Medical expenses can be quite overwhelming for anyone, especially in today’s times where healthcare costs are skyrocketing. In such a scenario, a medical insurance policy or mediclaim policy can provide much-needed financial support to cover the costs of medical treatments and hospitalization expenses. Hyderabad, the capital city of Telangana, is home to a large number of medical institutions and hospitals. It is essential to have a mediclaim policy in Hyderabad to cover any unforeseen medical expenses that may arise.
What is a Mediclaim Policy?
A mediclaim policy is a type of health insurance policy that provides financial assistance in case of hospitalization or any medical emergency.
In exchange for a premium payment, the insurance company agrees to pay for the medical expenses incurred during hospitalization or any treatment taken at home.
This type of policy can be purchased either for an individual or a family, depending on the policyholder’s requirements.
Types of Mediclaim Policies
There are various types of mediclaim policies available in Hyderabad, catering to the diverse needs of policyholders. Some of the popular types of mediclaim policies are:
Individual Health Insurance:
An individual health insurance policy covers the medical expenses incurred by an individual during hospitalization or any treatment taken at home. This type of policy is suitable for those who do not have any dependent family members or want to have a separate policy for themselves.
2.Family Floater Health Insurance:
A family floater health insurance policy covers the medical expenses of the entire family under a single policy. The sum insured can be shared among all the family members, and any member can claim up to the maximum limit of the policy.
3.Senior Citizen Health Insurance:
Senior citizen health insurance policies are designed for individuals above the age of 60. These policies cover the medical expenses incurred due to any illness, injury, or accidents. They also provide coverage for pre-existing medical conditions.
4.Critical Illness Insurance:
Critical illness insurance policies provide coverage for life-threatening diseases such as cancer, heart attack, stroke, kidney failure, etc. These policies provide a lump sum payment on the diagnosis of any critical illness, which can help policyholders cover their medical expenses.
Benefits of Mediclaim Policy
Having a mediclaim policy in Hyderabad can provide numerous benefits to policyholders. Some of the benefits are:
A mediclaim policy provides financial assistance during any medical emergency or hospitalization. The policy covers the medical expenses incurred by the policyholder, thus reducing the financial burden on the policyholder.
Most insurance companies have tie-ups with various hospitals, providing cashless hospitalization to policyholders. In such cases, the insurance company directly settles the medical bills with the hospital, reducing the hassle for the policyholder.
Premium paid towards a mediclaim policy is eligible for tax deductions under Section 80D of the Income Tax Act. Policyholders can claim tax deductions up to Rs. 25,000 for themselves and their family members.
4.No Claim Bonus:
Some insurance companies offer no claim bonus to policyholders who do not make any claims during the policy period. This bonus can help policyholders increase their sum insured amount at no additional cost.
5.Pre and Post Hospitalization Expenses:
A mediclaim policy not only covers the hospitalization expenses but also provides coverage for pre and post-hospitalization expenses. This includes expenses such as doctor consultations, diagnostic tests, medication, etc.