Healthcare costs are skyrocketing, and a single hospital stay can drain years of savings. Moreover, medical emergencies are unpredictable, and families need to be financially prepared to deal with them. Fortunately, a mediclaim policy offers an affordable and comprehensive health insurance solution. This ensures that medical expenses do not become a financial burden.
In this blog, we will discuss the numerous benefits of investing in a family mediclaim policy.
What is a Family Mediclaim Policy?
Unlike individual health plans that require separate policies for each family member, a family mediclaim policy covers the entire family under a single premium. This makes it not only cost-effective but also convenient to manage. Also called the family floater mediclaim, it provides a helping hand in times of crisis.
How Does Family Mediclaim Policy Work?
Before diving into the benefits of the family medical policy, it is important to understand how it works. Simply put, it covers the treatment costs at times of medical emergencies. To avail of the benefits, you need to inform your insurance company within 24 hours of hospitalisation.
Step 1: Buy the policy according to the coverage.
Step 2: The claim amount is distributed amongst your family members.
Step 3: Avail of the benefits of the mediclaim in case of any unfortunate medical emergency.
7 Benefits of Family Mediclaim Policy You Should Know About
Investing in a family floater insurance policy is the best decision to secure your family’s future in the face of adversity.
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Hospitalisation Cost Covered
Protect yourself and your family from sudden and expensive hospitalisation costs with a family mediclaim policy. This includes room rent, nursing charges, diagnostic tests, surgeon fees, medications and any other charges incurred during hospitalisation.
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Cashless Mediclaim Policy for Family
Are you worried about the sum required for hospitalisation? With mediclaim, you can avail of cashless hospitalisation across network hospitals. Simply inform your insurance provider within 24 hours of hospitalisation and submit the required documents. Upon approval, the mediclaim company will pay the hospital directly.
Moreover, reimbursement settlements help you when you are not admitted in a network hospital. In this, you pay the hospital bill from your pocket, which then the insurance company reimburses.
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Multiple Claims
The family mediclaim policy allows for multiple claims within one year until the policy limit is exhausted. This feature considers the unpredictable nature of emergencies and keeps you ready. Discard the stress and live comfortably with mediclaim.
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Financial Security
Life, just like medical emergencies, is prone to uncertainties. Anything ranging from debt to monetary loss can hamper your financial security. In such a situation, the added stress of medical bills is not feasible. Therefore, be financially prepared by investing in a family mediclaim plan.
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Tax Returns
Mediclaim, under section 80D of the Income Tax Act of 1961, provides exciting tax benefits. When you buy a mediclaim policy, you can avail yourself of tax deductions of up to Rs. 25,000. Moreover, if you are a senior citizen, the amount doubles up to Rs. 50,000. This benefit is available on the income tax amount for payment of insurance premiums.
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Cost-Effective
Unlike other health insurance, the family mediclaim policy is comparatively cheaper. The monthly premium for a family mediclaim policy ranges from Rs. 1,500 to Rs. 5,000. This creates a stark difference between mediclaim and health insurance, as the latter is costlier. Therefore, it is affordable and does not break your pocket.
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Quality Healthcare
Apart from the financial and tax benefits, a mediclaim policy provides you with access to quality healthcare services. Not only does this ensure the best care for you and your family, but it also ensures that you do not need to visit the hospital often.
What Exactly is Covered in Family Mediclaim Policies?
Are you confused about the inclusions and exclusions of the family mediclaim policy? Questions such as ‘Does it cover medicine bills? Or ‘What happens if I want to avail mediclaim on cosmetic treatments?’ often leads to confusion and stress.
Family Mediclaim Inclusions:
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Hospitalisation Cost: This includes room rent, ambulance charges, nursing charges, ICU fees, and doctor consultations. And the best part is that it is applicable to all illnesses and injuries.
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Road Accidents: Traffic accidents are unpredictable and severe. If any member of your family meets with the unfortunate event, mediclaim ensures they get the proper and quality treatment.
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Pre- and Post-Hospital Bills: Mediclaim acknowledges the fact that bills do not subset before or after hospitalisation. Therefore, it covers pre- and post-hospitalisation costs to ensure your safety and well-being.
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AYUSH: The term stands for Ayurvedic, Yoga, Unani, Siddha, and Homeopathy. This sets it apart from health insurance, as mediclaim often covers alternative therapies as well.
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Domiciliary Hospitalisation: Not all emergencies require hospitalisation. In such situations, mediclaim offers its service beyond hospital bills and caters to treatments taken at home.
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Organ Donor Expenses: The family medical claim policy also covers organ donation expenses when the insurer or their family members are the recipients.
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Health Check-Up: Hospitalisation is not the end of the story. Countless health check-ups succeed in hospitalisation. Mediclaim ensures these costs are also covered.
What Family Mediclaim Policy Does Not Cover?
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Self-Injuries: Family media claims do not cover self-inflicted injuries such as suicide attempts.
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Cosmetic Treatments: Plastic surgery and other treatments to enhance appearances are also not covered under mediclaim. However, otherwise, cosmetic surgeries may be covered. Check with your insurer to know the full details.
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Weight Loss Treatments: Mediclaim does not cover weight loss or obesity treatments. This includes a dietician as well as a nutritionist charge as well.
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Dental: If dental injuries occur due to accidents or similar causes, then mediclaim covers it. Otherwise, mediclaim does not cover dental bills.
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Medical Aid: Lastly, a family policy does not cover aids such as wheelchairs, walking sticks or spectacles and hearing aids.
Before buying, ensure that you check the coverage options of the policy you are buying.
Conclusion
A family mediclaim policy is a must-have in today’s unpredictable world. Medical inflation is a real problem, and mediclaim policies provide a safe and secure solution. If you have not already invested in one, now is the perfect time to choose the cheapest family floater mediclaim policy for your needs. Compare different plans, check coverage options, and secure your family’s health today.