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Best Mediclaim Policy for Family: Save on Healthcare Costs

Posted On : 22 March 2023, 1 Years Ago. Health-Insurance

As the name suggests, family health insurance plans are exclusively designed for families. These plans include coverage for your spouse, children, parents, and grandparents under a single plan. Apart from yourself, family health insurance plans allow you to cover a legally wedded spouse, dependent children, parents, parents-in-law, and so on on a floater sum insured basis. Simply put, a family floater health insurance coverage allows you to collect up to the total insured amount in the event of an emergency.

 

What is a Mediclaim Policy?

A Mediclaim policy is a unique type of health insurance that reimburses policyholders for medical expenses incurred while being treated for a health condition. If you own medical insurance, you can submit your bills to the insurance company and get reimbursed. You can also choose cashless treatment, which makes the insurance company and hospital administration liable for settling medical expenditures.

 

Types of Mediclaim Policy

Many people believe that there is just one sort of Mediclaim policy, although there are multiple variations. The most common Mediclaim insurance offered to policy buyers includes: 

 

  • Individual Mediclaim: An individual Mediclaim plan covers the policyholder's hospitalisation expenditures. It solely provides coverage to the insured, as the name implies. Individual Mediclaim is best suited for people who live alone or have no dependents.
  • Mediclaim for Family Floaters: A Mediclaim policy for family is identical to an individual policy. However, in addition to the policyholder, family plans cover the policyholder's spouse, children, and parents. It is a wonderful choice for anyone looking to protect their immediate family with a single premium.
  • Senior Citizen Mediclaim Plans: A senior citizen Mediclaim plan is intended to meet the medical needs of those over 60. It pays for age-related disorders and illnesses not covered by standard Mediclaim coverage. You can purchase a senior citizen plan for your parents, in-laws, or anyone older than 60.
  • Mediclaim for Critical Illness: It is common knowledge that treatments for chronic illnesses such as cancer, cardiovascular disease, and kidney failure can be costly, so investing in critical illness Mediclaim is a wise decision. These policies cover medical expenses such as hospitalisation and treatments for serious illnesses.

 

Benefits of Mediclaim Policy

The best mediclaim policy for the family from Niva Bupa helps in providing benefits that manage not only medical bills but also offer the ease of claiming and renewal of the policy with no hassle. 

 

  • It provides the convenience of cashless hospitalisation.
  • It allows you to select yourself or the complete family.
  • It protects you from financial hardship.
  • It removes paid expenses from your pocket.
  • It allows easy purchase and access to health insurance.
  • It provides tax breaks and provides affordable healthcare treatments.

 

Factors to Consider Before Buying a Mediclaim Policy

While you may believe that your professional savings are sufficient to cover your medical demands, the corpus may run out sooner than you think. Health insurance for your family is essential for protecting your life savings. The best mediclaim policy for family will assist you in meeting your healthcare needs even as medical costs rise.

 

You should consider the following factors while making mediclaim purchase decisions: 

 

  • Sum Insured (Coverage): When selecting the best mediclaim for family, you must choose an appropriate sum insured or coverage amount. You may pay a more significant premium for a higher sum assured, but you must select a policy that meets your needs.
  • Individual or Family Floater: Before finalising mediclaim for family, you must determine if it is for an individual or your entire family. In a family floater type mediclaim policy, however, the entire sum insured is held jointly by the members of your family who are policy beneficiaries.
  • Waiting Period: Insurance companies impose a waiting period before allowing you to file a claim for medical expenses. In addition, there is a waiting period for pre-existing ailments or illnesses with insurance companies. Check for these exclusions before purchasing a mediclaim policy.
  • Co-Payment: Under this agreement, you, as the policyholder, are obligated to pay a certain amount of the claims while the insurer pays the balance.
  • Network Hospitals: Choose an insurance carrier with an extensive network of hospitals because the cashless facility is only offered at the hospitals associated with the insurance company. This will assist you in deciding on various possibilities.

 

Anyone who wants to protect themselves and their family members against health difficulties should consider purchasing a Mediclaim policy for family. Regardless of your marital status or life stage, protecting yourself from escalating medical expenditures is necessary. As a result, having a solid financial support structure in place for such charges can be highly beneficial. You can find several platforms online that can help you find the best mediclaim policy for family.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN