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Things Millennials Need to Know About Mediclaim Policies

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June 18, 2018
Buying an insurance policy can be confusing and if you are a millennial then its a different challenge all together. Studies indicate that even technically smart, college educated people have trouble navigating through a health care policy.

If you are a millennial thinking of buying a health insurance policy, here are a few things you need to know in order for you to understand mediclaim better:

  • Deductible-

    This is the amount you have to pay before your insurance kicks in. If your deductible is Re 5000, the insurance will only start after you have spent that amount. The policy will cover bills after the deductible has been spent by you.

  • Coinsurance-

    When you buy a mediclaim policy, you co share it with the company. Coinsurance is your share of the insurance. Its almost always around 20%.

  • Premiums-

    These are payments you make to maintain your policy.

  • Copay-

    Copay is typically a flat fee you pay. Copays are often necessary when purchasing prescription medications. If you see a doctor regularly for a chronic health condition and are on medication, look for a plan that has low copays for those visits and for your prescriptions.

  • Time to buy a policy-

    The best time to buy a policy is now. The sooner you begin, the cheaper it will be for you.

  • Mediclaim through employer-

    While it may be considered less expensive and nice to have a policy through ones employer, but the truth is that the cover is inadequate. Its also not transferrable, meaning with a new company, you may end up with a lesser cover. Its always sensible to invest in your own health plan.

  • Factors-

    A mediclaim or a life insurance policy covers various factors like your age, occupation, habits, hobbies and lifestyle and health before deciding on the best policy, premium and cover.

HDFC Life provides you with a lot of options in health insurance sector. Choose a policy as per your requirement and risk appetite.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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