Guide to Buying the Best Mediclaim Policy
In the present times, getting medical treatment has become extremely expensive. Purchasing a mediclaim policy is the best way to protect yourself and your family from unforeseen medical expenses. The insurance market features numerous types of mediclaim policies which often leaves an individual confused. Since the health of your loved ones it at stake, you must choose a mediclaim policy very carefully. A good health insurance will help you focus on your recovery rather than worrying about the hospital bills. Here are some important points that will help you buy the best mediclaim policy.
Claim settlement ratio
Before you purchase a mediclaim policy from an insurance company, you must enquire about the claim settlement ratio of the company. The claim settlement ratio of the company denotes the number of claims settled against the number of claims rejected. It is better to purchase a mediclaim policy from a company with a high claim settlement ratio.
Check if the insurance company covers the good hospitals near your locality. If the hospitals near you do not come under the insurance network, the policy will be of little use. During times of medical emergencies, you would most likely end up in a hospital near you than one located several miles away.
No Claim bonus
Ensure that your mediclaim policy offers no claim bonus each year. A no claim bonus is a reward given by the insurance company for not putting any claims during the policy period. The no claim bonus is given out in the form of a discount on the insurance renewal premium. The no claim bonus keeps increasing with each claim free year and can go up to 50% in the fifth and sixth year.
Certain mediclaim policies do not allow renewals after a certain age such as 65 or 70. Opt for a mediclaim policy that offers lifetime renewal without any age limits. Therefore, you will be covered against medical expenses when you need it the most. This feature is also important when you buy health insurance for elderly parents.