What is Mediclaim policy & how does it work?

The cashless Mediclaim policy for the individual offers coverage for only a single person. It can cover all the individual's medical expenses with all the benefits of cashless hospitalization.

Under this type of cashless Mediclaim policy, you can cover your whole family under a single policy for a small premium amount. The sum insured for a cashless Mediclaim policy for family is usually higher compared to the individual plan.

As the name suggests, this type of cashless Mediclaim offers coverage and benefits to senior citizens. They will get cashless benefits for ambulance expenses, hospitalizations costs, and much more as per the policy

With the right cashless Mediclaim policy in place, you can skip the hassles of arranging cash to pay for the medical expenses incurred. You just have to inform the helpdesk at the hospital and the customer support team within 24 hours during an emergency and within 48 hours in the case of planned hospitalization.

The cashless Mediclaim policy for family offers hassle-free services at the network hospitals. All the medical expenses are settled directly between the insurance company and the hospital. No lengthy paperwork or documentation is required, making the process less cumbersome.

Medical emergencies due to injury, illness, or any other kind of inconvenience can arise while travelling. It can be worrisome to arrange money in such situations. However, if you are covered under a cashless Mediclaim policy that offers a vast network of hospitals across the country, then you can avail of cashless claims during travel.

The premiums paid for the cashless Mediclaim policy for family, individual, or senior citizens are exempted from tax under section 80D of the Income Tax Act of India . Thus, you can save a fair amount of money on taxes under this policy.

Disclaimer: Tax deductions are subject to tax laws prevailing at the time of payment of premium or receipt of benefits.

The Cashless Mediclaim gives you peace of mind. It can help you stand firm during any medical emergency. You will enjoy comprehensive benefits under this policy, from hospitalization to ambulance cover and daily cash allowance.

Sum insured is the maximum liable amount under the policy every year. It is advisable to choose a plan with sufficient coverage while keeping your budget in mind.

Co-payment refers to the amount the policyholder has to pay for a portion of medical expenses out of their own pocket. And the remaining amount is paid by the insurance company. Therefore, keep an eye on the co-payment clauses.

It is the time span between the start of the policy and the time when you are eligible to claim some or all the benefits of the cashless Mediclaim policy. You must read the policy documents to see the waiting periods. Make sure to pick the plan with the least waiting period.

You should always go for the cashless Mediclaim policy for family with higher renewable age. It can be in your best interest if you require an excellent Mediclaim policy for parents.

A wide range of daycare treatments is covered under this policy. Compare different plans before choosing one. Make sure to pick the plan that covers the maximum number of daycare treatments.

The insurance company makes the list of network hospitals. Cashless can be made only at the network hospitals. Therefore, make sure that your preferred hospital is a network hospital.

Here are some of the key points to remember before buying a cashless Mediclaim policy: -

• Only network hospitals offer the benefits of cashless claims.
• Remember to keep a copy of all the documents, including lab reports, medical bills, discharge papers, and the claim form.
• Read the terms and conditions of the policy carefully as there could be some conditions that could make you ineligible to avail of cashless claims.
• The insurance company agrees to pay for the medical expenses. But if the amount exceeds the sum insured, the policyholder will be required to pay the excess amount.