What You Should Know About Mediclaim Insurance

A mediclaim insurance policy is a financial agreement wherein the insurer agrees to cover an amount of money that is spent by the insured person for his or her health during hospitalization. Who is covered under this type of policy? Anyone from age 5 to 75 can have a mediclaim policy set up in his or her own name. Children three months up to five years old can also get coverage under a mediclaim policy with a guardian. In most cases, private and public limited companies have these medical policies available for employees in their group. These groups usually consist of at least 50 people.

There are several benefits of setting up a mediclaim insurance policy.

* A mediclaim policy offers reimbursement of hospitalization expenses including the doctor visit, surgery, anesthesia and medical tests.

* A mediclaim policy can be considered an exemption under the Income Tax Act.

* With a single mediclaim policy, you can get a 10 percent discount off of the full premium if the policy is for your entire family.

There are two ways to have your bills paid. First, they can be claimed by a cashless facility wherein your bill is paid to the hospital directly, or you can pay the bill yourself while at the hospital and submit the expense for reimbursement to the insurance company. A mediclaim policy can be a lifesaver for some people because it keeps them from suffering a huge financial loss in case of hospitalization for an accident, sickness or disease. Therefore, the cost of mediclaim is significantly higher than that for other insurance policies and rises in proportion with the rising costs of the treatment received in hospitals.

Costs associated with chemotherapy, dialysis and radiotherapy can also be covered by a mediclaim policy. If a person is taken to a nursing home or hospital and discharged the very same day, the treatment is covered under the hospitalization benefit scheme. This type of policy is available for both long and short-term coverage and is similar to other traditional mediclaim insurance policies. It covers medicines, doctor's fees, blood work, nursing expenses, surgical appliances and much more.

Remember that it is always important to determine exactly what is covered by a particular mediclaim policy before you take it out. Certain preexisting conditions may not be covered, depending on your specific situation.

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