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How to choose a right mediclaim policy

March 26, 2009
Healthcare costs for hospitalisation in India have risen sharply in the recent years keeping pace with global trends. Many families have seen their financial planning going haywire due to unexpected costs incurred on hospitalisation of a family member. However, the good news is that now there is a far greater awareness about medical insurance that helps you in choosing a right mediclaim policy.

Still people, particularly first time buyers, are stuck with one basic question: which is the cheapest mediclaim policy? Though cost is important, it should not be your only concern; you have to evaluate your policy on various other parameters as well and save yourself from making a wrong choice based purely on price.

Say, if you have diabetes, wouldn't you (all other things being the same) buy a mediclaim policy that may be a little more expensive but which will immediately cover the hospitalisation expenses arising from complications connected with this disease (heart problems, kidney or eye problems associated with diabetes) without considering them as complications arising from pre-existing disease?

Or would you go in for a comparatively cheaper mediclaim policy which treats all such diseases as pre-existing and hence not immediately coverable. Want to spot the difference?

Well pre-existing disease is probably the most important parameter, which is relevant because if a disease is treated as pre-existing then the policy normally provides no coverage or very restricted coverage for expenses incurred due to that disease in the immediate future.

Text: Harsh Roongta. The author is the CEO ApnaInsurance, a price comparison site that allows consumers in India the ability to compare the premiums and features of life insurance policies as well as general insurance policies such as health insurance. It enables customers search and apply for all their insurance needs.

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