Things to Consider in Mediclaim Policy for Older People

Mediclaim insurance can be perceived as a health cover. With this cover, financial burdens can be reduced when certain risks to health are present. For older people, mediclaim insurance can be largely helpful. Even when this insurance is being chosen, certain things should be considered in it. As one of the biggest insurance companies in India, Hello Policy has noticed that medical coverage is a needed feature of mediclaim insurance. Certain insurance policies can also include pre-medical screening for older people. With this feature, knowing the health condition can help in investing in the best mediclaim policy.

Other than these, there are certain features that should be a definite part of mediclaim insurance for aged policyholders. Among all, the most important features can be found here.

1. Medical Coverage

It has been observed that in the present years, the cost of clinics and hospitals has increased. As modern machines and equipment are being used for treating diseases, disorders, etc., patients can be required to invest more than what they did some years ago.

Individuals who can earn, with respect to their age, may not necessarily find it difficult to cover the medical expenses. However, for older people, earning their own income may not always be possible. To effectively manage the expenses, the mediclaim policy preferred by them should significantly include medical coverage. The biggest insurance companies in India suggest that this feature can offer them financial help even when they reach the age of 60 

2. Pre-medical Screening

A series of tests are followed when pre-medical screening is done. This type of screening can be understood as a procedure that a policyholder has to participate in. This participation is required before the policy is purchased by the policyholder. Among the things that should be considered for mediclaim policy, this feature is significant.

It has been explained by insurance companies that a major benefit of pre-medical testing is that it helps in knowing the health condition of your body. Individuals who are now in the old phase of life can benefit a lot from this feature. Considering their age, the condition of health should be known. Pre-medical tests help in knowing the same. Based on the results of the test, a policyholder can further identify the best policy to pick.

3. Treatment with No Cash

It may not be very unusual for older people to develop sickness or certain symptoms. For maintaining their health, treatment is required. The cost of getting treated at the best hospitals and clinics can be high. For the older people, sometimes, paying the cost may not be easy. Hello Policy is among one of the biggest insurance companies in India that believes mediclaim policies to be a big aid in such times. According to the company, mediclaim policy with cashless treatment can be of much help.

When an aged patient is admitted to a hospital, this benefit of the policy will help in paying a larger part of the costs. It can be inclusive of room charges, doctor fees, medical expenses, etc.

4. Coverage for Expenses Relating to Medical Treatment

Many of you would be familiar with pre-hospitalization and post-hospitalization charges. Prior to getting admission to a hospital, a cost will have to be paid on behalf of the patient. Paying this cost can be necessary when the patient requires care and cannot be treated at home. Also, after the hospitalization, certain charges will have to be paid.

It should be realized that paying both the charges can be necessary. However, it should also be noted that the complete amount of the charges may or may not easily fit into your budget. When your age is as old as 60, managing the cost of these charges may be tough. A mediclaim policy that provides you with coverage for these expenses will reduce your financial burden.

5. NCB or No Claim Bonus

NCB is one of the most advantageous features of mediclaim insurance. For those of you who do not know, NCB can be explained as no claim bonus. To be clearer, no claim bonus is an amount of money that is added to the sum which is insured by a mediclaim policy.

No claim bonus works like a reward that is received by the policyholder. This reward is given for not making a claim on the insurance policy every year. As you may realize, this bonus in the form of a reward can increase the sum insured. As has been suggested by many biggest insurance companies in India, opting for a policy with no claim bonus can financially benefit you.

6. Tax-related Benefits

Certain policies for mediclaim insurance can be found with tax benefits. Some insurance companies have specially included these benefits for people of older ages. The policies that have been provided with such a feature are inclusive of premiums. The cost of the premiums is such that it qualifies for the benefits of tax exemption. Taking into consideration the opinion of the biggest insurance companies in India, this is a feature that should not be ignored. For older people, tax-related benefits with mediclaim insurance can effectively reduce their financial burden.

To Put It All Together

There can be numerous companies that can help you avail the best mediclaim policy. For older people, this policy should be opted only after carefully thinking about its features. Medical coverage is the most essential feature of such a policy. Other than this, treatment with no cash should also be considered. This feature can be of much use for individuals who are above the age of 60. Getting treatment from the best hospitals can be possible for them when such a benefit is included in the mediclaim policy. Here, we also discussed other things that should be considered as a part of this policy. The inclusion of things such as no claim bonus and tax benefits can go a long way in reducing your financial burdens in the future.