Sep 25

Purchase A Medical Insurance Policy And Say Goodbye To Exorbitant Medical Bills

Did you know that people in India spend nearly 15% of their earnings on medical bills? And almost 90% of them are uninsured which means they dont have a health insurance to cover their medical expenses. If you are daunted by high medical experiences then act wisely and purchase a medical insurance policy as early as possible. According to the terms of mediclaim policy India, your medical expenses will be covered if you are admitted to hospital for more than 24 hours. All costs including that of surgery, medication, doctors fees, hospital stay and ambulance charges will be covered by the mediclaim policy. This also covers your post-hospitalization charges for a month or two depending on the type of insurance policy.

Who offers mediclaim policies in India?

Mediclaim policies are issued by general health insurance companies. Since there are a number of companies providing insurance policies, choosing the cheapest and best can be a bit tricky. Refer to online resources and compare the quotes of various companies before you choose the cheapest but the ideal medical insurance policy available in your area.
There are two main categories of mediclaim policies. They are:

Family floater mediclaim insurance:

In this type of insurance plan, all the members of the family get coverage under one premium settlement. This insurance is offered by a majority of insurance companies. The basic eligibility criterion for this insurance requires that the members of the family should be aged between 3 months and 55 years.

Group mediclaim insurance:

This type of insurance is slightly different from the family floater insurance. In the group mediclaim insurance, a group of individuals gets covered by one insurance policy. It is very similar to the policy offered to employees by private firms in which employees, their spouses and parents get insurance cover. The sum of the insurance cover ranges between Rs. 15,000 to Rs. 50, 000, depending upon the policy selected by the company.

An additional benefit of having a medical insurance policy is that you get tax exemption under section 80D of the Income Tax Act which may be around Rs.15, 000 provided your parents are not senior citizens. Thus, purchase a medical insurance policy for your family and be secure about the health of your family members.


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