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Guide to Mediclaim

We are always exposed to the danger of falling ill, and also to the danger that our illness can cause us to lose a lot of money. Health insurance is one way of ensuring that proper treatment is received when one falls sick, and that there is no huge dent on one’s personal balance sheet. Health insurance, or Mediclaim as it was popularly called in India is a good way to ensure one’s peace omind.

It is important to know the basics of Mediclaim, also commonly called health or medical insuranceWhat does it mean, its importance, and how can it help.

What is Mediclaim Health Insurance?

• A health insurance or mediclaim policy covers you and your family members against financial loss and expenses incurred when you fall ill and need to be hospitalized. Your mediclaim policy is an agreement between you and your insurance company.The policy lists a package of medical benefits such as medical tests, drugs and treatment services. The insurance company charges you a Premium as a price for the risks that they are insurings.

• The insurance company promises that it will pay the costs for particular treatments that are mentioned aprior in the insurance policy. Thus you are spared the need of paying for the costly hospital treatment. Nowadays, medicalim policies also pay for a part of the pre hospitalization and post hospitalization expenses..

Why buy Health Insurance/ mediclaim?

• Health care costs have risen exponentially in recent time. It is is important to insure your ‘s and your family’s health to avoid financial distress due to a medical condition

• Tax benefit: The premium that you pay helps you save on your income tax under section 80D of the Income Tax Policy .

• There are different types of Medical Insurance policies available. You can select the policy as per your needs. The different types of health insurance policies are:

o Individual Medical Insurance – Through this policy you can insure yourself against medical emergencies

o Family Floater: In these types of policies, the family is insured under one umbrella policy, and a collective sum insured is provided. For any health related claim of any member, it is paid out from the collective sum insured. Family floater policies work out cheaper than individual health insurance.

o Group Medical Insurance - Group medical insurance offers insurance cover to a group with some common characteristic: for eg , it may be employees of a company, members of the same profession etc . Group insurance premiums are typically far cheaper than individual insurance policies

The health insurance market has evolved by leaps and bounds in the last few years. Currently, there are a number of innovative policies offered by various insurance companies. Lots of freebies such as free health check up c, no interest EMI facility have been added. Another great convenience that has started to be offered is in terms of being able to buy your policy online. There is no paperwork, and an instant policy is generated. Having a policy online make sit much more easier to manage and renew it.

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