Mediclaim policy: All you need to know

Mediclaim policy is a type of policy that offers hospitalization benefits, if the policyholder gets admitted to a hospital for the treatment of injuries caused due to an accident or due to any serious medical illness. It takes care of the expenses following hospitalization in case of an accident, illness or any surgery. Here’s everything you need to know about mediclaim policy online

How does mediclaim policy works?

There are basically two types of claims under mediclaim policies, namely reimbursement and cashless. The basic features of these two types of policies are as follows:

  1. A cashless policy is a type of policy that enables patient’s treatment without having to pay any amount to the hospital. In this case, the patient is admitted in an insurer’s hospital and the insurer then pays a particular amount or entire amount of the patient’s treatment at the hospital. To avail the benefits of cashless policy, the policyholder is supposed to fill a pre-authorization form with all relevant details and then submit it to the insurer or third-party administrator.
  2. Reimbursement: In this type of policy, the policyholder initially has to pay all treatment and hospitalization expenses to the hospital from his own pocket and thereafter, make claim for the reimbursement of expenses from the insurer. In order to claim, the insured has to submit all the payment receipts of the medicines purchased from the hospital along with the hospital bills.

Types of mediclaim policies?

Mediclaim policy can either be bought for an individual separately or for the entire group as a family. Take a look –

  1. Individual Mediclaim: An individual mediclaim policy insures you against the financial liabilities of the hospitalization.
  2. Family-Floater: This policy provides additional coverage to your entire family and makes you tension free from hefty medical bills and related expenses.

Who provides mediclaim policies?

Mediclaim policy is offered by all the general insurance companies. Also, there are several life insurance companies that offer similar products, but it is advisable to take the policy from a specialist.

Benefits of buying a mediclaim policy:

  1. It reduces the financial burden on a person and its family in the event of serious illness or an accident that leads to hospitalization.
  2. You can get tax benefits with mediclaim policy. As one can avail tax deductions on premiums that are paid towards a mediclaim policy for self, spouse or children under the section 80D of the Income Tax Act, for a maximum of 15,000.
  3. It also ensures that you do not face out-of-pocket expense.

Besides, if you are looking to buy mediclaim policy online, opt for ICICI Lombard and avail cashless mediclaim facilities at around 4500+ hospitals across India.