Mediclaim Policy & How Is It Different from Health Policy
Mumbai, December 19, 2021
If you feel you are healthy in body and mind, you will have an unmatched feeling of happiness and confidence. But there is a difference between feeling healthy and being 100% sure about it. Even if you are sure that you are healthy now, there is no guarantee that you will be healthy in the future. It is better if you plan for yourself and your loved ones in the future and without stress. Not sure where to start? The best place to look is insurance companies.
In case of health problems, you can get the best help in two ways, one is Mediclaim and the other is health insurance plan. These two products are often confused by the public as the same thing. However,these two things are different and can help you in different ways for your medical needs. This article will guide you through these two products so that you can understand the difference and choose the one that suits you.
What is a Mediclaim policy?
Mediclaim is a health coverage policy that provides you with specific financial protection in the event of a medical emergency. Like all insurance policies, it has its own inclusions and exclusions. A Mediclaim policy covers the expenses of your hospitalization due to injury or illness. It covers all hospitalization expenses in these emergencies:
In case of accident
In case of sudden illness or surgery
In case of any surgery during the policy term
You can buy Mediclaim online the same way as you do every other type of insurance. With health insurance apps, you can buy policies from the comfort of your own home. You can claim coverage through Mediclaim in two ways. These two modes are Reimbursement Claim and Cashless Claim.
What is health insurance?
Health insurance is a policy that provides you with full coverage for medical and surgical expenses in an emergency. If you have health insurance, you will have to pay medical expenses out of your own pocket expenses, which will then be reimbursed by your insurance company or the insurance company will settle the bill directly at the hospital. The latter of two is usually better but depends on the provider you are buying the policy from and your claim details.
If you read the two explanations given above, you may think that medical insurance and Mediclaim are one and the same. However, this is not true. There are so many differences between the two products that they fit the right person.
Difference between health insurance and mediclaim
Mediclaim provides coverage for hospital expenses only. This means that you can only claim if you are hospitalized. Health insurance, on the other hand, provides comprehensive coverage that covers more than hospital costs. Some of these costs include an annual health check-up, daily hospital cash, OPD expenses and AYUSH alternative treatments. Hence, if you decide to have treatment at home or do not require to be admitted in the hospital at all, health insurance is the policy that would suit you best.
The coverage of these two plans is not the only point of difference between them. Their differences also include how you can interact with them. The best example of that is the approach they have towards add-ons. Even the best Mediclaim policy does not offer you the option of extending coverage through add-ons. Meanwhile, health insurance promotes policyholders to select add-ons that might make their coverage better. Health insurance gives you access to add-on covers such as Critical Illness Rider, Maternity Benefit Cover etc. Additionally, there is a limit to the amount of coverage you can have through Mediclaim. Generally, hospitalization cover in mediclaim is limited to ₹ 5 lakhs. However, health insurance coverage is much broader. You can have as much coverage as you can afford. The premium for such coverage is determined on the basis of age, city, number of members in a single plan, etc. Make sure to check out various health insurance apps, before making the final decision.
Considering all of the above, it is not difficult to choose one if you know what is best for you and your loved ones. So, it is wise to seek advice from those who have experience in purchasing either.
(Readers are advised to exercise due diligence and discretion before entering into any correspondence, investment, purchase, business dealings or any other decision on the basis of this content.)