Questions Answered About Mediclaim Renewal

A Mediclaim health insurance plan is a type of plan where the person who is insured gets free hospitalization cover in a network of hospitals that are present all around the country. A health insurance cover is a necessity for each and every individual’s in today’s day and age as it provides financial security for all individuals at the time of a medical emergency.

In India, there are several health insurance plans that are offered by a number of insurance companies. Each insurance that is present in the market is different from one another in the amount of services that they give to the customer. The inclusions, exclusions and even the premium for each insurance varies. Due to the expire date on everything it is important to follow an insurance Mediclaim renewal on a regular basis.

How to Choose the Best Mediclaim Insurance

There are a number of Mediclaim insurance plans that are present in the market. For choosing the best insurance plan that suits the needs of an individual it is important to compare all the plans and choose the best one. There are also differences between a Mediclaim plan and a health insurance plan. Some of the may differences of these two plans include:

Compared to a health insurance plan that gives an individual only a percentage of the total premium that they are paying for the plan, a Mediclaim insurance plan reimburses the complete amount for medical expenses.

A health insurance policy does not always cover all the diseases that a person may experience throughout their lives. Only critical diseases such as kidney diseases, paralysis, heart attack is covered under the health insurance plan. A Mediclaim plan covers all diseases and illnesses that a person may have.

In a health insurance plan, critical illnesses are not covered under the plan right away. They may be covered after a waiting period of a few years. In a Mediclaim plan all critical illnesses are covered right away with no waiting period.

What to Keep in Mind before Buying a Mediclaim Plan

If you are someone who is considering to buy a Mediclaim insurance plan, then there are a couple of points that need to be kept in mind before the insurance policy is actually bought. Mediclaim plans offer several features that are different to normal insurance plans. Some of the things to keep in mind in choosing the best Mediclaim insurance plan are:

1. A Mediclaim plan can be of two types. Either it can be an individual plan that is meant to cover the medical expenses of only one individual or it can be a family floater plan. A family floater plan covers the medical expenses of the entire family altogether under the same plan. The family floater policy is a shared policy that can be renewed by any member of the policy whether or not he/she is an adult of not. The insurance coverage for the family will not be affected by the age of the members of the family.
2. National Mediclaim insurance plan is ideally a plan that covers the medical expenses of a person for only one year. However, the plan can be extended to last throughout the lifetime of a person since it is difficult to find medical insurance plans at a certain age.
3. A Mediclaim insurance plan is meant to cover all diseases that a person has whether it is a pre-existing disease or it is a disease that may be discovered in the future. The Mediclaim plan that covers all diseases as soon as the plan is bought by the person insured is the ideal plan to buy as there is not waiting period for pre-existing diseases.

Renewability for Mediclaim Policy

All policies that are existing in the market today and which are bought by a person all come with an expiry date. Mediclaim policies are also policies that have an expiry date to them and are only active for a certain period of time. However, the lifelong renewability of this policy is possible from many insurance companies, it depends on the relation and the terms that the policyholder has with the company.

The insurance for Mediclaim renewability depends on the time and the frequency with which a person pays the premium for the Mediclaim plan. With the introduction of the internet and the fact that nearly everything and anything can be done on an online basis, Mediclaim plans can also be renewed online.

For making sure that the Mediclaim plan can last throughout the lifetime of a person the plan needs to be renewed well before the expiry date of the plan. This ensures that the plan continues for another short period of time. With time Mediclaim insurance plans can also be matured and may include for features. All these factors need to be kept in mind, for buying and maintaining a Mediclaim insurance plan.