Family is of the utmost importance to everyone, and every effort will be made to maintain their health in the best possible way. However, life is very uncertain and at any time one can face a medical emergency which can cause panic and chaos if the individual does not know how and where to arrange the necessary funds. A medical emergency can cause a huge amount of money that can really take a toll on one’s life-saving and hard-earned cash. Medical costs include several things such as consultation costs, treatment costs and much more. The only proper way to protect yourself from all these sky-high costs is to buy Mediclaim Family Insurance.
Many people confuse the Mediclaim family policy with health insurance. Although the aim of both policies is to alleviate the financial burden, these policies are very different from each other. The Mediclaim family policy is a benefit-based policy that reimburses the costs incurred by the policyholder or his family for medical bills up to the insured amount, while the health insurance policy pays the policyholder a fixed amount in the event of illness or accident. Thus, one should choose the right policy for them and their family based on their needs and requirements.
Mediclaim family insurance has become a popular policy for many people as it protects the policyholder and their immediate family with just one policy. Gone are the days of having to buy different policies for different family members with the arrival of Mediclaim insurance for family members. However, one should remember to pay the premium regularly and have their policy renewed in order to take advantage of the various benefits.
The Mediclaim policy for families is aimed at offering the policyholder maximum flexibility and convenience. This policy aims to minimize the financial stress of medical bills for the policyholder and his immediate family. To do this, they allow their user to access the insured amount in two easy ways, at the option of the policyholder. These include:
Reimbursement: With this option, the person is reimbursed various medical expenses such as hospitalization, costs for doctor’s consultations, rent of hospital rooms, costs for medical tests and many more. However, in order to get proper compensation, one must notify the insurance company of such a medical emergency and keep all original documents related to medical bills, payment receipts, etc. These documents must be presented to the insurance company as proof of the amount spent on medical emergencies and on the basis of which the individual will be reimbursed. Cashless Claim: Another option to get the insured amount under the Mediclaim policy is the cashless procedure of hospitalization in the network hospital of the insurance company. In the case of a planned hospitalization, the person must submit the pre-authorization along with the medical card issued by the insurance company to one of the network hospitals in order to use the cashless feature. In the event of an unexpected medical emergency, one can easily access the cashless feature of the Mediclaim policy by submitting the medical card and thus submitting the pre-authorization form later. One should not forget that cashless hospitalization is available on the networks of hospitals and therefore one should carefully go through the list of hospital networks of the insurance company.
As with all other insurance policies, the person has to pay a premium to have him and his family covered under a single plan. The premium that you have to pay can differ from person to person, because there are several factors that play a role in determining the amount of the premium. Listed below are some of these factors that affect premium rates:
Age: Age is one of the main factors influencing the amount of premium one should pay for the Mediclaim policy. The premium usually increases with age. Thus, with the younger population, the Mediclaim family policy is more affordable as they have a low health risk compared to older people. Insured amount: Another important factor that influences the premium is the amount for which the policyholder and his family are insured. Type of Cover: The premium of the Mediclaim policy will differ depending on the type of cover taken out, ie individual Mediclaim or family Mediclaim. With the Mediclaim family policy, the premium also depends on the number of family members. Pre-existing illnesses: The premium for a policyholder with pre-existing illnesses such as diabetes etc. will increase. Habits: Individual lifestyle and habits also affect the premium. If people tend to use alcohol and tobacco, the premium will rise.
These factors have a major influence on the premium for the Mediclaim policy. To get the right deal with the Mediclaim policy for the family, one has to rely on the Health Insurance.
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