Health Insurance Plans

pays for your hospital bills for diagnostics, surgery etc.

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Check the Fine Print of Your Mediclaim Policy

| | Health Insurance

Mediclaim Policy is a Hospitalization benefit policy availed by people from general insurance companies. It is a medical cover policy which basically ensures that medical expenses are taken care of following hospitalization of the Insured due to several reasons .The reason of hospitalization can range from sudden illness, to an Accident or any surgery which is required for any particular disease occurred during the policy period.

The Corporate sector nowadays offer medical insurance cover to their employees where by the employees of that organization are covered by the policy on health or medical grounds up to a certain limit in the year. When it is a matter of investing your own money to purchase a medical insurance it is important you understand how it works , there are two different ways that you can apply for the benefit in case of an emergency. One is to either access cashless facility which means that you do not have to worry about any payments of your bills which will get directly paid by the insurance company to the hospital.

The other option is that you pay your bills in the hospital and Claim compensation afterwards by submitting the same to the insurance company. There is a catch in the first option; the hospital must be registered with the insurance service provider and it is advisable to check out the number of hospitals the insurance provider is registered with.

In addition you also need to understand the terms and conditions of the medical insurance provider. Taking out a A Mediclaim policy consists of a contract between you and the company that provides you with medical insurance cover. Similar to any other contract, there are terms and conditions associated with your Health Insurance policy. When it comes to terms and conditions of your health cover, however, you might find the fine print extremely overwhelming. (The Term "Fine print" is used for the lines that usually appear at the bottom of a contract or an advertisement of a product.

It is generally written in a much smaller font size than the whole writing so as to avoid letting people know flat out that they are being swindled. )However, just as you would not sign a contract without thoroughly understanding all of the terms to which you are agreeing, it is very crucial that you read and understand the terms and conditions associated with your health insurance policy too. The exclusions, restrictions, proper procedures, and causes for termination included in the fine print might play a big role in your medical care later.

Unfortunately, majority of the consumers do not care enough or are not capable of understanding the fine print of their health insurance policy which at times proves to be very critical. It’s only after something happens do they realize that there are terms or conditions in their mediclaim policy that have far-reaching consequences on their finances, health cover, and future insurability. Not understanding the fine print might at times leadleads to denial of medical claim, increase of premium, or non renewal of coverage. Finding out about the facts too late can bring about huge financial burdens for medical care, not to mention the impact on the good standing of your current medical insurance cover.

For instance, most medical insurance terms and conditions state that if you do not provide accurate, truthful health information during the application process your Coverage is liable to be terminated the misinformation is found to be deliberate.

Insurance companies manipulate such terms and conditions as a shield to protect themselves from paying for Pre-existing conditions that were not initially disclosed. However, it is important to note that not all terms and conditions clearly state exactly what constitutes a pre-existing condition, this causes a lot of confusion when it comes to claiming a reimbursement.