Medical Insurance

The importance of medical insurance in India is increasing by the day as more and more people are becoming aware of the benefits associated with an insurance policy. The need for urgent medical assistance can arise for anyone, anytime and with hospitalisation and medi-care cost reaching an all time high, a medical emergency can leave you devastated emotionally as well as financially unless you have a comprehensive medical insurance policy.

Medical insurance is necessary for every individual irrespective of age to assure financial security during critical times. As medical emergencies cannot be predicted, individuals covered under a health insurance can avail easy treatment at reputed hospitals under the care of good doctors which will ultimately help them in fast recovery. Thus the insured can concentrate on recovering under quality care of empanelled doctors rather than running around arranging for funds. Thus a medical insurance policy assures quality treatment to the insured without any financial barrier as the financial losses to the insured during hospitalisation is immediately compensated.

Medical insurance requirements differ across individuals. There are many health insurance plans available in the market which offers impressive features and benefits to customers. However, one should select policy depending upon his/her requirements. Simply put, choose the policy which offers you maximum benefits with regards to features, cover, etc. at affordable premium payment charges. You may also search online for an ideal medical insurance policy.

Medicare policies should be selected pragmatically. This implies that your insurance cover should neither be too less which serves absolutely no purpose to the insured nor too expensive which at the end of the day is ill-affordable. Also for individuals above 35 years of age, it is advisable to attach critical illness rider to your medical insurance policy simply because older individuals have greater chances of being diagnosed with a critical illness comparatively.

Treatment for critical illness without it being covered can leave you and your family in severe financial crisis. A mediclaim policy provides coverage for sickness, disease or accidents but not critical illness unless a critical illness rider is attached to it or a separate critical illness policy is purchased.

A medical insurance can be best described as a risk cover rather than an investment product that has scope to multiply your money. There are no investment benefits attached to your medi-care insurance policy except tax benefits under sec 80D of the IT Act.