The facility which is available that helps in providing coverage and benefits to senior citizens are known as Mediclaim policy. Then what are health insurance and the difference between the two? They are the same but have very minute differences mostly in terms of the percentage of expenses they cover mainly in the case of hospitalization. There are various offers that are available in the market but one should not get confused while picking the best mediclaim policy for parents. The need to have a good policy in place tends to become a necessity when an individual is reaching the age of retirement and will then have to depend upon pension and savings. Should there be a sudden medical emergency, it can cause immense strain on the finances of the family and so it becomes important for children to ensure that there is something in place to take care of the emergency and then the subsequent expenses arising from it.
There are a number of plans that one can choose from in the market but before doing so it is critical to do thorough research and compare between various policies and then choose the one that is best suited for children and their parents.
While doing the research it is important to know what are the factors that should be looked at and what should be considered. To help in doing so there are a number of features that must be included in any good policy and some of these are mentioned below:
- The company should not ask for any prior medical checkup to be done before buying the insurance plan. Anyone is eligible for the same as long as there is full disclosure of medical history of the person getting insured.
- The charges for pre hospitalization should be covered for up to 30 days at a maximum.
- The charges for post hospitalization should be covered for up to 60 days at a maximum.
- Any charges incurred while hospitalization for treatment of injuries or illness must be covered. There is however a limit on the charges that can be covered in case the patient is admitted to any registered ayurvedic/homeopathic/unani hospitals and/or government hospitals.
- Any cost borne on availing ambulance services should be covered.
- Any sort of coverage for any preexisting diseases and illness can only be availed based on the terms and conditions of the policy.
- There are facilities of free annual health checkups which can be utilized.
- There are a number of income tax benefits that one is eligible for under section 80D of the Income Tax Act.
- In the case of the individual being admitted for more than a day then the cost of the room, charges of the doctor and of diagnostic tests are generally covered.
Apart from the above inclusions there are other things also that one should be mindful of while selecting a mediclaim policy.
- A plan that has the option of being renewed up till the maximum age of the individual must be chosen.
- The plan should provide decent coverage at a reasonable rate.
- The plan should preferably cover any sort of pre-existing as well as any critical illness at a lesser waiting period.
- The plan should propose a minimum co-payment.
- There should be slightest difficulty and full proficiency in the processing of claims and returns.
- The grid of partner hospitals under the radar of the policy must be of a respectable nature.
The policy should be beneficial for both the children as well as the parents. Along with knowing what your Mediclaim insurance policy covers, it is important to know everything that the policy does not cover. These can range from certain expenses to various pre-existing disease that the insurance company will not bear the cost of. It is important to know all of this in advance so that you opt for a policy that caters to all your needs and does not leave you uncovered during the time an emergency.