The rate of medical inflation in India has increased over the years, directly affecting healthcare cost trends. Yes, healthcare costs are only increasing by the day making it difficult for the common man to avail quality services. Thanks to mediclaim in India! Just a meager premium amount and you as an individual or a family or senior citizens get insured for your health. Come any health problem during the policy duration and the best healthcare is assured at the best hospitals that your insurer is networked with. A comprehensive policy with higher sum insured entitles you to enjoy additional benefits. If you are buying family floater health insurance, consider the health preference of each member and go for a higher sum insured so that you do not regret later.
There are certain terminologies incorporated in any Mediclaim India, which may confuse you. Understanding the terminologies before buying a policy will let you know your chosen policy better. For example, a family floater health insurance works on the principle of indemnity. The term indemnity implies payment of exact medical bills by your insurer, i.e only the amount that you have spent on your hospitalization. You will not be entitled to enjoy the amount insured. On the other hand if you opt for hospital cash type of policy, you enjoy the amount insured irrespective of how much you spent for your medical treatment.
A question that may bother you is whether you should go for individual cover or family floater health insurance. For those who are young, the family floater is an advantage. The premium goes up with advancing age. If you happen to be a senior citizen, opt for the senior citizen plan and let your children get individual covers for enjoying maximum benefits.
How does a family policy work? A family mediclaim in India generally includes both spouses and their dependent children. The entire family is covered under one premium payment. This is negated in individual cover where separate premium should be paid for every member. If you compare premium amounts, it is family floater health insurance that involves lesser premium compared to total premium amount of individual covers in a family.
Each member, individually and collectively are entitled to enjoy the benefits of the policy as well as the sum insured. Ensure that the sum insured is high. If the complete sum insured amount gets exhausted in a single member, the other members cannot enjoy hospitalization benefits during the policy duration. Read the terms and conditions before you buy mediclaim in India.