Mediclaim vs Health Insurance: Do you understand the difference between the two? Know which one should choose?
The cost of treatment in illness or any medical emergency is increasing wildly. In such a situation, it is prudent in purchasing health insurance (health insurance) or mediclaim policy to protect your health and financial welfare. However, many people use these two words i.e. Mediclaim and Health Insurance, and consider them the same. While there is a difference between these two. Both health insurance and mediclaims provide coverage for medical expenses, they are quite different in terms and facilities. Come, let’s know how much there is a difference between these two.
What is mediclaim
Mediclaim is a type of insurance (insurance) that especially covers hospitalization expenses. For example, a person is hospitalized due to some illness or accident. In that case, his mediclaim policy will cover the room expenses, doctor’s fees, ICU expenses and nursing care to the insurance amount. Unlike comprehensive health insurance schemes, Mediclame focuses only on hospitalization. That is, it will not provide coverage for outpacement treatment or hospitalization before and after hospitalization.
What is health insurance
Health insurance provides you coverage for medical expenses if you get sick or need treatment. According to Tata Capital, it provides a financial security trap, ensuring that whenever you need, you get good quality medical care without worrying about heavy bills. Cover the costs of hospitalization, doctor’s consultation, surgery etc. on the basis of health insurance policy. Some schemes provide decare procedures, ambulance fees, maternity expenditure, treatment of serious illness and other coverage.
Understand the difference between the two here
Coverage
Mediclaim policy only covers the expenses of hospitalization in the event of illness or accident, while Health Insurance (Health Insurance) Policy provides extensive coverage, including hospitalization, OPD, before and after hospitalization, expenses, decare treatment etc.
Add on
Mediclaim policy lacks flexibility and there is no additional coverage option, while health insurance also provides various additional benefits such as serious illness cover, maternity benefits, personal accident cover, disability etc.
Serious illness profit
Mediclaim policy does not provide dedicated coverage for the treatment of serious illness, while health insurance also provides coverage for serious diseases like cancer, kidney failure, heart disease, etc.
Need to be hospitalized
It is necessary to be hospitalized to claim a mediclaim policy, as expenses are covered only when you are hospitalized, while health insurance is not always necessary to be hospitalized, as the policy includes some treatment and procedures without hospitalized.
Insurance amount (sum assured)
Mediclaim policy usually contains the sum assured amount of up to Rs 5 lakh, while the health insurance offers high coverage options, which usually starts from Rs 2.5 lakh to Rs 1 crore or more.
Strength
Mediclaim policy is more economical due to limited coverage, while health insurance comes with more premium but provides extensive financial security.
Whose choice is to be done better
According to Tata Capital, both Mediclaim and Health Insurance provide your financial protection in medical emergency. But for whom to choose them, you have to pay attention to some things. For example, if you want to cover the expenses of basic hospitalization at low cost, then Mediclaim is a more economical option. Think about what kind of security you need. If you just want coverage to be hospitalized due to illness or accident, then the mediclaim will be sufficient. If less coverage of up to Rs 5 lakh is sufficient for you, then choose Mediclaim. But if you want more comprehensive financial coverage, buy health insurance. Both mediclaims and health insurance fulfill different purposes, so the selection of correct insurance depends on your budget and medical requirements.
Latest business news
