Why is a mediclaim insurance policy required and how do I choose a suitable one?
Healthcare costs have gone up, more so in the case of critical illnesses. In case of such emergencies which involve large expenses, you need a proper cover. This is even more important if you are a salaried person with only fixed access to large emergency expenses.
There are other benefits too. The premium to take health (medical) insurance, either for self or family gives a tax benefit, being allowed as a deduction from income under Section 80D of the Income Tax Act, 1961. As far as the method of payment is concerned, the insurance company either pays directly to the hospital or other medical institution, or it reimburses your expenses. Companies which provide mediclaim policies also have a list of both illnesses they insure, and institutions where the policy may be availed of.
Any one of several insurers provide reliable medical cover. Your choice should be based on the amount, the terms and the convenience of payment of the insured amount, as well as the reputation of the insurance company concerned.
