How many times health insurance can be claimed in a year?

When you buy a Mediclaim Policy from us, you can make claims under the Mediclaim policy as many times as you want. However, you will not be covered for any costs of medical expenses if your basic sum insured has been exhausted.

Does mediclaim premium increase with age?

Why the premiums change? Health insurance premium increases with age as it is believed that with the rising age, chances of health problems also rise and that’s why accordingly the premium amount also increases.

What is sum insured limit?

Sum insured is the maximum value for a year that your Insurance Company​ can pay in case you are hospitalized. Amount agreed on sum insured during purchasing the policy will be the maximum amount you receive in that particular year in case of hospitalization.

What does annual out of pocket maximum mean?

The most you have to pay for covered services in a plan year. After you spend this amount on deductibles, copayments, and coinsurance for in-network care and services, your health plan pays 100\% of the costs of covered benefits.

Can Mediclaim be claimed twice?

No, it is not possible to file health claim with two insurance companies simultaneously. You will have to file a claim with the first insurance company and if that is not enough then you can claim for reimbursement from your other insurance policy.

Can a person have two mediclaim policies?

Policyholders can have any number of health insurance plans. However, they cannot claim reimbursement for the same expense from multiple insurers. If one cover is not sufficient, the other cover can be used to cover the expenses. This is especially applicable in case of meeting steep hospitalisation expenses.

Will my health insurance increase every year?

Every year, the cost of health insurance increases for both the employer and the employee. Because of these increases, there is also increased pressure to make regulatory changes to health care at government levels.

How is sum insured calculated?

The sum insured is often calculated based on the operational and accounting values and methods known within the business (e.g., GAAP). Fixed costs, which can also be insured are not taken into account in this context and are, therefore, not factored into the calculation of the sum insured.

What is sum assured in mediclaim policy?

Sum assured is the value applied to Life insurance policies. It basically is based on the principle of indemnity, that provides a reimbursement/ compensation to damage/loss. It is that fixed amount that the insurer pays the policyholder in case of an eventuality.

Does out-of-pocket maximum include hospital stays?

The out-of-pocket maximum is the most you could pay for covered medical services and/or prescriptions each year. The out-of-pocket maximum does not include your monthly premiums. Medical care for an ongoing health condition, an expensive medication or surgery could mean you meet your out-of-pocket maximum.

What is the difference between medical deductible and out-of-pocket?

Essentially, a deductible is the cost a policyholder pays on health care before the insurance plan starts covering any expenses, whereas an out-of-pocket maximum is the amount a policyholder must spend on eligible healthcare expenses through copays, coinsurance, or deductibles before the insurance starts covering all …