How to Compare Mediclaim Policies

Mediclaim is one of the many social safety nets in India. India's government subsidizes health insurance for individuals between the ages of 5 and 80 through their work or through four nationwide health insurance companies: Oriental Insurance, New India Assurance, National Insurance Company and United India Insurance. With the subsidies, these health insurance companies are able to provide health coverage that could cost up 500,000 rupees with premium payments as low as 175 rupees a year. Even with just four health insurance companies, Indian citizens have a lot of options to compare and contrast the specific Mediclaim policies each provides.

Instructions

• 1

  Calculate how much you ideally want to pay. No matter what, you must pay a premium annually for Mediclaim. The most affordable rate is around 170 rupees. Knowing your annual budget beforehand will help you know what you can get.

• 2

  Ask your employer for your company's health insurance plans. Each company in India may work with the four central insurance companies or smaller, private companies. Your options are more limited through your employer, however, since Mediclaim will only subsidize the insurance programs your company works with.

• 3

  Contact your local health agency for insurance booklets. This is if your employer does not provide Mediclaim subsidized insurance. You are then entitled to enroll through the four major health insurance companies that work directly with the federal government.

• 4

  Analyze each plan's scope. Mediclaim will cover you as an individual or your whole family depending on how much your company reimburses the government and your premium rate.

• 5

  Weigh the options of high coverage for all hospitalization visits or general care. Mediclaim's benefit is that it covers a high level of payment for hospital care and emergencies. However, you may want to consider a lower premium plan that will provide only general health care and routine doctor visits.

• 6

  Decide the extent of coverage you want. Mediclaim will want the specific names and relations of people you want underneath your plan. The number of people under your plan will impact your premium rate.

• 7

  Investigate whether you can be covered on the Family Floater Plan. The plan is a two-tier plan that Mediclaim provides under all insurance companies. One tier includes everyone in your family except dependent parents. The other tier covers up to six members of your family, which can include in-laws.

• 8

  Consult brokers if you need further help with details. Health insurance is usually a complex and managerial subject. It is recommended by some health insurance consultants that citizens consult brokers who can find them the best insurance rate from insurance company options.