Mediclaim Insurance Policy - India 2012

What is a Mediclaim Insurance Policy - India 2012

(How to save tax on payment of mediclaim premium)

What is Mediclaim insurance policy ?

The mediclaim insurance policies are those policies which covers hospitalisation expenses for the treatment of illness / injury as per the terms and conditions of the policy.    These policies may also cover pre-hospitalisation expenses for few days prior to hospitalisation and post hospitalisation expenses for the specified days as per policy terms.   Some other expenses that are also covered by some of the insurers are :-

(a) Day-care treatment - The Medical expense towards specific technologically advanced day-care treatments / surgeries where even 24 hour hospitalisation is not required.

(b) Ambulance Charges for shifting the insured from residence to hospital.

(c) Ayurvedic / Homeopathic and Unani system of medicine  charges 

(d) Pre-existing diseases after a specified period of the policy or on payment of additional premium
 

What is Premium Payable on mediclaim policies ?

Different insurers charge different premiums, but these are always based on certain criteria, viz age of the proposer and geographical area of the treatment.   However, insurers give discount in premium for family cover, and loyalty discounts, and no claim discounts etc.

How are the claims paid under mediclaim policy ?

Now a days, claims are usually administered through Third Party Administrators (TPA) whose contact details appear on the mediclaim  policy.    Insured are  given the option  for  either cashless hospitalisation  or reimbursement facility for their claims.