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Disclaimer: Before starting , I would like to clear the readers that I am in construction steel business & I don’t get any direct or indirect benefits from any insurance company. But I always wish that everyone should take health insurance policy & insurance companies should reap huge profits.
One of my cousin’s daughters was infected with Kawasaki when she was three years old; it is a rare disease that affects blood vessels. She was admitted in the best hospital & daily dose of antibiotic was given in form of injection. Each dose was costing Rs30000 & around Rs 10000 were hospital charges per day. My cousin did not have insurance cover for her; usually we don’t think insurance is important at an early age. Little girl was admitted for 5 days & the total bill was around Rs 300000. Just imagine, if the girl’s name was added to the policy immediately after birth in a floater policy then it would have been a cashless treatment with maximum claim amount
Countries like United Kingdom, where medical insurance is covered by the government for citizens in the form of National Insurance & all medical facilities are take care of; we need to plan for our medical bills.
Here are few pointers to keep in mind:
1. Take a floater policy, that makes you eligible for a larger amount, for example if you & your wife have individual policy of Rs.1,00,000 each, then taking a floater makes you individually eligible for claim of 2,00,000
2. Add your child’s name immediately after birth to your med claim policy. Most of the insurance (unless you are working for multinational company) will not allow you to claim until your policy is 3 year old with the company
3. Do not hide any ailment while taking the policy because your claim can be rejected if your insurance company verifies it wasn’t declared
4. Mediclaim policy has tax benefits, check with your auditor before filing IT Returns
5. Always check the list of hospitals. It is good idea to take a policy that covers hospital you visit for consultation
6. Check illness covered by the policy, especially if you have family history of a particular disease
7. Read the claim procedure before taking the policy
8. If a surgery if suggested by the doctor, always take 2nd & 3rd opinion then check with your insurance company if hospital is empanelled
9. If hospital is not empanelled but surgery is covered, get the necessary documents from the hospital. Keep a copy with yourself & submit another to insurance company
10. Always keep a small amount at home for medical emergency, plastic money may not work everywhere
11. File & keep your medical reports, if might be useful in case of any medical emergency
Insurance companies can reap huge profit only when there are more policy holders & fewer claimants. Less claimants’ means fewer people are getting ill, so claim procedure will be simple. More diseases/illness can be added to your claim list & it will also enhance the claim amount in form of NCB (No Claim Bonus). If you are planning to upgrade your phone, also think of enhancing your medical policy.
Do regular workout or add a sport to your daily routine & hope you should never claim your medical insurance. Stay healthy, live long :)