MediClaim Information
The term MediClaim is generally used to describe a form of insurance that pays for medical expenses. MediClaim is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs. MediClaim may be provided through a government-sponsored social insurance program, or from private insurance companies. MediClaim may be purchased on a group basis (e.g., by a firm to cover its employees) or purchased by individual consumers.
A MediClaim policy is a contract between an insurance company and an individual. The contract can be renewable annually or monthly. The type and amount of health care costs that will be covered by the health plan are specified in advance, in the member contract or Evidence of Coverage booklet. By estimating the overall risk of healthcare expenses, a routine finance structure can be developed, ensuring that money is available to pay for the healthcare benefits specified in the insurance agreement.