Health Insurance

Why Choose A Mediclaim Policy?

by SMCIB on Friday, 16 June 2023

Why Choose A Mediclaim Policy?

Good health is straight-up equivalent to a good life. All of us want to live healthily and happily, without diseases and illnesses affecting us. But, unfortunately, the world and our lifestyle choices may leave us worse for the wear. And, if any unfortunate event happens, you definitely do not want to be mentally straddled with treatment costs and hospital bills which seem to have no end (especially because of the rising inflation and what not!).

How can such a dull and dreary prospect be made better then? Is there a silver lining to this dark, grey cloud that constantly lingers over our heads - waiting to burst?

Thankfully, there is! You can save yourself and your family (along with your hard-earned money) from the clutches of exorbitant healthcare costs by investing in a mediclaim policy.

So, what is a mediclaim policy? Why is it important? We’ll discuss all this - in the article below. Let’s go!

What is a Mediclaim Policy?

A mediclaim policy is essentially the same as health insurance. The policy covers your treatment and hospitalisation costs - whether it’s because of an accident, illness, or injury - and you are required to pay regular premiums for the same. The coverage includes hospitalisation expenses, pre- and post-hospitalisation expenses, doctors’ fees, medicine costs, etc.

Mediclaim Policy: Why is it Important?

Medical expenses can reach great heights and use up a chunk of your savings. Plus, they can strike at any time. A mediclaim policy helps with both planned and unplanned medical expenses which can lead to financial turmoil.

Here are 6 important reasons why you should think about purchasing a mediclaim policy right away:

  1. To adapt to the rising cost of healthcare

    The cost of receiving medical treatment is rising at a great speed. And it's very crucial to realize that medical expenses are not just related to hospitals. The fee for doctor consultations, diagnostic tests, ambulance fees, medications, and other expenses are also steadily rising. If you are unprepared, all of these could place a significant strain on your finances.

    You can avoid such financial burdens and choose high-quality care without worrying about the cost by buying a mediclaim policy and paying a premium that is reasonably priced. A mediclaim policy enables you to live a healthier life and effectively receive the best healthcare services possible.

  2. To get better protection than a healthcare fund

    A healthcare fund is essentially the money you put aside for medical treatments. You can accrue this fund by saving money, investing money in an FD, etc. However, a healthcare fund might not suffice and keep up with the rising cost graph of healthcare. To keep your family and yourself shielded from such costs, it is wise to invest in a mediclaim policy. It gives you access to a large amount of money at times when you need it the most.

  3. To protect your family

    You value your family more than anything else, so keeping them safe and healthy is your top priority. If anything happens to any of your family members, i.e., if they fall ill or are injured, etc. they will be in urgent need of medical treatment. So, having a mediclaim policy will be of great help and will let you avail of quality healthcare facilities at such times.

  4. To safeguard your savings

    The expenses associated with dealing with health conditions can drain your bank account. Having a mediclaim policy can help you better manage your medical expenses without depleting your savings and giving up on other important dreams and goals like your child’s education, buying a vehicle, a peaceful retirement, etc. Some insurance companies offer cashless treatment, so you don't have to stress about reimbursements either.

  5. To make the most of it when you’re young

    You are usually required to undergo medical tests when you’re in the process of buying a mediclaim policy. And if you are above 45, you will have to mandatorily undergo medical tests before purchasing a policy. There are many advantages you get if you choose to buy a mediclaim policy early in life. You are young and in good health, which means the insurer finds you less risky to cover. If you are older, you may have developed health conditions like cardiac diseases, high BP, diabetes, etc. - which can limit your mediclaim policy choices or increase the premiums.

  6. To receive tax advantages

    Section 80D of the Income Tax Act of 1961 exempts mediclaim premiums from taxation. You are eligible to get tax deductions for yourself, your spouse, your dependent children, and your parents - which can help you increase your savings. But, keep in mind that saving tax should not be your only reason to buy a mediclaim policy!
     

In Conclusion

With rising costs of availing treatments and medical facilities, a mediclaim policy can provide you protection in all ways. We hope the points discussed above made you aware of the reasons to purchase a mediclaim policy for yourself and your loved ones.

Insurance Knowledge Videos