Many people assume that mediclaim and health insurance are similar, but it is not. There are some differences in terms of coverages offered and premiums. If you are planning to buy a medical insurance policy, it becomes imperative to know the difference between these two types of policies.
Here is a detailed guide on what makes health insurance different from mediclaim. This will help you choose the best insurance policy that meets your medical needs.
What is a mediclaim insurance policy?
Mediclaim insurance provides financial coverage during medical emergencies. It is a pocket-friendly option, where you can receive monetary assistance only up to a particular amount to cover the expenses of in-hospital care. You can raise a claim to avail of the benefits of this policy (mediclaim insurance) during hospitalisation and when suffering from certain diseases.
What is a health insurance policy?
A health insurance policy provides coverage for a wide range of medical expenses. These include hospitalisation charges, consultation fees of doctors, accident, and surgery costs. You also get coverage for pre-and post-hospitalisation expenses and treatment of a variety of illnesses. This makes it more expensive when compared to mediclaim.
Also read: What is health insurance?
Check the difference: Mediclaim vs health insurance
Here is a quick read on the difference between health insurance and mediclaim:
|Offers comprehensive coverage for hospitalisation charges, pre-and post-hospitalisation costs, ambulance expenses, and so on. Also, you can claim compensation if there is a loss of income after an accident-caused disability.
|This plan covers the hospitalisation bill incurred during in-hospital treatment for accidental injuries and certain other pre-existing diseases.
|Flexibility to customise the policy
|You have the complete flexibility of increasing the policy coverage amount as per your need. You can avail of benefits like a cumulative bonus to increase the sum insured. Also, you can customise the policy as per your medical needs by adding coverages.
|There is no flexibility in changing the coverage amount. You will only receive financial coverage of up to the pre-set amount.
|Add-on coverage options
|You can add add-on covers to the policy such as personal accident cover, critical illness cover, maternity cover, etc.
|You do not have the option of adding riders/add-on covers to this plan.
|Critical illness cover
|Covers the treatment of certain critical illnesses such as cancer, kidney failure, and so on.
|You will not be able to claim coverage for treatment of critical illnesses.
|Number of claims limit
|You can claim multiple times till the sum insured amount exhausts. Also, you can receive a lump sum payment in case of accidental disability. However, number of claims allowed depends on the insurer’s terms and conditions.
|You have the option of filing multiple claims till the insured amount is remaining.
|It is not mandatory to get hospitalised to receive the health insurance benefit.
|It becomes mandatory to get hospitalised if you want to receive the mediclaim amount.
|It is high for a health insurance policy as you get extensive coverage.
|The premium amount is low for the mediclaim policy due to the relatively limited coverage offered.