How Is Mediclaim Different From A Health Insurance Policy?

Do you feel in good health? If so, congratulations! We’re glad for you. But are you certain that you will continue to be healthy in the future? No, not any of us. Making plans now will help you and your loved ones avoid worry in the future. You can get the best benefits in case of a medical emergency in one of two ways: either by possessing a mediclaim or a health insurance policy. We will provide you with a health insurance comparison about both to aid in your evaluation.

What is mediclaim?

A health policy in India called mediclaim provides you with specific financial protection in the event of a medical emergency. When hospitalised, the best mediclaim policy covers all the following costs;

  • Should there be an accident
  • During an unexpected illness or operation
  • In the event of any procedure while the policy is in effect

There are two sorts of medical claims: reimbursement and cashless.

How does health insurance work?

Health insurance is a type of insurance that provides full coverage for unexpected medical and surgical costs. If you have health insurance, you can either pay for costs upfront and then get reimbursed by your insurer, or the insurer will pay the hospital directly.

Both sound alike, don’t they? You’ll be surprised to learn the distinctions between the two, though.

Mediclaim vs health insurance – Differences between the two

Mediclaim Health Insurance
Mediclaim offers coverage only against hospitalisation expenses; that is, you can only claim for this if you’re hospitalised only. Health insurance Provides comprehensive coverage which extends More than just hospitalisation expenses. These expenses include annual health checkups, daily hospital cash, OPD expenses, and alternative treatments, AYUSH, among others. *
You cannot avail of add-on covers with mediclaim. * One can avail of numerous add-on covers such as critical illness cover, maternity benefits and infertility cover, etc. *
The hospitalisation cover in Mediclaim is limited and does not exceed Rs 5 lakh. * Health insurance coverage is very 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 easily customised as per needs.

Benefits of health insurance and mediclaim

  • When you are hospitalised, you might receive instant coverage for medical bills.
  • If you choose cashless mediclaim coverage, your insurer will pay the costs immediately.
  • If you choose reimbursement, the insurance will return your money. *

Health insurance advantages

  • Gives you complete protection
  • Offers you a variety of add-ons
  • To cover everyone in your family under a single family-wide health insurance plan, you can choose a family floater health insurance plan.
  • The costs of both pre and post-hospitalisation are covered.
  • Allows you to choose a critical illness cover
  • Benefits like outpatient, maternity, restoration, and other options are available.
  • You can select a special senior citizen health plan for your parents.
  • There are cashless claims accessible.

Which one, mediclaim or health insurance, should you purchase?

Your choice will be influenced by a number of elements, including:

  • Your economic situation
  • You and your family members are struggling with health difficulties
  • Regardless of whether you favour long-term or short-term planning,
  • Whether or if your health plan needs to be flexible
  • Whether you would require supplemental insurance and benefits
  • Able to afford a high or cost-effective premium
  • Considering your age, stage of life, and physiological condition as well as that of your family
  • If you know which option will be better for you and your loved ones while keeping all the above-mentioned reasons in mind.

On the surface, there aren’t many distinctions between mediclaim and health insurance, but a health policy in India offers more protection and more coverage when it comes to getting claims paid.

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.