Insurance is a complex subject, and you might get confused when you have to buy an insurance policy for yourself or your family. Since it concerns your family, you might end up purchasing any mediclaim policy to keep them safeguarded. However, this is something that you must take your time and do carefully.
You should compare various policies, understand their terms and conditions, visit insurance websites, look at consumer reviews, and only then purchase the best mediclaim policy for family. There are several tips that you should keep in mind before buying the best mediclaim policy for family.
1. Compare Mediclaim Policies and Examine Coverage
Before choosing a mediclaim policy, it is important to compare the various policies to ascertain greater benefits. Additionally, the policy you choose should have extensive coverage in terms of medical treatments. Apart from this, it should also provide other benefits in the form of covering pre and post-hospitalisation expenses, shortened waiting period, free annual health check-ups, covering ICU and OT expenses, complimentary ambulance services, and the presence of a no claim bonus. A no claim bonus is a benefit provided to policyholders if they do not claim a predetermined duration. The bonus can be a discount on the premium or an increase in the sum insured amount.
2. Check Exclusions and the Waiting Period
These are two significant factors that you must focus on when deliberating which best mediclaim policy for family to buy. You must read the list of exclusions in the policy document so that you have clarity about what is covered in the policy. Some exclusions are common to most mediclaim policies such as pregnancy, infertility treatment, and treatment caused due to drugs, alcohol, narcotics, or self-harm.
Furthermore, it would help if you also scrutinised the waiting period clause. The waiting period clause can be of two types. The first type is where it applies to all treatments and hospitalisation expenses. Secondly, where it only involves pre-existing diseases. Try choosing a policy that has a short waiting period for both situations.
3. Network Hospitals for Cashless Benefits
It can be a complicated process when you are hospitalised, and you need to dip into your finances to pay the medical bills. Then, upon your discharge, you have to repeatedly follow up with your insurance provider to receive the insurance claim amount.
This tedious process can be avoided with the help of cashless benefits. This benefit enables you to get treated at hospitals with your insurance provider directly paying the medical bills. You would not have to make any payments unless a co-payment clause is present in the policy. However, this vital benefit is only available at network hospitals. Hence, ensure there is a wide range of network hospitals present when you purchase the best mediclaim policy for family.
4. Examine the Co-Payment Clause
Most insurance providers include a co-payment clause in their mediclaim policies. The clause could cover the entire medical expenses or specific, for example, room rent co-payment clause. Co-payment is a certain percentage of the medical expenses that has to be borne by you, and only then will the insurer pay the remaining amount. Therefore, opt for a low or zero co-payment policy since it will reduce the financial burden on you.
5. Opt for Insurance Provider With a High Claim Settlement Ratio
You must buy the mediclaim policy from an insurance provider that has a high claim settlement ratio. This ratio will hold in good stead when you make a claim to your provider. On the other hand, you would not want to purchase a policy that has a low settlement ratio since your claim might be rejected too. Thus, opt for the best mediclaim policy for family, which has a claim settlement ratio of 95% and above.
Compare and Then Purchase the Best Mediclaim Policy for Family
These aforementioned tips can greatly help you to make the most of the benefits when you are on the lookout for the best mediclaim policy for family. You must remember that essentially this is an investment that will protect you from the burden of expensive medical bills in the future – so you must carefully choose the plan and fully maximise it.