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Health

Unleash the Difference Between Health Insurance and Mediclaim Policy

Most people who seek a health insurance plan contemplate choosing between a health insurance plan and a mediclaim policy. Although both of them promise to provide health covers, they are entirely different from one another.

Health insurance is a more diversified version of financial protection relating to health. On the other hand, the latter offers more specified financial protection against health-related expenses. Let us discuss them in detail as we read below!

What Is Health Insurance Policy?

You may have heard of auto insurance covers that provide financial protection for your car in case of an accident. Health insurance covers are practically the same. These are health-related covers that offer financial security to the insurer. As with any kind of insurance, health insurance is an investment made over time with the goal of continuing your coverage in order to protect your hard-earned savings from being expended on medicines, ambulance rides, hospitalization, doctor consultations, and more.

Features of Health Insurance Policy

Cashless medical treatment: Every health insurer has tie-ups with a network of hospitals across the country. In case you are admitted to any of these ‘empanelled hospitals’ you need not pay anything for your treatment. Your insurer and hospital will take care of all your costs after you provide your policy number. Cashless claims are preferred in a health insurance policy due to the no hassle claim disbursement and documentation process.

Coverage both Pre and Post Hospitalization: Health insurance today offers its clients coverage beyond their hospitalization costs. Nowadays, there are pre and post-hospitalization expenses that are covered by traditional health insurance. Good health insurance plans also cover the cost of medicines, doctor consultations, ambulance charges, and more.

No Claim Bonus: Some health insurance policies offer their policyholders the benefit of a no-claim bonus. As the name suggests, if no claim has been filed in the prior year of holding the policy, one is likely to receive a bonus in the form of a discount on their premiums or an increment in their coverage. Once you renew your policy, you get the avail of the no claim bonus.

Medical Checkup Facility: When one opts for a health insurance plan that they need to use, they are also entitled to regularly getting medical check-ups. Some insurers offer this facility as part of one’s health plan.

Co-payment: Some policies offer the option to copay, where the voluntary deductibles are predefined. This means the customer simply needs to pay a pre-defined amount of their bill. Once the pre-decided amount is exceeded, the insurer will cover the remaining payment. With a copayment facility, you can reduce the cost of your premiums significantly.

What Is Mediclaim Policy?

Mediclaim policy deals with specified financial protection against health-related expenses. That is why you have to be careful before buying a mediclaim policy with a few health risks in mind. They are a great way to deal with any health-related emergency. However, their coverage is specified to hospital expenses. Other expenses may have to be borne by the insured themselves. You can obtain these policies along with tax benefits to have a financially secure experience.

Features of  Mediclaim Policy

Coverage

The hospitalization expenses borne due to an accident or a specific set of illnesses are accounted for under mediclaim insurance.

Sum-assured

A mediclaim insurance plan will have a pre-approved amount set aside for such injuries and illnesses that may arise.

Cashless Hospitalisation

Now, you do not have to worry about looking for a less-expensive hospital to accommodate any family member suffering from a critical health problem. If the health problem is available in the mediclaim policy list, you can immediately admit them to the hospital without worrying about bearing the financial costs yourself.

Types of Plan

Mediclaim insurance can be set up for an individual or as a family floater plan which would include the spouse of the policyholder, their dependent children and their dependent parents.

The Bottom Line

Both health insurance and mediclaim policy provide different features. Before you opt for either of them, keep in mind to consult an expert or perform extensive online research to select the best one for yourself.

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