Mediclaim Policy

A Mediclaim policy offers coverage against medical expenses incurred by the policyholder. Individuals can claim reimbursements for their medical bills or apply for financial assistance through cashless facilities. These policies are only effective for a certain time, after which the policyholder must renew it to continue receiving benefits.

Some benefits of having a Mediclaim policy include:

• You can choose to include your family members along with yourself under a single Mediclaim insurance.
• Mediclaim policy plans can be easily purchased online through the official websites of an insurance company like Axis Max Life Insurance.
• Mediclaim plans are eligible for tax exemption under Section 80D of the Income Tax Act of India, 1961.
• These insurance policies ensure cashless hospitalization.
• As a Mediclaim policyholder, you will be eligible to avail cost-effective medical services.
• You would not have to worry about hospital bills as the insurance company would take care of the expenses.

Under Section 80D of the Income Tax Act of India, 1961, you can claim deductions for medical insurance premiums paid for self, your spouse, dependents, children, and parents. Section 80D operates in three ways in this regard:

• Section 80D allows you to deduct ₹25,000 for insurance for yourself, your spouse, and your dependent children. If your parents are under 60 years old, you can deduct an extra Rs 25,000 for their insurance, bringing the total deduction to ₹50,000.
• The deduction amount is ₹50,000 if the parents are over the age of 60. In this situation, you can claim a total deduction of ₹75,000, of which ₹25,000 is for you, spouse, and dependent children and ₹50,000 is for senior citizen parents’ premiums.
• If both, the taxpayer and parents, are over the age of 60, the maximum deduction available goes up to ₹1 Lakh (₹50,000 + ₹50,000)

• Choose a mediclaim health insurance plan that considers your age, medical history, and other factors when determining your needs.
• A policyholder obtains coverage in the form of an amount insured from an insurance company in exchange for his or her premiums. After the terms and conditions are finalized, you will be provided with a policy. Each policy comes with an initial waiting period (a few weeks or a month).
• You can claim a mediclaim health insurance in two ways: cashless or reimbursement. You must seek medical care exclusively in the insurance company's network hospitals under the cashless scheme. However, as part of the reimbursement process, you must first pay all medical costs before submitting them to the insurance company for money to be paid to your account. You will not have to worry about burning a hole in your pocket to get the therapy you need in any situation.
• Renewal and Policy Lapse — The type of plan you select determines the length of your health insurance policy. However, if you fail to renew your medical insurance policy in time, it will lapse. If your insurance has lapsed, the insurer will provide you a 6-month grace period to settle any outstanding premiums and reinstatement expenses.

• Age proof (Birth certificate, class 10th and 12th marksheets, PAN cards, etc.)
• Address proof (Aadhar card, passport, utility bills, etc.)
• Identity proof (Aadhar card, voter’s ID, PAN card, etc.)
• Passport size photograph
• Medical reports

In the event of a planned hospitalization, policyholders are required to submit a pre-authorization form along with the medical card in advance. In the event of an emergency medical treatment, the policyholder can present the insurance company's medical card to receive cashless hospitalization at any network hospital and then complete the pre-authorization form within the time limit.

You can also get your hospitalization expenses covered to some extent by purchasing a Axis Max Life SEWA (Secure Earnings & Wellness Advantage) Plan . This health insurance solution is unique as it also provides investment as well as life insurance benefits to the policyholder.

If you are filing for a reimbursement claim, you will need to notify your mediclaim health insurance company about a medical emergency or hospitalization that is coming up soon, or within a certain amount of time once it has happened.

It is critical to maintain track of all medical bills and expenses incurred while in the hospital. You must produce all the payment receipts for medical bills to get reimbursed for your charges. It is vital to maintain all original medical invoices and payment receipts to submit them to your insurance company for reimbursement.