In the case of a medical emergency, Mediclaim policy acts as an umbrella offering you financial cover for you and your family. As inflation has affected the healthcare industry, much like any other industry, the costs of medical services are soaring, making it unaffordable. However, before you buy any Mediclaim policy, you must be confident that you can make the most of your chosen plan.
There are many scenarios where the application for medical claims may get denied. Therefore, you must read this blog to know how you can prevent claim denials for your Mediclaim policies. But, before we talk about the grounds for denial of the claims, let us first understand what Mediclaim policies are? And how to determine medical insurance premium for yourself?
A Mediclaim policy is an insurance cover that protects you and your loved ones against the rising hospitalization and medical costs while also offers financial security and peace of mind during medical emergencies. For hospitalization due to sickness or an accident, it provides financial backing. Now, how to determine a suitable mediclaim premium for yourself?
One can easily avail of the many benefits that Mediclaim policies bring by paying a monthly, quarterly, half-yearly, or yearly fee. Usually, the higher the sum insured, the higher the premium would be. Depending on your affordability, personal preference, and suitability, you will be able to select a specific sum insured. There are different types of Mediclaim policies for individuals, groups, senior citizens, overseas travel, critical illness, available at different premiums.
Features and Benefits of Mediclaim Policies
So, how do Mediclaim policies benefit you? To help you understand, here are some common features of Mediclaim policies that you must know about:
Tips On How To Avoid The Mediclaim Policy Rejections
While it is advised that you do your research, a few expert tips can make it easy for you to understand one of the most critical aspects of Mediclaim policies – Claim requests and rejections.
The bottom line is that Mediclaim policies a form of health insurance where you can either be reimbursed for hospitalization expenses or use the cashless option to cover your hospitalization costs. Additionally, under Section 80D of the Income Tax Act 1961, the premium you pay is eligible for tax exemption, making it a successful investment. There are various renowned insurance companies like TATA AIG, providing you several options of Mediclaim policies to choose from. Remember that during any medical emergency, such Mediclaim policies act as a boon for you and your family, ensuring security in a time of crisis.
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