Is Your Mediclaim Policy Enough? How to Ensure Complete Health Coverage for Every Stage of Life

The right health insurance can make all the difference in the long run. During 2022-2033, around 2.36 crore number of health insurance claims were settled. However, several people wonder if their mediclaim policy has enough coverage to meet their needs. You must be adequately covered at each stage of life, from young adulthood to old age. So, how do you make sure that your medical health insurance is comprehensive? Let’s break it down.

Why Mediclaim Policies Matter

A mediclaim policy is designed to cover medical expenses, but many individuals still find themselves financially burdened by health-related costs. In India, the rising cost of healthcare is a pressing concern. According to a report by the Insurance Regulatory and Development Authority of India (IRDAI), the average medical inflation rate in India is around 15% per year, making it critical to review your coverage regularly.

Let us understand this through an example:

Mr and Mrs Patel had bought a mediclaim policy five years ago with a sum of 5 Lakhs insured. At that time, it was sufficient enough. However, due to inflation and the rising cost of medical procedures, Mr and Mrs Patel understood that the insured money should have been 2x the sum. Mr Patel needs major surgery today, and his existing policy is insufficient to cover the entire expense.

Understanding Medical Health Insurance

Let us take the example of a middle-aged couple with a basic mediclaim policy. Unfortunately, one of the spouses was diagnosed with critical illness, which required extensive treatment, surgeries and a prolonged hospitalisation process. With a basic mediclaim policy, the couple had to face the following issues:

• Medical expenses exceeded the sum amount
• Cover a large sum of cost from their pocket money
• Quality of care was compromised

Medical health insurance offers broader protection compared to basic mediclaim policies. It covers hospitalisation costs, outpatient expenses, surgeries, diagnostics, and more. The right medical health insurance protects you and your family against unforeseen medical emergencies.

Check out the best mediclaim policy to see which options suit your needs based on coverage, inclusions, and premiums.

Common Gaps in Mediclaim Policies

Despite its advantages, many people still find their mediclaim policy insufficient. Some of the most common gaps include:

• Limited Coverage: Often, basic mediclaim policies have a fixed sum insured, which might not be sufficient if medical expenses rise.
• Exclusions for Pre-Existing Conditions: Most mediclaim policies do not cover pre-existing conditions immediately, which can be a major drawback.
• Insufficient Maternity Benefits: Many mediclaim policies do not offer comprehensive maternity benefits or cover post-delivery expenses.
• Co-payment Clause: Some policies require you to pay a portion of your medical expenses, which could add up over time.

For example, if a family of four has opted for health insurance coverage, they would be able to meet the gaps stated above through:

• Minimsed co-payment costs
• Covered maternity expenses
• High-sum insured by determining the correct policy required based on age, family history, etc.

Ensuring Complete Health Coverage at Different Stages of Life

Your healthcare needs change as you age. Experts suggest investing in a health insurance policy early in your 20s or 30s. Here’s how you can ensure that you have the right coverage at every stage of life:

How to Choose the Best Mediclaim Policy

To make sure you’re getting the best mediclaim policy, consider the following:

• Coverage Amount: Ensure the policy covers various healthcare needs, including hospitalisation, outpatient treatments, surgeries, and critical illnesses.
• Premiums: Choose a policy that fits your budget but doesn’t compromise on coverage. It’s crucial to compare the premiums and benefits to get the best value.
• Network of Hospitals: A good health insurance plan offers a vast network of hospitals for cashless treatments, ensuring easy access to care when needed.
• Customer Support: Opt for insurance providers known for excellent customer service, as you will need prompt assistance during claims or policy renewals.

For more information on selecting the ideal health insurance plan, check out various medical health insurance.

Takeaway

Choosing the right mediclaim policy is a crucial decision that can impact your health and financial security. As your health needs change with age, ensuring that your health insurance provides comprehensive coverage throughout your life is vital. Regularly reviewing your policy, adding relevant riders, and opting for the best medical health insurance available are steps towards safeguarding your health against rising medical expenses.

Ensure you are adequately covered by choosing the best mediclaim policy that suits your needs and budget. Stay prepared, stay protected!