediclaim insurance doesn’t cover maternity expenses and those who cover come up with a waiting period of 3 to 4 years from the time you pay the first premium. We consider the maternity expenses it include pre and post-natal services, baby care, vaccination which not be covered by most of the mediclaim policies. Very few insurers cover maternity clause. There are separate plans for the same, so keep this in mind.
These are some of the important tips to consider however this is not the comprehensive one. We advise you to read and understand carefully the policy wording and make a decision accordingly. Moreover, health insurance and mediclaim policy are different. While health insurance covers a person with a broader prospect, mediclaim come with some clauses and only consider hospitalization expenses. So, choose a plan keeping the requirements in mind and don’t forget to compare online.
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