There is every possibility of misunderstanding the terms and jargon in your medical insurance policy, or signing up for something you do not need. We help you sort your policy out.
Buying a mediclaim policy is par for the course for a responsible family oriented person in today’s times. But purchasing the right mediclaim can get confusing, especially with a lot of conflicting information doing the rounds. We present a few facts about mediclaim that should dispel the confusion:
- The insurer may increase the premium after a period of a few years, but can do so with prior intimation only.
- The more riders you include, the higher is the premium payment. But this should not influence your decision to take mediclaim. Discuss the issue with your insurance advisor and select the riders and benefits that you need.
- One cannot reasonably compare the benefits of one policy with another, unless the policies are identical in many aspects and belong to the same category (i.e. individual plans cannot be compared with family floater plans). Even then, you will find that no two policies are exactly alike. It is prudent to sit with an insurance advisor to discuss your requirements and take inputs on the best available mediclaim policies.
- The sum assured of your insurance policy may be increased during renewal only under certain conditions and at the discretion of the insurer. Renewal does not automatically translate into an enhanced sum assured.
- Not being entirely truthful when making disclosures about your personal and medical details while buying the policy is counterproductive. Insurance companies perform strict background checks and will find any anomalies in your application at some point in time. This can create significant problems during the claim settlement process.
- Cashless mediclaim policies are different from routine health insurance policies. The former grants immediate access to treatment and hospitalisation when needed, but at a network hospital only.
- Younger persons are more likely to pay lower premiums if they purchase a new policy, than their older counterparts. Some insurers also lower the premium payable if the mediclaim policy is purchased online. It is possible to purchase the policy online even if one is a novice – the instructions are quite simple to follow and payment is accepted online.
- We recommend picking a mediclaim policy that offers the option of lifelong renewal. This is an important benefit for senior citizens.
- Your nominated family members must be aware of the mediclaim you have purchased and how to file for a claim if necessary. For your part, it is possible to change or add more nominees at a later date after purchase of the policy.
- The best way to test an insurer’s responsiveness is to ask a question on their portal or call their helpline with a query. How soon the insurer responds will give you an indication of their responsiveness during the claims process.