With high pressures in daily life and lifestyle related diseases on the rise, it’s always a good idea to opt for an insurance cover that will provide security to you and your loved ones. While there is no arguing the fact that longevity has increased with the advancement in technology, at the same time, medical costs have also escalated. In this scenario, whether you are earning well or not, it makes sense to opt for a medical cover that will not burn a hole in your finances and your future.
What is a Mediclaim Policy?
This is a type of medical insurance policy that is designed to take care of your hospitalization expenses and related costs. It comes into effect only in case of hospitalization for a minimum period of 24 hours. This policy is especially useful in case of a sudden turn of events like an accident or illness.
Main features of a Mediclaim Policy
· The most obvious advantage is a tax exemption
· It covers claims only within a specified amount
· Premium is based on the sum assured
· It is very restricted as compared to a comprehensive health cover which includes a number of things in its ambit like diseases and in some cases, pre-existing medical condition / illnesses.
What is a Comprehensive Health Insurance Policy?
A health insurance cover primarily gives you protection against escalated medical and surgical needs and is a way of ensuring that you can afford proper medical care without any stress. Like any other policy, here too a policy holder pays a certain premium to the insurance company and this figure differs from one company to another. It is different from a critical illness cover which takes into account heart related diseases, cancer, organ replacement etc.
Advantages of Comprehensive Health Insurance
· Convalescence allowances
· It covers a wide range of diseases and in some cases, even pre existing medical conditions
· Ambulance and attendant services
· Tax benefits
· Hospital costs like room rent, prescription drugs, lab tests, services and devices that aid your recovery
· Other hospitalization costs
· Maternity and newborn care
· Treatment taken at home
· Can be customized as per your individual needs, though this attracts a higher premium
Clearly, as compared to a mediclaim cover, a comprehensive health insurance cover is your best bet in the current scenario. Also, if you consider facts like group insurance covers expenses within an ambit of only Rs. 2-3 lakh or a co-payment clause in group cover where you may have to co-pay the premium along with your company, unforeseen expenses, decrease in surplus money with passage of time, things can get tough. So it’s a wise choice to simply go for a health insurance cover.
While buying these polices always read the fine print and compare existing policies --premium, benefits, disadvantages, sops, terms and conditions--to see what suits your needs the best. It's always best to buy an insurance policy online as it saves time, is cost effective and is a transparent option.
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