As the economy changes day by day, so do many changes in our way of life. We have failed to focus on health as facilities have increased. In this age of rising hospital costs, the experience of not being able to cope with those costs is a must for every family.
Financial advisers say this practice needs to change. It is wiser to take out medical insurance than to put that money together for medical expenses. This will reduce the cost of medical care for the whole family at a lower cost.
Who gets medical insurance:
This insurance is available both individually and for the family as a floter. Claim can be made only by the insurer in the personal policy. All family members can make a claim on a plotter policy.
If the individual has taken out a policy before marriage then the spouse and children can be converted into a floter policy after marriage. It is also advisable to take out an individual policy without including them in the plotter policy as there are frequent medical expenses for the elderly parents. This policy is valid from 3 months to 86 years of age.
Insurance policy to look out for:
We need to decide on medical insurance based on our medical needs. The policy should not be selected because the premium is low. You have to decide by looking at the benefits available through the policy.
How to Claim Insurance:
You can claim according to the limitations of the policy. Policyholders will be provided with details of hospitals that allow medical insurance. Medical expenses will be deducted from the sum insured if the patient receives medical treatment at these hospitals. Medical expenses cannot be claimed if treated as an outpatient. But if the policy allows, the costs can be claimed.
We have been taking continuous treatment as an outpatient for some diseases. Some diseases may require medical examination. And some illnesses can last even after leaving the hospital. In such cases the claim can be made as long as the policy allows.
Things to consider before taking out a policy:
There are a few things you need to clarify with the insurance company before taking out a policy. Importantly some diseases may be present even before taking out the policy. Life-threatening diseases, which can be treated by staying in the hospital for a long time, should be mentioned without obscuring their true nature. Some policies will only cover medical expenses.
As hospital stay rates increase, so does coverage. Also hospital stays will be limited to as much as one day. Take the policy as the maximum amount is claimed.
In some policies we may be required to submit and claim receipts after incurring medical expenses. You need to know how long this will take. Insurance should be obtained only after knowing whether the insurance company has a contract with major hospitals, or major hospitals nearby.
Major Insurance Mistakes:
Elderly parents should not be included in the floter policy. It is better to take them alone as they often have medical expenses. Similarly, even if you have Group Medical Insurance in the office, it is better to have a personal or floter policy alone. The coverage period of that insurance expires if you leave the job from a company. So it is always better to take it alone.
No one can have an alternative opinion on whether medical insurance is essential due to rising medical costs. People from 3 months to 86 years of age can take this policy.
Benefits of Medicare:
Unexpected accidents, sudden illnesses, etc. can happen at any time, though not for sure. We can not even plan how much it will cost. But with good credit, you might find exactly what you need. Medical insurance can cover the medical expenses of everyone in the family.
Features and Benefits of Medical Insurance Policy:
Comprehensive Medicare coverage options ranging from Rs 2 lakh to Rs 50 lakh
Includes ambulance fares
• No room rental limit
Medical expenses incurred during organ transplantation
Insurance is provided for emergency ambulance payments
•Ayush (Ayurveda, Unani, Siddha and Homeopathy) treatments are also insured.
Entry age up to 60 years
Income tax benefits under Section 80D
No claim bonus on renewal of policy after each year of non-demand
Loyalty discounts on premium after referring family members or friends to the same policy under the insurer
/ 24/7 Free Customer Service Center ensures you have access to your policy at any time
Online application and renewal to set up the policy without any hassle
Ability to renew throughout life, including adulthood
Ability to transfer an insurance policy to any other insurer of your choice.
How much is the insurance premium:
Personal policy Rs. 3 lakh coverage amount of Rs. The premium starts from Rs 3,000. If the floter policy for a family with one child is Rs 3 lakh coverage, the annual premium will be approximately Rs 6,000. The premium amount will vary according to the insurance companies. Its specialty is that it can cover medical expenses up to Rs 3 lakh within Rs 6,000. The premium for policies for senior citizens, people with diabetes and heredity may be slightly higher.
Fact details in the insurance application:
If we are taking out medical insurance, we should mention all the true details about our health in the insurance application. Hereditary diseases can increase the premium according to the nature of the diseases we already have. But by covering up the true details there will be trouble in getting the claim. Do a medical examination before taking out a policy and mention it in the policy application.