Medical Insurance Plan: Buy Online Medical Insurance Plan

What is Medical Insurance Policy

Medical policies are insurance policies in which the insurer reimburses the policyholder for medical costs incurred during the policy period. A cashless facility is available in the insurer's network hospitals if the insured submits the relevant bills to get reimbursed. The difference between health insurance and medical is often misunderstood by most people. Despite the fact that both provide financial protection during emergencies, medical is not just another term for health insurance. Medical is a type of health insurance policy in which the insurer reimburses policyholders for medical expenses incurred in treating their medical conditions. Medical insurance companies can pay your bills if you have a policy. You may also opt for cashless treatment, where insurance companies and hospital administrators are responsible for settling medical bills.

Why Choose Medical Insurance Policy?

Medical policies or health plans have become essential due to the skyrocketing medical inflation rates. Health insurance policies such as medical cover illnesses and hospitalizations up to a certain amount. The benefits of these policies expire after a specific period of time, after which the policyholder must renew it in order to continue receiving them. Medical plans provide coverage and benefits in the same way as other insurance plans by periodically charging a premium. To continue enjoying the coverage offered under these insurance plans, you must renew them every year during the predetermined policy tenure.

Benefits of A Medical Policy

Medical policies offer the following notable benefits:

Cost-effective: It is a cost-effective solution to rising healthcare costs.
Medical emergencies: Make sure you are protected by a medical policy in case of an accident or other medical emergency.
Cashless claims: During hospitalization, it provides cashless claims, so the policyholder does not have to pay anything from his/her pocket. Direct payment is made to the hospital by the insurer.
Tax benefits: The Revenue Act of India, 1961 section 80D allows policyholders to claim tax benefits when they purchase medical policies.

Features of a Medical Policy

1. Economical and cost-effective - The scope of medical insurance is usually limited to medical expenses, making it more affordable than general health insurance.
2. Options to choose from - If you're thinking of buying Medicare insurance, you have many options to choose from.
3. Having financial security - If you purchase medical insurance, you will have financial protection against medical expenses. The hospital will pay for your medical expenses without depleting your savings or causing you to incur debt.
4. Renewal Option - Medical plans can be renewed as long as you like after they have been purchased. You can read the policy documents thoroughly to confirm whether your insurer has an age limit for insurance renewals.
5. Benefits of taxation - Section 80D of the Income Tax Act, 1961 allows you to deduct up to Rs. 25,000 or Rs.50, 000 (for senior citizens) on medical premiums.

Types of Medical Policies Available in India

In India, consumers can choose from the following types of medical policies:

Individual medical: An individual medical policy covers medical expenses only for the policyholder.
Family floater: A family floater medical plan covers all members of the family against medical liabilities by paying a master premium.
Group medical: Employers and persons in charge of groups purchase group medical policies for the employees/members. The employer usually adds it to the employee's compensation.
Senior citizen medical: These policies are specially designed for seniors and may have special provisions or testing requirements.
Critical illness medical: Medical insurance policies that cover critical illness treatments, such as cancer, kidney failure, and multiple sclerosis.
Overseas medical: Medical expenses incurred outside India can be claimed under an overseas medical policy.
Low-cost medical Policies: These policies are designed for the underprivileged section of society. Employers usually purchase such policies to insure their employees at low premiums in small and medium-sized businesses.

Inclusions Under Medical Policy

Medical inclusions may vary depending on the type of policy and the insurance provider. The following are the general inclusions of a medical policy:

In-Patient Hospitalization - This insurance covers expenses incurred when an insured person is hospitalized for 24 hours or longer.
In addition to hospitalization, the medical policy covers treatment in a daycare facility.
Coverage for medical expenses incurred before and after hospitalization - The insurance covers medical expenses incurred before and after hospitalization.
Hospitalization conducted at home is referred to as domiciliary treatment when there are not enough hospital beds available in the area or if the insured is unable to be transferred to a hospital.
One to four claim-free policy years should be enough for most health insurance policies to cover preventative health screenings.
The insured person receives a bonus in the next policy year for each year without claiming on the policy.

Exclusions Under Medical Policies

A medical policy may not cover some medical expenses that are general in nature. The patient and his or her family are responsible for these expenses. Here are a few examples:

1. Conditions that preexist - Pre-existing conditions will not be covered by a medical policy until their waiting periods have expired.
2. Procedures for cosmetic improvement - Medical will not cover cosmetic procedures performed for reasons other than medical.
3. Procedures performed by dentists - The insurance provider does not cover dental treatments either
4. Pregnancy and abortion - Medical expenses related to abortion are not covered by medical policies. When buying insurance, existing pregnancies are considered preexisting conditions and aren't covered.
5. Attempting suicide - Suicide attempts or injuries caused by self-infliction are not covered by the insurance plan.
6. Diseases transmitted sexually - In this policy, treatment expenses incurred for sexually transmitted diseases are not covered.
7. The vaccination process - There will be no coverage for vaccination costs under medical insurance.
8. Claim Process for Medical Policies - In medical policies, policyholders are given the option of making cashless claims and receiving reimbursements. In cashless facilities, the insured can go to any hospital in the insurance provider's network without having to pay anything out of pocket. Should the policyholder choose a hospital that is not in the insurer's network, the insurer will reimburse the policyholder's expenses upon filing a claim.

The Following Is The Process For Filing a Claim:

Reimbursement Claims - The insurer or the TPA must be informed as soon as the policyholder is hospitalized if reimbursement claims are to be submitted. Keeping track of hospital expenses and all bills during hospitalization is important. You must attach the bills and fill in the details correctly when filling in the claim form. The reimbursement process can be delayed even by a minute error.
Cashless Claims - For planned cashless hospitalization, the policyholder is expected to sign a 'pre-authorization form' in advance. The insured can show their Medi-Assist ID card at the network hospital in case of emergency treatment, after which the policyholder is given four hours to fill out the pre-authorization form.

Things To Remember When Buying a Medical Policy

Considering healthcare costs are rising constantly, purchasing a medical policy makes sense. Consumers should, however, invest in a policy suited to their needs. Buying a medical policy requires consideration of the following factors:

Coverage - To ensure good coverage, it is crucial to choose an adequate sum insured. The higher the sum insured, the higher the premium, but assessing one's needs and selecting the right coverage can go a long way in protecting oneself from medical costs.
Co-payment - The insured is required to pay a percentage of the claim amount under a co-payment clause. It is usually much cheaper to purchase a policy with a co-pay feature.
Sub-limits - When purchasing a policy, it's important to pay close attention to the sub-limits, as some insurers have specific limits on certain illnesses.
Waiting limit - There is a waiting period during which claims cannot be made except for those resulting from accidents that have resulted in hospitalization. There is also a waiting period for pre-existing illnesses and other diseases. A consumer can make a better decision by checking the exclusions during the waiting period.
Network hospitals - Cashless facilities are only available at the insurance provider's network hospitals. As a result, policyholders have access to a wide range of hospitals across different geographical regions.
Add-on - There are generally no add-on riders available with medical policies. It is possible to significantly enhance the policy by investing in add-ons if the insurer provides them. Buying unnecessary add-ons will, however, only increase the insurance premium amount without benefiting the policyholder.
Exclusions - A policy's exclusions should be understood as ignorance could result in confusion when filing a claim.
Free look period - If the policyholder is not satisfied with the plan, he/she can return it and receive a refund during the free look period. There is ample time for the insured to review the details of the policy during this period. It is important for consumers to use this time wisely in order to avoid bad deals.

Documents Required While Buying a Medical Policy

When purchasing a medical insurance policy, you may need the following documents:

The medical insurance form must be filled out accurately
Identification (such as Aadhaar, PAN, etc.)
Identity proof (passport, driving license, etc.)
Address proof (such as a driving license or Aadhaar card).
Photographs that are passport-size
Reports of medical tests (depending on the insurer, this may or may not be required)

FAQ

What are the major factors that affect the premium for medical policy?

Auto insurance premiums are influenced by a number of factors, including the type of car you drive, your driving habits, and how much coverage, limits, and deductibles are selected.

Will I be eligible for tax benefits if I buy a medical policy?

You can claim a tax deduction of Rs. 25,000 on your medical premium for purchasing an individual health plan for yourself if you are under 60 years of age.

What is the age limit to buy a medical policy?

Age 65 and older.

Does medical cover accidents?

Yes. Accidental injuries are covered by all Indian health insurance plans.

How can I port my medical policy?

Request a change of insurance with your old company. Please specify the company to which you would like to transfer the policy. If porting is in progress, there is a grace period of 30 days for renewing your policy.

Can I buy more than one medical policy?

Yes you can buy more than one policy.

What is the maximum number of claims that I can file in one year?

There is no limit to it.

Can I pay the premium of my medical policy in instalments?

By paying in monthly or quarterly instalments, you can now obtain health insurance policies for any of the above illnesses, including Coronavirus.

Which medical policy covers pregnancy in India?

Pregnancy is covered by medical insurance policies in India. Maternity coverage is provided by many group insurance companies.

Why choose a medical policy?

Select a medical insurance policy that provides comprehensive coverage for medical problems including pre and post hospitalizations, daycare expenses, transportation, illnesses you are more likely to contract based on your family's medical history, etc.

What is group medical policy?

Employer-employees and non-employee groups can both benefit from this group indemnity medical insurance product.

What is floater medical policy?

Under a family floater medical plan, all members of the family are covered under a single policy.

How does a medical policy work?

Medical expenses incurred to treat a medical condition are reimbursed by medical policies, a type of health insurance policy.

What is an overseas medical policy?

Travel emergencies abroad are covered by overseas medical Policy, a package policy.

When can you file a claim after buying a policy?

After 30 to 90 days.

How much do I need to spend in order to avail a medical policy?

Minimum of rupees 5 lakhs.

Should I go for a health insurance policy or medical policy?

Go for health insurance if you want better coverage than a medical.

What is the national medical policy?

Individual health insurance policies that cover in-patient treatment expenses that require at least 24 hours of hospitalization are known as National medical Policies.