You may currently be looking for a good mediclaim policy for your family, but are confused about what to look for. The mediclaim you buy must provide adequate coverage and the insuring company must settle your claims in a reasonable amount of time – this is the basic expectation any person will have from the mediclaim policy.
A mediclaim policy that covers the entire family is a must in today’s times. It accounts not just for your claims against illness but also looks after expenses related to accident hospitalisation. It is churlish to believe that your children need not be covered under mediclaim – there is no predicting when an emergency will strike and who it will affect.
You must be aware of the following factors before you purchase mediclaim for family:
1. Decide on buying a family floater plan.
You have the option of buying an individual mediclaim policy for each family member, or club the entire family under one family floater plan. In the former case, each member will be covered for a certain amount of money while in the latter, the coverage is extended to the whole family. However, there may be some pitfalls to this decision – if the primary insured paying member exceeds a certain age, the entire plan is closed and the rest of the family cannot avail of it. A new plan will have to be taken in this case. The same problem occurs in case the primary paying member dies. Most plans don’t allow easy renewals, so the plan has to be junked.
2. What are the renewal terms?
Opt for a mediclaim that offers the option of renewability as you age. Most mediclaim policies for family are renewed every year and do not allow the option of renewing after three or four years of purchasing the mediclaim. However, some good plans allow renewal in a bid to encourage a long term association with the company.
3. Are there any special clauses?
At the time of purchasing a mediclaim policy for family, pay attention to certain terms and conditions which will have long term implications. Most important among these is the sub-limit imposed on the policy – this means that you will only get a part of the total claim you filed, despite the sum assured being a much larger one. The sub-limit may be imposed on such things as the hospital room charges, daily doctor visit fees and other medical charges. They may also be imposed on hospitalisation and treatment for only certain diseases. Whatever your actual expenses incurred, you will receive only as much as the sub-limit allows.
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