How to choose the best medical insurance plan?
Taking best medical insurance is becoming necessary in view of the rising cost of medical services and increasing cases of serious health problems. It saves you from stress and financial problems during medical emergency. Under this, you do not have to face financial compulsion to get treatment in emergency. Hence, investing in best medical insurance plans is a wise decision. Let us know how you can choose the cheapest health insurance plan for yourself and your family.
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premium amount
Premium is the amount that you have to pay after specified intervals. You can calculate the premium with the help of online premium calculator available on the website. It calculates the right premium amount based on your age, life stage, family members, dependents, income and your medical history. So that you can choose a policy that will cover your emergency medical expenses without putting a financial burden on you.
maximum coverage
It is worth noting that general health insurance plans do not cover critical illnesses such as heart attack, cancer, stroke, organ transplant, kidney failure, etc. These come under critical illness cover. Reimbursement of medical expenses for critical illnesses covered under this cover is paid. Therefore, you should look for plans that provide you with maximum coverage.
minimum exclusion
Exclusions in a health insurance policy include medical procedures, treatments, diseases, etc., under which you cannot claim. Therefore, you need to know what is permanently excluded from the policy coverage and what treatments are covered under the policy after waiting a certain waiting period. You should choose the plan which has minimum exclusions with maximum coverage.
waiting period
In case of pre-existing diseases, the waiting period is about 48 months, so look for a policy that gives you the option of reducing the waiting period. For example, in care health insurance, we give you reduction in wait period add on cover by which you can reduce 48 months to 24 months.
Cashless Hospitalization
Cashless hospitalization is one of the benefits of health insurance. In today's pandemic time, it is difficult to arrange money for treatment. Hence it is important that you look for plans that can provide you with the facility of cashless hospitalization in your vicinity.
Add on
Along with the basic coverage, also see if you can get the option of increasing the coverage of your policy. We provide various add-ons under our health insurance plans such as International Second Opinion, OPD Cover, Care Shield, No Claim Bonus Super, etc. These help you get adequate treatment, by increasing your policy coverage.
Easy payment
Choose a health insurance plan where you can easily pay the premium without any hassle. Nowadays you can also take health insurance policy on EMI, which will not put a burden on your monthly budget.
Tax saving
The premium you pay for health insurance is tax exempt under section 80D of the Income Tax Payment Act. The premium paid for health insurance for self, dependent parents, children and spouse is tax exempt up to Rs 50,000. However, the tax amount depends on your income and age. It also helps in under-reporting your tax income.
Additional benefits
A right best medical insurance also gives you additional cover. Annual No Claim Bonus, Annual Health Checkup, Cashless Hospitalization, Ambulance Cover Reduction in Wait Period, Covid Shield, etc. The covers provide you complete protection.
Care Health Insurance Company, which is considered to be one of the top health insurance companies in India, offers a wide range of health insurance plans. You can understand the Care health insurance policy details here. These plans cater to your healthcare needs and help you get the best medical care.
best medical insurance plans
If you have Care Health Insurance then you do not have to worry about money during treatment. With this, you get cashless facility to get yourself and your family treated. For a comprehensive health insurance policy, you can check our plans given below. In which you get maximum coverage at affordable premiums. Let us know about them in detail.
Care- Family health insurance
Care health insurance helps safeguard you and your family against financial risks arising out of a medical emergency. On your part you can be assured that when you are unwell; We'll take care of your treatment concerns so you can be worry-free and focus solely on your recovery. The plan covers hospitalization, pre- and post-hospitalization expenses, day-care treatment (which does not require hospitalization), health check-ups, etc.
Care Freedom Plan - Diabetes & Hypertension Cover
Our Care Freedom policy aims to give you the freedom to live life to the fullest. It does not require any pre-policy medical examination for all ages and sum assured. Also, the waiting period is only 2 years in case of pre-existing diseases. It is available as a family floater and individual plan for up to 6 members.
Joy Plan - Maternity and New Born Baby Cover
JOY is a modern insurance product, which takes away all the questions and uncertainties regarding this new beginning in your family life. It takes care of your maternity and allied health insurance needs not only for today, but also for tomorrow. Joy Maternity Insurance Scheme covers expenses during pregnancy and post-hospitalisation.
Super Mediclaim - Critical Illness Cover
Care Health Insurance offers Super Mediclaim to help you protect against the cost of critical illness. This is one of the most important policies. In this, coverage is provided for the expenses incurred in the treatment of the insured person if he is diagnosed with any critical illness. This policy provides you coverage against 32 critical illnesses. You can choose any of the following covers under the Super Mediclaim Policy:
critical mediclaim
Cancer Mediclaim
Heart Mediclaim
Operation Mediclaim
>> The difference between going for critical illness health insurance and general health insurance
Travel Insurance Policy (Travel Insurance)
Apart from Care Health Insurance Policy (Care Health Insurance Policy Details), Care also provides Travel Insurance Policy. Let us know about them in detail.
Explore Travel Insurance Plan
Explore Travel Insurance policy covers medical or non-medical expenses incurred while traveling. Travel insurance plans take away the uninvited hassles and worries on your family vacation. Explore Travel Insurance Policy covers emergency hospitalization, medical evacuation, trip delay / trip cancellation, etc.
Student Explore Travel Insurance Plan
Student Explore Travel Insurance Plan is designed for students going to study abroad. This plan brings to you new age benefits and services. Student Travel Insurance covers personal accident, travel inconvenience benefits, sponsor protection and much more.
Secure Personal Accident Insurance Plan
Secure Personal Accident Insurance Plan offers you personal accident insurance that takes away every worry that arises directly as a result of a serious accident.
Care Health Insurance gives you maximum coverage at the lowest premium. So secure yourself and your loved ones by investing in the best health insurance plan today.
Studies show that 70% of Indians have not yet opted for any type of health insurance cover against hospitalization expenses, despite rising inflation rates coupled with a spurt in healthcare expenses. It is astonishing to know that in a fast developing country like India, people still do not understand the need to plan suitable arrangements to deal with any sudden financial emergency arising out of accident or diseases.
What is Mediclaim Policy?
The best and most cost-effective way to be prepared for medical emergencies and protect your savings is with a Mediclaim insurance policy. It takes care of hospitalization and subsequent medical expenses for illness, accident and or even any urgent surgery. Bills are taken care of through cashless treatment facility or reimbursement mode offered by the insurance company.
Why Mediclaim Policy?
In simple words, Mediclaim policy comes in handy to protect your accumulated capital in case you get hospitalized due to an accident or any illness. It covers you for nursing, lodging and treatment costs equal to the coverage amount chosen by you at the time of purchasing the policy. Most mediclaim policies cover treatment for the reason/sickness for which you were hospitalised, both before and after hospitalisation. This time frame depends on the insurer and typically ranges between 30-60 days before and 60-120 days after hospitalisation.
So, why is it important to invest in a Mediclaim policy? The answer is simple - to protect your financial interests.
Features and Benefits of Mediclaim Policy
Can be renewed annually. Some insurers offer renewal every 2 or 3 years
Can be selected for individual or family
is for anyone between the ages of 91 days to 65 years
Pre-existing medical conditions are covered after a waiting period of 2-4 years
Can be bought online without any paperwork
The Sum Assured chosen can be ₹ 50 Lakh or more
Can be ported to different insurer at the time of renewal
Gives you complete health cover and good savings.
Get high cover at affordable premiums.
It is the cheapest means of getting adequate medical help.
Cashless hospitalization ensures that you do not have to incur any out-of-pocket medical expenses.
Buying online from the comfort of your home is easy.
Avail tax deduction on the premiums paid under section 80D of the Income Tax Act, 1961.
How is the premium determined?
Insurance companies consider several aspects while determining the premium for a Mediclaim policy. Age, sum assured, geographical location, any pre-existing medical conditions, number of members to be insured, extent of coverage, etc. are some of them. Though the guidelines are set by IRDAI, the final decision regarding premium calculation is taken by the health insurance companies based on your needs and requirements. The more extensive your needs, the higher the premium amount.
What is not covered in Mediclaim Policy?
While your mediclaim insurance will cover most of the hospitalization and related expenses, there are certain exclusions that are not covered in the policy. The list of what is not covered forms an integral part of the policy document and should be referred to for further details. Below are some of the aspects which are not covered in most of the Mediclaim policies.
Administrative charges, service charges, toiletries, diapers, syringes etc. are not included in the medical expenses.
Disease/s contracted within a specified time from policy purchase
In addition to dental treatment in case of accident
sexually transmitted diseases and hiv
cosmetic surgery, circumcision or plastic surgery
vaccination
Medical conditions resulting from addiction to alcohol, smoking, drug abuse, etc.
Health conditions arising out of war, nuclear weapons, etc.
What should you consider while buying a Mediclaim policy?
Investing in Mediclaim is a wise decision. Consider all the factors involved and accordingly choose the right policy. Below are some of the aspects that you need to consider before buying the policy:
Sum Insured (Coverage Amount): While choosing the Sum Assured or Coverage Amount, it is advised to consider factors like rising health care cost, inflation rate, etc. to choose the right amount. Also, if you are living in metro cities, the cost of hospitalization is higher as compared to rural areas. Similarly, if you are opting for coverage for your dependents, you consider a higher sum assured.
Individual or Family Floater: The decision is completely up to you. If you are unmarried and looking to cover only yourself, you can opt for an individual policy. However, if you opt for cover for your entire family including your parents then opting for a family floater plan is the ideal option. Due to the discounts offered by insurance companies, it is less expensive to spend on a family floater plan than individual policies bought for each member of the family.
Sub-limit on room rent: Most mediclaim plans are specially designed with sub-limit on room rent. These limits may depend on the insurance companies. To make it simple, let us explain with an example. Mister. Kulkarni had bought a plan which had a sub-limit on room rent as 1% of the sum insured. He had chosen a coverage of ₹ 2 lakh. This means, every time Mr. Kulkarni wants to claim hospitalization on his mediclaim, the insurance company will compensate his expenses limited to room rent of 1% of the sum insured i.e. ₹ 2,000 per day. The claim disbursement will be fully calculated as per their room rent limit, if they opt for a room above the limit of ₹ 2,000. Hence, it is wise to choose a policy with reasonable room rent to avoid any deep shock during claim settlement.
Co-pay: Many Mediclaim policies have co-pays inbuilt. Co-pay is basically the percentage amount, which the policy holder has to pay when a claim is made before the insurance company settles the balance. This co-pay varies between 10% and 30% depending on the insurance company. For example: If you have opted for Mediclaim with 20% co-pay, then whenever you make a claim, you will have to pay the first 20% of the total claim amount and the rest will be compensated by the insurance company as per the terms and conditions of the policy Will go Some insurance companies also offer cover for risks associated with pre-existing diseases with higher co-payments.
Exclusions: Every Mediclaim policy is designed to cover your medical risks. However, there are some exclusions that are either covered or not covered at all after a specific period. Conditions arising out of suicide attempt, HIV infection, congenital diseases, alcohol or drug addiction etc. are not covered by any policy whereas expenses related to maternity, hysterectomy, gall bladder surgery, stones etc. are a are covered after a specific waiting period. Most insurance companies cover the risk related to any pre-existing diseases only after 2-4 years. The details of these exclusions are mentioned in the policy wording of the plan and should be read carefully before final purchase.
Hospital Network: One of the biggest advantages of opting for a Mediclaim policy is the convenience of cashless settlement of hospitalization expenses. Each insurance company has a network of hospitals and when you are admitted to any of these hospitals, you are entitled to cashless treatment if it is within the scope of hospitalization/treatment coverage. It acts as a huge financial relief in the most crucial of times. So, find out about the hospitals in your area that have tie-up with the insurance company from which you want to buy the plan.
Reputation of the insurance company: Last but not the least, it is always prudent to check the credibility and market standing of the insurance company that you wish to buy Mediclaim from. Furthermore, a small study of their settlement ratio will also prove useful while taking a final decision.
Who should buy Mediclaim policy?
Well, the answer is simple. Anyone who cannot afford those heavy hospitalization expenses and related healthcare costs, they should definitely invest in a good mediclaim insurance. Considering the premiums you pay every year, the benefits you get are worth a lot. Along with the considered financial backing, it provides the peace of mind it is valued for.
How to claim on Mediclaim policy?
With the advancements in the insurance sector, claiming on your Mediclaim policy has become a very convenient and hassle free task. As you know, you can claim in two ways – Cashless and Reimbursement.
If you wish to opt for cashless treatment in a network hospital, you will need to approach the TPA (Third Party Administrator) help desk at the time of admission to the hospital. A claim form along with doctor's report has to be submitted for seeking approval for cashless treatment. If the request is approved, the insurance company/TPA settles the bills for the expenses directly with the hospital without involving the policyholder. This is the most convenient way to file a claim on your Mediclaim policy.
If, for whatever reason, you are not able to avail cashless treatment, you can opt for reimbursement. When the hospital treatment is demanded and the claim form along with the outstanding amount, discharge summary and all other related prescriptions and doctor's reports should be sent to the insurance company/TPA.
The Insurance Company / TPA will verify the genuineness of the documents against the policy terms and also check the policy terms before taking a final decision on the claim settlement. Generally, this process takes around 15-25 business days.
How can Coverfox help you choose the right Mediclaim policy?
Convenient and hassle free application process as well as online platform to compare and choose the right plan.
Expert and unbiased advice to assist you with making the right decision according to your needs.
Dedicated customer service unit to deal with all your post-sales queries including expert claims management.
Minimum paperwork to ensure a hassle free and enjoyable shopping experience.
