What an Ideal Medical Insurance Plan Should Cover?

A medical insurance plan provides financial assistance in case a policyholder requires medical treatment. It covers hospitalisation and treatment expenses. Therefore, every person should consider purchasing medical insurance.

In this article, we will discuss the benefits that a medical insurance plan should cover.

The medical expenses are on the rise. Not everyone can afford to pay for the costs from savings alone. A medical insurance plan can be of great help in such situations. When a person has medical insurance, the insurer provides financial assistance in case he/she requires medical treatment.There are many medical insurance plans a person can choose from. An insurance buyer must purchase a policy based on the benefits it provides.

Here are the benefits that the best medical insurance should cover-

  • Hospitalisation Expenses

This is one of the most important benefits of medical insurance. The insurer will pay for the medical expenses caused due to injuries or illnesses.

Nowadays, many people are purchasing health insurance in order to safeguard themselves from exorbitant hospitalisation costs.

  • Cashless Facility

If a policyholder avails the cashless facility, then the insurer will directly pay the medical bills to the hospital. This facility can be availed at a network hospital.

  • Pre and Post Hospitalisation Expenses

Apart from covering hospitalisation expenses, a medical insurance plan also covers pre and post hospitalisation expenses. This means that the insurer will cover pre-hospitalisation expenses up to 60 days before hospitalisation. Post-hospitalisation expenses will be covered up to 180 days after discharge.

  • Day-care Procedures

Policy buyers need to make sure that they purchase a policy that covers day-care procedures. This cover provides financial assistance to pay for treatments and surgeries that can be done in less than 24 hours.

  • Organ Donor Expenses

This cover provides the surgical and medical expenses of an organ donor.

Now that you know what a policy should cover, take a look at how to select an ideal medical insurance-

  • Find out the Right Type of Medical Insurance

Primarily, medical insurance is offered in two types- individual plan and family floater plan. An individual health plan covers one person. However, a family floater health plan covers the policyholder and his/her family.

An individual health insurance plan only covers the medical expenses of the policyholder. Whereas, a family floater plan provides cover to the family members in a single premium. The sum assured offered by a family floater plan can be availed by one or every member of the family.

  • Choose the Right Sum Assured

The sum assured is the cover amount a policyholder will receive in case he/she requires medical treatment. Therefore, it is crucial to select the right sum assured. If the sum assured amount is too small, then the policyholder might not receive adequate cover.

  • Understand the Inclusions and Exclusions

Every medical insurance plan has inclusions and exclusions. It is recommended that a policy buyer understands the inclusions and exclusions before purchasing a plan.

Why is Medical Insurance Important?

Our daily lives have become stressful. This can lead to lifestyle diseases. Furthermore, hospitalisation costs can be extremely expensive. A medical insurance plan can be of great help in such situations.

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