Here're the 5 things you need to consider before buying a mediclaim policy:
1. Pre-existing diseases
Always inform your insurer about the pre-existing diseases if you have any before taking the policy, otherwise your claim will not be cleared when you really need it. Pre-existing diseases are only covered after 3-5 years of continuous policy renewals, and only if it is notified by you at the time of taking the policy. There are also some policies which cover pre-existing diseases soon after you purchase the policy, you can ask about such policies from your insurer.
2. Yearly affair and minimum waiting period
Make sure the mediclaim policy you purchase is an annual policy. Your policy is reviewed and renewed every year, and at that time your claims (if you have made any in that particular year) will be checked and the premiums may rise significantly in case you had a claim in that year. This however, would depend on the value of claim made; oftentimes the premium may not escalate with a minimal first-time claim. Never switch from one insurance company to the other and from one policy to another policy, as each time you will have to wait for a specific time period, after which you can make a claim. In case you want to switch the policy or the company, it is recommended to do it after 2 years.
3. The more the age, the higher the premiums
Remember, as you grow older, your mediclaim policy will demand higher premiums. So you must ask your insurer that at what age your policy premiums will reach its peak and on what clauses.
4. Maximum age of renewal
Mediclaim insurance is not a life-long thing. Once you have reached a certain age or perhaps grow older, the policy will no longer exist for you. In simpler terms, the mediclaim policy that you took in your 20's or 30's will be of no use for you after you cross 65 or 70 years of age. However, there are a few policies which do provide cover after 75 years. Beyond that you will get a separate senior citizen medical insurance plan.
5. Sub-limits & Daily limits
Prior to purchasing a mediclaim policy, read the fine print carefully and understand the sum assured that you can claim in a year. Also, determine various limits that come with the sum assured limit. These could be the total limit allowed on per day expenses in terms of doctor's fee, medications, and hospital room rent, etc.
There are many general insurance companies in India which offer mediclaim insurance at good prices. All you need to do is to visit their websites online and explore the comprehensive list of policies on offer. On top of that, you can also get insurance quotes online, with which you can easily choose the best medical insurance policy that seems most suitable to you.