4 Important Details You Must Know Before Buying a Mediclaim Insurance There are certain things that are beyond our control like falling ill or getting injured in an accident. However, there are ways by which we can save ourselves from hefty hospital bills and other medical expenses resulting from one of these situations. Mediclaim insurance will lend you cash free hospitalization benefit. This policy will reimburse the expenses incurred during pre and posthospitalization of the treatment and the time frame varies largely between 30 days before and 60-120 days after hospitalization. Getting a mediclaim policy for family is a great decision. Though, you need to consider a number of factors and choose the right policy accordingly. Some of these aspects are listed below. 1. Sum insured Choose the sum insured based on a number of factors, including rising medical costs, the rate of inflation, etc. Remember, if you are living in a metro city, the cost of hospitalization will be more than that of a rural area and hence it is important to choose the plan accordingly.
2. Co-payment It is basically a payment amount that the insured person has to bear in case the claim is increased before the insurance company settles the rest. For instance, if you choose a mediclaim with 20% co-payment, you need to pay the first 20% of the total claim amount, whenever you raise the claim and the rest will be compensated by the insurer. 3. Hospital network
Mediclaim insurance offers the ease of cashless settlement of hospitalization expenses. Hence, look for the hospitals in your area that is in a tie-up with the insurance company from where you are buying the plan.
4. Exclusions There are certain exclusions that are either not included in your policy or are covered after a specific period. Carefully know about these exclusions before buying, details of which are mentioned in the policy. Make sure you consider all the above-mentioned factors carefully so as to enjoy maximum benefits out of the same.