Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
0 of .
Results for:
No results containing your search query
P. 1
All You Want to Know About Mediclaim Policy

All You Want to Know About Mediclaim Policy

Ratings: (0)|Views: 97 |Likes:
Published by Sumit Patel

More info:

Published by: Sumit Patel on Apr 30, 2012
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as DOCX, PDF, TXT or read online from Scribd
See more
See less





 All you want to know about Mediclaim Policy 
There is a saying that ” an apple a day,keeps the doctor Away…” but this does not apply intoday ‘s world . First of all, not everyone can afford to
have an apple a day and even if people who can afford,eat impure apples, get sick and then meet doctors. Endof the day, we meet doctors more regularly even morethan we meet our near dear ones. Do some calculationson your own and find out, how much money you spendon monthly basis just to visit doctor, buying medicine
and getting the RECOMMENDED test done. Don’t take
into account any hospitalization cost you incurred, else you may well have a high BP.
India Vs USA 
Bottom line, The medical expenses are increasing day by day, there is no escape to this. You will be astonished toknow that in US, 15% US GDP is all spent on medicalcost. 15 % of US GDP means, close to double of IndiaGDP which is over Rs. 5,60,000 Crore. In US 15.3%population is not insured by health cover & another 35%of the population is under insured but in India 88% of the population is not covered by health insurance.  Medical expense are now on the rise in India as well. Into
s fast moving and fast earning life, we spent ourhalf working life in 5 star hotels and half in 5 starhospitals(
Class). There lies a huge risk with everyone aboutmedical cost hitting ones finances in such a bad way,
that at times, it is beyond repairable. We meet many people who sell even their house/gold or withdrawing
from retirement savings just to cover the medical cost.In such a scenario, one has to cover themselves fromsuch a risk and get a good Medical cover in theformMediclaim policy .
 What Mediclaim Policy covers
Mediclaim policy covers againsthospitalization cost one incur, provide one is admittedfor more than 24 hours.It covers various cost during hospitalization includingthat of medication, surgery, room cost, ambulance etc.It also covers the cost you incur on medication, test,
doctor’s fees etc. 30 days and 60 days post
hospitalization provided the cost is incurred for thesame cause for which one is hospitalized.
 Who provide Mediclaim policies
Mediclaim Policy is typically offered by GeneralInsurance Companies & health insurance cos. both in public domain. There are many lifeinsurance companies that also offers such similarproducts but it is better to take policy from specialist.
Type of Mediclaim Policies
Predominantly there are two types of medical policy available. The most common way of taking such policy is where, you buy a specific coverage called sum assured
for each of the family members for which you want thecover (Individual Plan). The other way of taking the policy is that you buy a sum assured not specific to any particular person in the family but for the whole family,this is known as Floater Policy(Family Plan).For example, a family of four, husband, wife and 2 kids. One may take Rs. 1 Lac cover for each of the person andif any one meets with casualty and is hospitalized, theinsurer will pay up to the limit specific to the person. Butif you have taken a floater policy, you buy a float cover,let say of up to Rs. 3 lacs for the entire family. Now if anyone in the family, meets with casualty, the cover is upto Rs 3 lacs. But if one has fully used that float, then forthat year, insurance company will not pay anything if either the same person or someone else family incurshospitalization cost.Special policies for
senior citizens
are also available.Consult a Certified Financial Plannernear you before
taking the policy because it’s important to first judge
 your requirement & then select best suitable policy.
 Also Read:
Claim settlement process
There is a myth that taking claim from insurancecompanies is to difficult. Yes, it is, if you are not aware of methodology and at times, many people file claim forsomething which they are not covered for or notinforming insurer at the time of hospitalization(in caseof cashless claims). The system is such that most of theinsurance company has a TPA (Third Party  Administrator), TPA is an outsourcing agency of Insurance companies that services claims. Once the

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->