A Cashless Mediclaim policy is an excellent way to keep your family prepared for medical emergencies. But for someone who is planning to buy one such policy for the first time, the selection is often confusing. Use the tips mentioned in this post to make the right decision.
The skyrocketing healthcare and treatment expenses can undoubtedly ruin your financial stability which you’ve achieved after years of hard work. Be it planned hospitalisation or a medical emergency like an accident, a cashless mediclaim policy is a great way to protect yourself and your family at least financially during such challenging phases of life.
But with so many insurance providers offering such policies, people often find it difficult to select the best policy as per their requirements. If you are struggling with the same, these five tips can help you pick the best-
Research and Compare
People who are new to cashless Mediclaim policies, every other policy might look similar at first. But look deeper, and you’ll see that there are various small but important differences.
For instance, one policy might cover medical consultation fees and ambulance charges, but others might not. Try to understand your needs and match them with the benefits, a policy offers to make the right decision.
Focus on your Present as well as Future Needs
Most buyers only think about their current medical needs while searching for a Mediclaim policy. But apart from the present, you also need to think about the future.
For instance, you might be newly married and plan to have a baby soon, or you might have ageing parents in your family. So, it is better to look for a policy that covers maternity expenses or one that includes senior citizens.
Select the Sum Assured Wisely
The sum assured is the maximum amount that the insurance provider would reimburse in a year. The premium that you pay for the policy every year depends on the sum assured.
As you want to cover multiple family members in one policy and the medical expenses are consistently rising, it is essential to select the sum insured wisely. Try to go as high as possible but also ensure that you can easily afford the premium every year accordingly.
Check the Network Hospitals
When it comes to cashless Mediclaim policies, you need to get the treatment at one of the network hospitals of the insurance provider. While most insurance providers now have several hospitals in their network, you should check whether one such hospital is close to your home.
Apart from the distance from home, make sure that other hospitals are well spread out. If you or someone in your family is involved in an accident, the nearest hospital is generally the preferred choice, and a well spread out network can be very helpful.
Read the Policy Documents Before Buying
Once you select a cashless Mediclaim policy for family, ensure that you read the policy documents carefully before buying. The documents have several clauses related to the premium, claims, policy renewal, pre-existing diseases, maternity clauses, and more.
Knowing these clauses will help you to make a confident buying decision. Get in touch with the insurance provider in case of any queries regardless how small it is.
A medical emergency can arise anywhere and anytime. There is no way to avoid it, but you can at least prepare yourself for it with the help of a Mediclaim policy. The policy will handle the financial matters at the time of emergency and can give you the confidence to navigate through it. Use the points discussed above to make the right decision.