Mediclaim malfunction maladies

Did you know that you get different rates for the same surgery if you go as an uninsured person, or if you go with your own cover or if you go with a group cover? Rates vary across insurance firms as well. I had heard of it, but had not got proof in my hand. Last week, I bumped into a neighbour who is scheduled for a minor surgery. He went to a big south Delhi corporate hospital chain and asked for an estimate. He presented his individual policy since he was not sure his group policy was valid as he was between jobs. He got an estimate of Rs1.16 lakh. Then he found out that his office policy was valid after all. Returned a day later to ask the same question on estimate, but this time presented his group policy. The estimate was Rs 69,300. I have both the documents with me. The individual policy was from a private stand-alone health insurance company and the group policy from a public sector insurance firm.

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Buying mediclaim is hard but harder is to know if it is any good

Quick, do the math. If it takes you two hours to read one policy brochure and there are 65 brochures, how much time will you spend reading? 130 hours, or a 16 eight-hour days. What, you have a day job and need to work? Skip your TV and workout and spend two hours a day reading them and you need 65 days. By which time there will be another few products in the market and your attempt to be a literate consumer who looks at disclosure statements and reads the policy documents before buying a medical insurance plan will remain undone. If you had other products to buy, such as life insurance, investment plans, home loans, you should pretty much leave everything else and just reach for the brochures.

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