157 A Mediclaim policy is health insurance with some differences in coverage and scope. The insurance company offers to cover your medical expenses in exchange for the premium you pay. The coverage can be in the form of a cashless claim, which you can take if you opt for a network hospital. You can also claim reimbursement if you had to take medical treatment at a non-network hospital. The insurance provider will directly settle the bill with the hospital. The best health insurance in India comes with a pre-decided policy tenure. So, it needs to be renewed to continue enjoying the coverage offered under the policy. Like any other insurance policy, you can receive the benefits and coverages under a Mediclaim policy by periodically paying a premium. The coverage provided under the Mediclaim policy may vary from company to company and policy to policy. Table of Contents What Exactly is a Mediclaim Policy?How Does a Mediclaim Policy Work?Things to Consider Before Buying Mediclaim PolicyBenefits of Buying a Mediclaim PolicyOvercome Medical EmergenciesCost-EffectiveChoose from Multiple OptionsProvides Financial SecurityCoverage for Your FamilyTax BenefitsConclusion What Exactly is a Mediclaim Policy? A Mediclaim policy is an insurance cover which protects you against increasing medical costs. In addition, it offers financial benefits in case of hospitalisation due to illness or an accident. Like any other policies, Mediclaim policy benefits can be received by paying a premium regularly. With a Mediclaim insurance policy, you can choose the cashless process to cover your hospitalisation expenses. Also, the premium that you pay is eligible for tax exemption. This tax benefit is provided under Section 80D of the Income Tax Act, 1961. How Does a Mediclaim Policy Work? A Mediclaim plan covers your medical expenses. If you do not have the resources to cover the medical bills, a Mediclaim policy offers a cashless facility at authorised network hospitals. Because of cashless treatment, you do not have to worry about healthcare bills as the insurance provider will pay off the expenses. Things to Consider Before Buying Mediclaim Policy Here are few things that you should keep in remember before purchasing Mediclaim. But, of course, you can also consider the same things while buying the best health insurance in India. Sum Insured: Normally, the policy comes with a pre-decided sum insured that you cannot change before renewal. Claim Settlement: The claim settlement is a process in the form of cashless treatment. Tax Exemption: The policy also offers tax benefits on paid premiums per Section 80D of the Income Tax Act, 1961. Co-Payment: Some Mediclaim plans may come with co-payment. It will help you to decrease the insurance premium as a fixed percentage of the treatment expense is paid by you, and the rest of the amount is paid by the insurance company. Benefits of Buying a Mediclaim Policy There are many benefits of purchasing a Mediclaim policy. Here are the most important ones. Overcome Medical Emergencies With the rise in diseases, it is difficult for the common person to afford healthcare treatments. Having a Mediclaim plan by your side will ensure that you do not have to run around to arrange finances in case of a medical emergency. Cost-Effective A Mediclaim policy is always more affordable than a general health insurance policy because the scope of the coverage is only limited to medical expenses. Choose from Multiple Options While purchasing a Mediclaim insurance plan, you can choose from assorted options available to meet your requirements. You can go through your medical insurance needs and accordingly choose the policy that would be best for your needs. Provides Financial Security Once you have invested in a Mediclaim policy, you can rest assured that you will receive financial coverage against medical expenses. You will not have to waste your savings to pay off your medical bills. Coverage for Your Family You also have the option to cover your family members as well. As a result, you can ensure that even if a medical emergency strikes your loved ones, you will receive financial security from the insurance provider. Tax Benefits You can enjoy tax deduction benefits on premiums paid towards a Mediclaim insurance policy. This tax benefit is provided under Section 80D of the Income Tax Act, 1961. Conclusion As medical expenses are rising, it is important to have a Mediclaim policy to receive financial security in an emergency. The policy will cover you in case of hospitalisation and domiciliary care during the plan’s tenure. The insurance provider will directly settle the bill with the hospital. differences in coverageMediclaim Policy 0 comment 0 FacebookTwitterPinterestEmail admin MarketGuest is an online webpage that provides business news, tech, telecom, digital marketing, auto news, and website reviews around World. previous post How can you start your own business in 7 simple steps? next post Internet Marketing Agency Chicago Related Posts Retro Football Shirts: The Story and Sentiment Behind... November 23, 2024 ISO 13485 Experts Ensuring Medical Device Quality and... November 23, 2024 Swarovski Bracelets: The Perfect Blend of Elegance and... November 23, 2024 How Evaporative Cooling Can Benefit Your Home November 23, 2024 Why Sea Moss Gummies Suddenly Become So Popular? November 22, 2024 How Digital Signage for Stores is Shaping the... 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