Know How Medical Insurance Plans Help Protect Your Savings in the Long Run

Medical insurance plans are a necessary investment in today’s lives to alleviate the effect of unexpected events like sudden sickness or accident getting in our way of lives. One needs to shell out a trivial amount each month to cover against paying a lump sum on hospitalization charges that may eat into your hard-earned savings.

American singer-song writer John Mayer once said, “Bad news never had good timing”, which explains the fragility of life and the possibility of risk at each step. In addition to regular savings and investments one makes, including a medical insurance plan(s) in one’s investment portfolio is one of the safest ways to manage risk. Insurance does not lower the incidence of risk to life, though it does alleviate the impact of damaging consequences.

medical insurance policy

Most people consider buying a mediclaim policy as an unnecessary and added expenditure. This is because the amount of money one has to spend on paying premiums of insurance policies may be a bit unnerving. However, this can be tackled by deciding the most important facets of our lives that need to be insured. Health is one such aspect that must never be ignored, and investing in a mediclaim policy to cover hospitalization expenses is a safe way to cut down unforeseen risk, thereby, mitigating the effect of unsettling circumstances.

While looking for the best medical policy in India available in the market, most people tend to seek details about existing medical insurance plans and their utility. The best medical insurance is the one that provides coverage against health care expenses in case of any medical emergencies stemming from sudden illness or accident at the lowest possible cost. The amount of coverage is, however, subject to the sum assured in the policy. Having a mediclaim policy helps cut down the expenses that one would have to spend on paying mega hospital bills.

“Which is the best mediclaim policy in India?” is a question that prospective customers frequently ask. When it comes to choosing insurance, one size does not fit all. This means that you need to evaluate the extent of coverage you are looking for based on the probability of your family members getting hospitalized for illnesses and other emergency circumstances.

The amount of premium you can pay from your income is also a deciding factor for the medical insurance plan(s) you wish to buy. Medical insurance plans may be grouped under the following heads:

  1. Individual mediclaim
  2. Family floater mediclaim policy
  3. Group mediclaim policy
  4. Senior citizen mediclaim policy
  5. Critical illness mediclaim policy
  6. Overseas mediclaim policy
  7. Low-cost mediclaim policy
  8. The best mediclaim policy offers the following kinds of cover:
  9. Hospitalization bills or charges
  10. Daycare treatment
  11. Expenses, both pre and post-hospitalization
  12. Expenses pertaining to hospital accommodation
  13. Fees paid to medical professionals
  14. Charges on various tests conducted

Not all medical policies are the same in terms of their inclusions and exclusions. Even some of the best medical insurance policies do not cover expenses on treatment of:

Any pre-existing disorder or injury sustained or any adverse medical condition that the policyholder may have had before taking the policy;

All those medical conditions or diseases that arise within a month of the date of the policy coming into force, unless otherwise stated in the policy document;

  • Injuries sustained during the war, attack by another country or warlike operations;
  • Any plastic surgery or cosmetic surgery that has been carried out for aesthetic purposes;
  • Amount spent on spectacles, hearing aids, contact lenses, etc.;
  • Treatment of addiction to alcohol or drugs;
  • Treatment of Sexually transmitted diseases (STDs).

Keeping in mind rising hospitalization charges and the prevalence of lifestyle diseases, it is important that one invests in the best possible medical insurance cover to avert paying huge amounts from one’s pocket.

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