Understanding your medical insurance policy…
Buying medical insurance is a must for a responsible family oriented person in today’s time of growing uncertainties. But purchasing the right medical plan could be quite a daunting task, with a lot of conflicting information doing the rounds in the market. Thus, the article gives few facts about medical plans that should dispel the confusion in consumer minds: There are two types of medical covers: Cashless claim or reimbursement. If you visit any of the empanelled hospitals then you can available a cashless claim. However, if you visit any other hospital initially you will have to make the payments and later it will be reimbursed. One should compare the benefits of policies which are identical in various aspects and belong to the same category. It’s prudent to sit with an insurance advisor to discuss your requirements and consider various options available for media claim policies The sum assured on your medical insurance policy can be increased during renewal as per your needs and at the discretion of the insurer. It’s better to review your plan each year to understand wants needs to be covered in your policy An insurer may increase the premium after few years of the policy, but they can do so with prior intimation only.