Mediclaim

Mediclaim for Senior Citizens

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Special mediclaim policy for senior citizens is specially designed to cater the needs of senior citizens. It covers all hospitalization and domiciliary hospitalization expenses for illness and disease. It includes expenses for doctors fees, hospital charge, anesthetist, nursing expenses, blood, cost of medicine, drugs, oxygen, surgical appliances, etc.

This mediclaim policy is generally issued to peoples between the age of 60 to 80 years. It provides the benefits of cumulative bonus, no claim bonus, cashless service and also tax benefit is consider on insurance premium under section 80D of the income tax act.

There are 3 public & 2 private sector general insurance companies offering these policies-

1. national insurance Company (Varishta-Mediclaim for senior citizens)
2. new india insurance Company (Mediclaim for senior citizens)
3. oriental insurance Company (Senior Citizen Specified Disease Insurance)
4. star health & Allied Insurance (Red Carpet Health Insurance)

And Bajaj Allianz general insurance Company also offer ‘Silver Health‘ product for senior citizens.

Mediclaim Premium Rates

When you have decided to go for mediclaim policy, you will pay the premium on your mediclaim policy to continue the coverage against any untoward situation. The premium paid is annually, half annually or monthly.

Generally, the premium rates are vary from company to company and also depends on various factors like age of  the person, sum assured and policy coverage. The insurance companies also determine the factors like advertising, selling, paying for health care service, investment of premium payment and profit margin from the insurance policy.

The premium rates are different  for smokers, the insurance companies charge additional premium on their mediclaim policy.

Premium charged on individual plan is much higher compared to group plans due to adverse selection. Because under group plans, company gets the more customer under one roof and company determine the customers will generally be in good health condition.

Basic Mediclaim Policy

Basic mediclaim insurance is a different comared to other traditional mediclaim policy. It is a specified mediclaim policy which provides coverage against medical expenses that are outcome of the sickness or accident. In this plan, coverage is limited and pays for only one or two expenses which are specified by the insured. This is the reason, policy is known as basic mediclaim policy.

This insurance policy is different compared to other comprehensive mediclaim policy. Because-

1. Doesn’t covers critical illness and surgeries.

2. Low cost insurance cause less coverage.

3. Specified coverage from the list.

Mediclaim protects from the monetary and financial problems when one is hospitalized by sickness. But choice is yours to choose between comprehensive health coverage and specified health coverage.

Mediclaim Insurance!

Mediclaim Insurance is a policy that covers hospitalisation expenses gathered in course of illness or accidental injuries.

Benefits:

1. Hospitalization Cover: Overall patient hospital-care expenses for 1Day. Which Includes room rent and boarding @ 2% of sum insured.
2. Nursing disbursal.
3. Doctor’s fees
4. medicines and drugs charges.
5. Emergency ambulance charges.

No-Claim Discount:

1. 5% to 25% of discount for every claim-free year.

Eligibility:

1. A persons ageing 5 months and 80 years, is a resident of India,can opt this insurance.

Tax Benefits:

1. credit card or cheque pay premium for this insurance is eligible for relief under Section 80D of the Income Tax Act.

Claims Procedure:

1. Inform the ID number to the insurer for easy acknowledgment.
2. In case of getting hospitalized,should inform within 24 hours before getting admitted into the hospital.
3. If the case is emergency, information to be given within 24 hours after hospitalization.

Tax benefits on your Mediclaim Policy

There is no way anyone can save themselves from paying tax. But yes we can sure use various tax-saving instruments to lower down our tax payment burden and get maximum benefit from these.

mediclaim is one way of saving our huge heap of tax burden, we just need to be smart enough to grab the right opportunity.

1. insurance premium paybale on health insurance policy is tax deductible under Section 80 (D) of the Income Tax Act 1961.

2. Rs. 15000 can be claimed to be deducted on health insurance under Section 80 (D)

3. Deduct premium paid towards a critical illness rider on your life insurance policy under Section 80 (D). Deductions under Section 80 (D) are over and above the deductions under Section 80(C) of Rs. 1 lakh.

Medical Insurance Malpractice

This kind of insurance covers doctors and fellow assistance in the medical field for liability claims which arises while treating their patients.

The cost of medical malpractice insurance began to rise further at the start of this decade, after a period of essentially flat prices.

Rate increases were halted in time by the growing size of claims, typically in cities. Beside these factors the increase in prices has put down the supply of available coverage as many major insurers quit the medical malpractice business as the scope of making profit was vanished.

Peoples assumption of the medical, health and allied professions and their inventions have risen to the point where they are now inflexible.

Meeting up legal case, client demands and governing pressures mean the risk of incurring financial loss and marred reputation shows a clear and present havoc to all concerned with the health and allied industries.

Why Health Care?

Today, health care cost is higher than other individual expenses and it is continuously rising up. Therefore, it is very important to insure by health insurance policy. There are greater chance of having high health care cost for upcoming years and it is depends on illness, injury, hospitalization and other cost of treatment in such condition.

Health insurance is very crucial in the current days to procure future health insurance strategy. It pays for medical necessities like regular health check up, urgent circumstances and operation cost. Other hand, unexpected hospital visits or hospitalization can not be avoided and paying for such a bills with no delay, it could finish saving.

health insurance coverage is wide sometimes and covers almost all scenarios. Company estimate cost of health insurance by medical history, average cost, age, gender and health care inflation.

Health insurance is money save product and can be useful when any unexpected situation takes place.

Tips To Choose Right Mediclaim Policy

Before few years, healthcare insurance was an unknown fact. Now in India health insurance is significantly increased in recent years. There are various financial institutes offering innovative medical insurance policies, one can easily opt it according to their choice.

Healthcare insurance provides cover for you and your family in case of sudden medical contingency. Having health care protection is important in your life because it provides monetary protection in case of unforeseen condition. The medical cost is continuously going to rise up in the current situation. Due to this medical insurance cost is higher than other individual insurance.

There are some tips which would be beneficial for you to find the best deal on your healthcare insurance.

1.    Consider the different types of insurance plans because every plan has consist of different cover. Some plans provides fee for service facility on the selection of specified doctor. Some plans have HMO and PPO. HMO is the better on saving basis and PPO provides the facility of choosing doctor.
2.    Choose the family doctor under PPO. If it is possible.
3.    Medical insurance market has explored rapidly in the last few years. In current situation insurance companies offers with various schemes and advantage like free health check up, 0% emi option, double benefit claim etc.
4.    The medical insurance cost is different by location and insurance company.

Mediclaim Policy

Mediclaim policy is must for everyone, it protects the insured person against the expenses of hospitalization for injury, illness and domiciliary treatment. Now days medical expenses are so high and its never comes in cheap.. Just small treatment or appointment with a doctor demand high charges.

It is suitable for children to old aged people.

It includes hospital room charges, operation theater charges, medicine cost and charges for diagnostic test. This insurance is suitable for children to old aged people.

Generally there are three different types of mediclaim policies.

1.    General Health insurance plans: Generally this plan provides cover for hospital room charges, diagnostic test, doctor’s fees, medicine and other expenses.
2.    Specific Health Plans: This plan provide cover for major diseases such as heart attack, cancer, diabetes etc. There may be including features by disease management programs which are specific to condition covered.
3.    Critical Illness Plan: In this plans, policy holder receives a amount within a few days of diagnosing a critical illness. It covers critical illness such as heart attack, organ transplant, stroke, etc. This plan covers mainly higher medical expenses.

Before applying for such a insurance it is important to consider their benefits and quality service that suits your need.

Why Should I Need Mediclaim Policy?

This is the question that comes in our mind whenever we travel from one state to another. We try doing things that is different & immature.

We even don’t take care of our-selves as we don’t even get time, because of the hectic schedule we have in our life, due to which our body doesn’t function properly & get caught up with diseases/illness.

As we look around roadside we see a lot of things to have a brunch off with around the corner, like chaats, junk foods, etc. as many a people are foodie, try it out without caring their body.
As a result we get sick,no matter what the illness is.

mediclaim or health Insurance is a kind of insurance policy that takes care of all finiacial problems during these sick times. It also assures our body by the expense that occurs during hospitalization. By paying a small premium for the policy we make our fatal operation secure by it.

Currently, in India only 2 million people (0.2% of total population of 1 billion), are covered under Mediclaim, whereas in developed nations like USA about 75% of the total population are covered under some insurance scheme. With more and more private players in the sector this scenario may change at a rapid pace.

Mediclaim Insurance Policy – A MUST for Everyone!!!

In the current scenario of increasing number of diseases and health aids problems, mediclaim/ health insurance acts as a protector of atleast the financial problems that arises because of them.

Will going for a Mediclaim insurance policy, proper cover should be taken care off – which can save you from the unlimited future expenses by paying a little cost as premium. It also should cover the pre and post hospitalization expenses like money spent for conducting medical tests and buying medicines.

Critical illness Policy, under mediclaim, works best for diseases like cancer, heart attack and diabetes etc. This gives high coverage and the sum assured will be payable if insured get the ‘critical illness’ during the policy tenure, This is irrespective of the expenses incurred by the individual on hospitalization, medicines and other such costs. Critical illness covered under the policy will be defined in the policy document.

The premium paid on mediclaim insurance policy is also tax deductible under section 80(D) of income tax act1961.

Therefore, getting a proper Mediclaim insurance cover is a must for every individual for himself and his family.