With every passing day I am getting increasingly convinced on the need for medical insurance, by every individual, at least everyone I care for. The ever increasing maddening road traffic and the skyrocketing medical costs could burn a big hole in your pocket, if you are not prepared.
A small investment every month, could take you on a comfortable and care free life for years to come. I cannot be more qualified to make this statement, as I reaped the benefits, very early. Way back in 1995, a normal weekend turned a nightmare as I skidded on to the midst of the GST road, due to a lorry rushing against me on the wrong side. Just before leaving for the operation theatre, my friend and Development officer at the Insurance company where I had taken a Mediclaim policy assured me that my policy will cover my expenses and that I need not worry on this count. As it turned out, the policy not only covered my medical expenses but also paid an amount for every week of my absence from my work ! The good officer also ensured that I got the amount reimbursed without any delay.
Though many of my friends who came to know about it got covered under Mediclaim, I find that still there are many who consider this as a waste. The sad part is that all exceptions are being given as reasons:
1. There is no cover in the first year
2. Dental related problems are not covered
3. Hospital Admission is essential for any claim
4. Normally, the hospital overcharge and fleece if they come to know that you are under Mediclaim
Though most of the above are partially true, there are many honest ways through which these could be overcome. First year claims are normally perused more closely but a genuine claim can be passed through with right explanations. As per the recent court ruling, the insurer is not expected to provide a copy of your Sum Insured to the hospital.
Another common excuse is - I am covered by the Group policy in my organization. Please do not commit this mistake. Particularly, with the current trend of people hopping every two or three years, you could be caught when you are on the leap from one organization to another. Further few people check the group policy, which may not provide for 100% coverage. It is always better to have your own policy, in addition to your company policy, so that you are fully covered whether you are employed or not.
In addition, it is my experience that there are reasonable officials who are willing to listen to your side of the story, before they decide.
On the other hand, imagine the timely help it could provide you, when you are in need. Every passing unclaimed year would accumulate sufficient 'no claim bonus', which is added to the Insured. Coupled with that , one could enjoy a sizable chunk of rebate in the form of Investment for Income Tax.
Mulling over the above, I feel every sane individual must avail this facility. I would suggest that the next step of yours should be in this direction. If required, I am also willing to help and guide my friends on this. Believe me, this is more with your interest in mind and I have no axe to grind on this :-)
A small investment every month, could take you on a comfortable and care free life for years to come. I cannot be more qualified to make this statement, as I reaped the benefits, very early. Way back in 1995, a normal weekend turned a nightmare as I skidded on to the midst of the GST road, due to a lorry rushing against me on the wrong side. Just before leaving for the operation theatre, my friend and Development officer at the Insurance company where I had taken a Mediclaim policy assured me that my policy will cover my expenses and that I need not worry on this count. As it turned out, the policy not only covered my medical expenses but also paid an amount for every week of my absence from my work ! The good officer also ensured that I got the amount reimbursed without any delay.
Though many of my friends who came to know about it got covered under Mediclaim, I find that still there are many who consider this as a waste. The sad part is that all exceptions are being given as reasons:
1. There is no cover in the first year
2. Dental related problems are not covered
3. Hospital Admission is essential for any claim
4. Normally, the hospital overcharge and fleece if they come to know that you are under Mediclaim
Though most of the above are partially true, there are many honest ways through which these could be overcome. First year claims are normally perused more closely but a genuine claim can be passed through with right explanations. As per the recent court ruling, the insurer is not expected to provide a copy of your Sum Insured to the hospital.
Another common excuse is - I am covered by the Group policy in my organization. Please do not commit this mistake. Particularly, with the current trend of people hopping every two or three years, you could be caught when you are on the leap from one organization to another. Further few people check the group policy, which may not provide for 100% coverage. It is always better to have your own policy, in addition to your company policy, so that you are fully covered whether you are employed or not.
In addition, it is my experience that there are reasonable officials who are willing to listen to your side of the story, before they decide.
On the other hand, imagine the timely help it could provide you, when you are in need. Every passing unclaimed year would accumulate sufficient 'no claim bonus', which is added to the Insured. Coupled with that , one could enjoy a sizable chunk of rebate in the form of Investment for Income Tax.
Mulling over the above, I feel every sane individual must avail this facility. I would suggest that the next step of yours should be in this direction. If required, I am also willing to help and guide my friends on this. Believe me, this is more with your interest in mind and I have no axe to grind on this :-)
Really it is a Great information .this peiceof information will make many people realise the need for Medical Insurance - Rocking Sir...
ReplyDeleteOn 5-Jan-2011, Rohini R wrote "Nowadays I am becoming a regular visitor of your blog :-) Good one about the Mediclaim policy..... Anyways thank u once again sir. Keep updating your blog :-) "
ReplyDeleteOn 5-Jan-2011, Barani Raja Murugan K wrote " ... Thanks for your nice post on Mediclaim. It will be really useful...."
ReplyDeleteOn 6-Jan-2011, Sudharsan S wrote "I go troughed it.. awesome info.. Nice post.. while reading I was thinking everyone meets with an accident in their life even I did initially when I joined Hexaware your post remembered me of that...."
ReplyDelete