Do you actually know your mediclaim policy?

In regard to the rise in the healthcare costs in the country, almost every individual has bought or is planning to get mediclaim policy coverage. In fact, there are a number of companies that provide their employees with the benefit of health insurance cover. However, irrespective of the fact that whether people have standalone plans or group insurance protections, most of them are ignorant of the fundamentals of health plans. This ignorance is one of the main reasons behind insurance fraud and settlement issues.

Don’t worry, going through this post would help you know about some of the most important aspects of health insurance plans, you should be informed of. Read on!

Advantages of sticking to only one insurance provider

• In case, you are suffering from a pre-existing health condition at the time of mediclaim insurance policy inception, then that disease and related complications would come under cover after 3 to 4 years of waiting period from the date of inception. Meanwhile, if you change your plan or insurance provider, you might have to start afresh and wait for long.
• If you get along with your health insurance plan for a tenure of one year or more, your insurance provider is more likely to provide you with special bonuses or discounts in respect to the premium amount.
• After completion of 2 years of your health insurance plan, you might get the facility of free medical examinations every 2nd year of the policy. Moreover, you might also get health products and services of the market price near about 10 percent of your premium (last paid).

Don’t ignore the literature and other important documents

• In most of the cases, while selling mediclaim insurance policies, companies or insurance agents provide you with information, like extent and term of coverage and premiums. However, almost none of them would ever tell you about the areas that are not covered by the policy. There lies the actual glitch. Therefore, before tipping in on any particular health plan; make sure to read out the literature, like brochures and policy documents thoroughly.
• Keep all policy related documents handy and up to date. In case, you have a pre-existing illness, then make sure to keep all the documents safe. Remember — a single misplaced prescription or other relevant document can lead to delayed or unsuccessful claim settlement.
• As far as a pre-scheduled surgery or healthcare procedure is concerned, don’t forget to inform your mediclaim policy provider beforehand and do take pre-authorization. This will eliminate the need for documentation at the time of hospitalization.

Cashless benefits

You might not get the privilege of cashless hospitalization in case of the following:

• For producing inappropriate or insufficient information regarding your treatment
• For not seeking pre-authorization (in cases like this, you have to make out of pocket expenses in the first place and then file for compensation or reimbursement)
• For undergoing treatments in a hospital, that’s not on the network of your insurance provider

These are some of the most important information you should be informed of before purchasing a mediclaim insurance policy. Hopefully, these would help you get the best possible cover.