Healthcare has become a requirement; despite leading healthy lives, we are all susceptible to a wide range of ailments. But the best medical care is expensive; if you are not financially prepared, you could have a severe financial problem. Your life savings and medical reserve will undoubtedly save you. Your hard-earned money, which went toward your life savings and medical reserves, should be allocated to other crucial areas. Before purchasing mediclaim insurance, you need to understand what is mediclaim insurance policy.
What is Mediclaim Insurance Policy?
Health insurance is a written contract that requires the insurer to give financial protection against the financial effects of medical expenses. When you get health insurance either online or in person, the health insurance provider pledges to cover the insured’s hospitalisation, medical, and other expenditures.
Therefore, whether you purchase health insurance offline or online, there is no upfront fee. Instead, the regular premiums paid to the health insurance provider are used to purchase a health insurance policy. In exchange, the insured receives additional financial compensation through health insurance coverage.
Why Buy Mediclaim Policy Online?
Getting health insurance online is possible since everything is now digital. The benefits of purchasing health insurance online are listed below.
- No requirement to contact health insurance providers
- Comparison is now much simpler
- Mediclaim insurance premium calculator available
- Successful Customer Services
Things to Consider Before Buy Mediclaim Policy Online
Here are some points to be considered before buy mediclaim online. First, it is essential to have a mediclaim insurance comparison with different insurance policies to select the best mediclaim insurance in India.
Policies Included
Mediclaim online include hospitalisation costs (pre-hospitalisation + post-hospitalisation) and extra costs like ambulance fees and daycare costs, to mention a few. The inclusions of these costs do, however, change depending on the health insurance provider. In other words, not all health insurance providers will pay the extra costs. Therefore, before purchasing health insurance online, it’s imperative to understand the types of charges your policy covers.
Sub-Limits and Co-Payment Clause
Most prospective customers are unaware of the sub-limits and co-payments provision when they buy mediclaim online. The sub-limit clause caps the claim limit. But, if your sub-limit clause is 50% and your policy coverage is INR 30 lakh. Then, you can only submit a claim for up to INR 15 lakhs at a time.
A co-payment clause, on the other hand, divides the payment amount between the insurer and the insured. So, for instance, a hospital bill should be paid for 90% by the insurance and 10% by the insured. But that’s only an illustration; it varies from insurance to insurer.
Waiting Period
The window of time when a policyholder cannot submit a claim is known as a waiting period. Typically, there is a waiting time at the beginning of a policy or in cases of pre-existing conditions. However, avoiding buying mediclaim online is best because it has a longer waiting period.
Familiar with All of the Policy’s Terms and Conditions
Some health insurance providers make guarantees to you that they won’t keep. Therefore, when you buy mediclaim online, choose the written word rather than the spoken word. In other words, carefully study the policy text. Also, make sure that the insurance paperwork makes reference to everything that is stated on the website or provided by the insurer.
The best combination for health insurance is lower premiums with a high insured amount and superior coverage. Online health insurance purchases save you a lot of time since you avoid the trouble of visiting a physician or organising with an insurance representative and giving you a mediclaim insurance premium calculator. Purchase the appropriate health insurance policy after a detailed mediclaim insurance comparison rather than just anyone.
Use Niva Bupa individual health insurance plans immediately if you’re looking for the best mediclaim insurance in India.
