Difference Between Mediclaim and Health Insurance
Difference Between Health Insurance & Mediclaim Policy
“Physical fitness is the first requisite of happiness.” – Joseph Pilates
Undoubtedly a very deep message and a fact, health is the only essence required to live a long and happy life. There’s nothing more important than being in good health. Therefore, it is very important to stay covered with the best health policies to help you in the thick and thin of life.
However, when it comes to buying such policies and claims, most of the people tend to get confused with the wide number of available options in the market. Selecting the right insurance is a matter of medical emergency, therefore, when it comes to purchasing a health insurance plan, you should have an understanding of the same. Majority of people often incorporate health insurance and a mediclaim policy, missing on the important factors.
What Is Mediclaim?
Often referred to as mediclaim insurance, it is a tool that comes to your financial aid at the time of a medical emergency. Your mediclaim ensures proper coverage of the listed expenses when you are hospitalised:
- Cases of an accident
- Sudden illness or need for surgery
- Any surgery that takes place during the policy tenure
A Mediclaim is broadly classified into two types: Cashless and Reimbursement. Lastly, the amount of financial aid is directly linked to your claim amount.
What Is Health Insurance?
Health insurance is more like an insurance cover that provides you with complete coverage for medical and surgical expenses in the events of emergency. Having health insurance provides you with the option of either allowing your insurance company to settle your medical bills or let you pay the bills that you can later reimburse from your insurance company.
Sounds confusing right? Let’s have a detailed look into both of them.
Health Insurance v/s Mediclaim Policy
| Points of difference | Health Insurance | Mediclaim Policy |
| Definition | Health insurance is a tool that provides you with a comprehensive 360-degree cover that is not limited to hospitalization expenses. | Mediclaim ensures cover against your hospital expenses only under the events where you are hospitalised. |
| Range Of Coverage | Health insurance offers broader coverage of different types of illness and treatments. | Mediclaim policies only cover your medical expenses under limited cases. |
| Add-Ons | Health Insurance adds several add-on covers for the benefit of its customers. | Mediclaim Policy does not allow provisions for add-on covers. |
| Number Of People Insured | Health Insurance is limited to a person. However, different members can be added under different schemes. | Mediclaim policies allow the addition of family members under one cover. |
Benefits Of Opting Health Insurance
The benefits the a person avails when s/he opts for a health insurance are listed below:
- Coverage: Having a Health Insurance provides you with 360-degree coverage and protects you with comprehensive insurance coverage.
- Discounts: Health Insurance provides several benefits at the time of renewal, known as ‘Claim Bonus’.
- Co-Payment Options: Leading health insurance providers also provide customers with co-payment options. It is an effective functionality to reduce some amount of insurance premium.
- Tax Benefits: Health Insurance offers tax benefits under section 80 D of the IT act.
Benefits Of Opting Mediclaim Policy
The customers of the Mediclaim Policies usually get the following benefits:
- Immediate Coverage: Mediclaim Policy allows its holders to utilize immediate coverage from all the medical expenses that are incurred under hospitalization.
- Pre-Defined Sum: Mediclaim policies offer a pre-defined sum that needs to be paid by the insurer.
- Tax Benefits: Mediclaim Policy offers tax benefits under section 80D of the IT Act 1961.
Conclusion
Choosing between a Health Insurance and a Mediclaim Policy can be confusing when you are trying to come up with the best coverage tool. You should always keep factors like the financial situation and coverage amount required before you decide to select the ideal healthcare needs for your family.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
