What is Mediclaim?

The Basics of Mediclaim Insurance

Common people often get confused between mediclaim and health insurance. They do share a few features but vary in terms of coverage and other factors. Let’s clear up this confusion for you.

Mediclaim is a financial tool that covers your medical expenses like health insurance. It is a safety net that protects your savings from being drained due to medical emergencies. You own a mediclaim policy, pay the premiums on time, and get the medical expenses reimbursed after verification by the service provider. It is the same with health insurance. The only difference is that mediclaim policies do not have add-ons to increase the coverage features.

Here is how a mediclaim policy works.

As mentioned, mediclaim offers a financial backup for medical expenses. It also has a coverage limit set annually. Once you cross the coverage cap, you will have to pay the rest of your medical bills with cash. This coverage limit resets every year.

A mediclaim policy has premiums like other health insurance plans. Learn how to find my health insurance premium online. Top health insurance companies provide an online calculator to get a glimpse of a premium before you buy a plan. After getting an idea, you can afford a mediclaim plan.

Every year, pay the premium on time and renew your mediclaim coverage. After the waiting period, you can claim medical expenses. Hospitals also allow cashless treatment as per the mediclaim plans.

You will find the most popular mediclaim policies.

Individual mediclaim plans: As the name suggests, these plans cover only an insured person or policyholder.
Family mediclaim plans: Family floater plans cover the insured family members. You pay a single premium to cover more than one family member.

So, what does a mediclaim policy cover? Here is the list.

In-patient hospitalisation costs: A mediclaim policy will cover the medical expenses of an insured individual admitted to a hospital. The only factor is that the patient should be hospitalised for more than 24 hours.
Daycare: Some policies cover treatments that don’t require hospitalisation. All these terms are mentioned in the Clauses section of a mediclaim policy document.
Pre and post-hospitalisation expenses: Many policies also cover the pre and post-hospitalisation costs.
Domiciliary treatment costs and annual health checkups: Some plans cover the treatment a patient is receiving at home. Annual health checkups are also insured.
No-claim bonus: Policyholders are often rewarded with a no-claim bonus when they don't seek medical coverage for a specified period. This bonus increases the coverage amount without increasing the premium amount.

Know how to reduce health insurance premiums by affording mediclaim at an early age. Opt for a family floater plan to do the same.
Mediclaim offers tax benefits like health insurance policies. Under Section 80D, you can claim a sum of up to Rs. 25,000 from taxes every year. Senior citizens can claim up to Rs. 50,000 while filing income tax returns by using the details of mediclaim. Get your mediclaim plan today!