Wondering what in the world Wealth Insurance means? Never heard of it, have you? It sure does exist, just that it’s called – Health Insurance! Yes, it probably would find more takers had it been named as the former.
Why you ask? Well simply because they really do help you save up on your precious earnings during trying financial times. See, the whole point of availing health insurance doesn’t have so much to do with your health as it has with safeguarding your savings.
Now, what exactly does all this mean? What are your options? How much do you stand to gain or lose?
As you read through, your patience will be rewarded and any sniff of a doubt removed. A mediclaim policy or health insurance is availed either for an individual or for the entire family. Here’s how the basic plan of a mediclaim flows:
1) You can choose either a short term or a long term policy. Likewise the benefits are short lived, and long lived correspondingly.
2) Once you choose a particular insurance plan, always stick to it.
3) Pay all your premiums regularly.
4) If there is a claim to be made, ensure you have all the necessary documents and proof in order.
5) Always, always read the fine print, no matter how tiresome it might seem. This would be of great help to you, especially when the chances of confusion are high and often.
Two of the most important aspects to remember before you apply for the best mediclaim policy available to you, are:
- It is always a safer bet to get a proper health check-up done before you go ahead.
- Never ever hide your medical history – this could not only lead to legal action against you when you stake your claim, but it could also result in your policy being cancelled.
You have several options when it comes to choosing a suitable insurance scheme. In fact, there are far too many and that is exactly why you must make an informed choice and not a forced one. There are three broad categories of mediclaim available:
– Traditional mediclaim
– Critical Illness Rider
– Cashless mediclaim
1) A traditional policy is the most commonly chosen option. Here, all you have to do is choose a plan and keep up with paying all those premiums. Remember that, this plan is more comprehensive in terms of cover as compared to the other two. Following are some of the features:
- When a claim is made, you can only get your bills reimbursed. i.e. The policy or the insurance company will not directly pay your hospital
- Legitimate bills must be produced in order to be eligible for reimbursement
- It is an annual contract, to be renewed every year
- Tax deduction as applicable under Section 80D
2) A Critical Illness Rider is a scheme where the compensation provided is based on a report which proves that an individual has been diagnosed with a particular critical illness which has in turn put him or her out of their capacity to earn (physically deprived). A critical illness rider is usually a cover for the loss of income more than anything else. It is availed for a period of 10 to 20 years depending on the age of the policyholder as well as dependents. Also, there is tax rebate according to Section 88. There are also several other types of riders available which can be used to customize your insurance on the whole.
3) The final type under consideration would be the Cashless mediclaim policy. By availing cashless mediclaim, you needn’t worry about reimbursements and such. As long as you have prior and proper documentation in hand, then your insurance company will directly deal with the accounts and billing at your hospital.
Human Lives are absolutely unpredictable, which is precisely why being mentally prepared to face any kind of eventuality is the need of the hour. If and when the sole breadwinner of your family is unable to fulfil their role because of ill health, then this is when and why a mediclaim will come to be of great help. When you make use of your mediclaim, you can save up so much of your time, efforts and especially money and more importantly focus on the convalescence of your loved one. Besides, what can be more important than a happy, healthy family?
