Difference Between Mediclaim and Health Insurance Explained
Do you think you are healthy? Well, if yes, we are happy for you. But are you 100% sure you will be healthy in the future too? No, none of us are. It is better to plan for yourself and your loved ones and be stress-free in the future.
You don’t know where to start from right? Don’t worry, we are here to help you😊
There are two ways in which you can avail the best benefits in case of medical emergencies, one way is having a Mediclaim and other is to have a health insurance plan. We will explain you about both which will help you evaluate better.
What is Mediclaim?
Mediclaim is a health insurance policy that gives you specified financial protection at the time of medical emergency. It takes care of all the following expenses when hospitalized;
- In case of an accident
- In case of sudden illness or surgery
- In case of any surgery during the policy tenure
There are two types of Mediclaim-Cashless and Reimbursement.
What is Health Insurance?
Health insurance is an insurance cover that gives you complete coverage for medical and surgical expenses in case of emergencies. If you have a health insurance, you either pay expenses out-of-pocket which is later reimbursed by your insurance company or the insurance company settles the bill directly with the hospital.
Both sounds similar right? But you will be surprised to know the differences between the two.
Difference between Health Insurance and Mediclaim
| Mediclaim | Health Insurance |
|---|---|
| Mediclaim gives coverage against only hospitalization expenses; i.e you can only claim for this if you’re hospitalized only. | Health insurance offers a comprehensive cover that extends further than just hospitalization expenses. Some of these expenses include annual health checkups, daily hospital cash, OPD expenses, and alternative treatments AYUSH, among others. |
| There are no add-on covers with Mediclaim. | There are numerous add-ons covers such as Critical Illness Cover, Maternity Benefit and Infertility Cover, etc. |
| The hospitalization cover in Mediclaim is limited and does not exceed Rs 5 lakh. | The health insurance cover is extensive and is decided based on age, city, number of members in a single plan, etc. |
| Mediclaim is not flexible. | Health Insurance plans are flexible and can be customized too. |
Benefits of Mediclaim & Health Insurance
Benefits of Mediclaim
- You can get immediate coverage from medical expenses when you are hospitalized
- If you opt for Cashless Mediclaim policy, your insurer directly pays for the expenses
- If you opt for Reimbursement, your money will be reimbursed by the insurer
Benefits of Health insurance
- Gives you a comprehensive coverage
- Provides you with numerous add-ons
- You can opt for a Family Floater Health Insurance plan to cover all family members under one collective health insurance policy.
- Pre and Post hospitalization expenses are covered
- Gives you the option to opt for a Critical Illness cover
- You can opt for benefits like Outpatient benefit, Maternity Benefit, Restoration benefit, etc.
- For your parents, you can opt for a specific senior citizen health plan.
- Cashless claims are available
Which one should you buy, Mediclaim or Health Insurance?
Your decision will depend on several factors, such as:
- Your financial condition
- Health issues you and your loved ones are dealing with
- Whether you believe in long term or short term planning
- Whether you need flexibility in your health plan or not
- Whether you would need add-on covers and benefits
- Willing to pay high or low premium
- Keep in mind yours or your family members age, life stage, medical condition
Choosing one out of the two is not difficult if you know what will be best for you and your loved ones keeping all the factors mentioned above in mind. And if you need more information, get in touch! We are always ready to help you.
Important: Learn more about the benefits & what's covered in Coronavirus Health Insurance