Health Insurance

What is The Difference Between Mediclaim Insurance and Health Insurance?

The rising cost of healthcare has compelled people to think about taking up plans that can take care of their emergency medical care costs. Major insurance providers across the country offer several…

The rising cost of healthcare has compelled people to think about taking up plans that can take care of their emergency medical care costs. Major insurance providers across the country offer several different types of plans that are meant to cover your health. Well, if you have insured your life, it is only logical to think of a health plan that looks after your unexpected medical costs.

You must be well acquainted with the term ‘health insurance’. Health insurance policies are often confused with Mediclaim policies. Though you may assume the both to same, there are significant differences in their structure and benefits. Mediclaim plans are meant to meet your hospitalization and medical expenses to a pre-specified limit only. Health insurance benefits, on the other hand are much more comprehensive than Mediclaim policies. So, it is very important to understand that what is the difference between Mediclaim insurance and Health insurance.

Assessing Your Health Needs - Mediclaim or Health Insurance Plan

Whether you are a healthy individual or an individual with pre-existing medical conditions, deciding between Mediclaim best policy and health insurance is of utmost importance so that you don’t have inadequate medical coverage. Here are some of the factors which you should keep in mind before zeroing on a Mediclaim plan or Health insurance policy.

Decide on Your Insurance Expectations: If you are looking for a comprehensive health plan that allows you to relax, best health insurance policies are there to meet treatment costs and pre/post-hospitalization costs.

How Much Are You Willing to Put In?: Health insurance and Mediclaim premiums differ in values, according to the coverage provided. Depending on the premium, you can extend the limit of health insurance sum assured. Mediclaim insurance premiums are lower since they offer coverage only for a year.

Look for The Right Cover: Health insurance policy online can provide you a longer health cover, depending on the plan you choose. Mediclaim insurance must be renewed every year to continue receiving pre-existing disease and accident cover.

Major Difference Between Mediclaim Insurance and Health Insurance Policy

To avoid being confused by the terms Mediclaim and Health Insurance plans, let’s take a look on what is the difference between mediclaim insurance and Health Insurance:

Hospitalization: Mediclaim policy benefits payout hospitalization costs due to accident-related admission and hospitalization due to pre-specified diseases, up to the specified limit only. This also includes daycare hospitalization, hospital accommodation, investigative tests and doctor’s fees. Health insurance cover extends to all pre and post-hospitalization costs along with the hospitalization charges. Depending on the type of health insurance plan benefits, you can also be free from the burden of costs that go beyond hospitalization, like ambulance expenses and expenses for income lost due to hospitalization.

Treatment Expenses: Mediclaim policy for family and individuals meet hospitalization related medical costs for treatment of only specific diseases as mentioned in Mediclaim policy details. Health insurance plans online can be taken up to provide comprehensive health coverage against the treatment of 30+ critical illnesses.

Sum Assured: The optimum Mediclaim policy sum assured can be Rs. 50 lakhs only. The best health insurance policy can be chosen to provide the maximum sum assured of Rs. 6 Crores annually.

Critical Illness Cover: Critical Illness Rider offers additional coverage for 30+ critical illness including diseases like kidney disease, cancer, stroke etc. This is available on payment of extra premium along with the main policy. This additional cover is not listed on Mediclaim features list. However, you can opt to buy this coverage along with a health insurance plan to receive optimum coverage and complete safeguarding of health emergencies due to the listed diseases.

Reimbursement: By taking up a Mediclaim plan, only your actual hospital expenses incurred due to hospitalization from specific diseases or accident, is taken care of by the insurer. Reimbursement is done within 90 days from claiming. Cashless facility is also available for insured. Whereas, if you insure your health with a health insurance policy, you are eligible to receive a lump sum amount for hospitalization and treatment.

Policy Claims: Mediclaim policy claims can be made until the maximum amount specified by the plan is exhausted. Health insurance policy claims can be made only once during the health insurance tenure since the payment is made completely.

Bonus/Discounts: Payment during Mediclaim policy purchase can beget you some discounts. Taking up Mediclaim insurance online enables you to enjoy greater discounts from various insurance companies. Other rewards can be loyalty benefit and no-claim bonus.

Health insurance premium payment and policy renewal can reward you with additional discounts. You can even get free health check-up every few claim-free years. Insurers offer lower health insurance premiums for buying health insurance online.

Whatever plan you decide on, plan comparison among the best Mediclaim and health insurance providers can give you adequate health cover while taking care of your wallet too.

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