Before buying mediclaim what are the parameters to look at?

A lot of people ask this question, how should I decide on which mediclaim policy to buy. Premium is important but if I was to list down the other parameters that are more important than premium first is the amount of coverage.

Make sure that you have enough coverage that whatever policy you are buying gives you the Rs 3 lakh, Rs 5 lakh, Rs 10 lakh cover that you want.

Second, you have to make sure that the policy is renewable for a lifetime because if it is renewable only till 75 years or 80 years post that what will you do? At that time you may not get a policy if you are fortunate enough to live that long.

Thirdly, you should look at if there is going to be a loading based on any claim percentage, that is important.

Fourthly, you should look if there are any co-payment requirements which means that if the expenditure incurred in the hospitalisation is Rs 100 if Rs 20 is something you have to pay other things remaining equal you want something that does not have co-payment requirements.

You have to look whether there are restrictions on the type of room that you can stay in, you have to look whether there are any restrictions on your room rent, that is a very important thing that you have to look at. This four-five factors should be considered above and then only premium should be considered.

source:money control