Health insurance and Mediclaim are two of the most common types of insurance. Both are designed to financially support individuals and families with medical expenses. Although the terms are often used interchangeably, there are subtle differences between the two.
Health insurance covers all types of medical expenses, including preventative care, while mediclaim is designed to pay for specific medical expenses. In this article, we will delve further into the differences between these two insurance policies and how they can help you cover medical expenses.
What is health insurance?
Health insurance helps individuals and families ensure their financial security while receiving the medical care they need. It’s one of the most important investments people can make in their overall health and well-being.
Health insurance typically covers preventative measures like annual checkups, routine vaccinations and other checkups, as well as more serious medical care like surgery, hospitalization, and prescription medications.
Health insurance can give you peace of mind knowing that your medical expenses are covered in the event of a medical emergency. It also helps individuals and families plan for medical expenses, as health care costs can be expensive and unpredictable.
What is mediclaim?
A Mediclaim policy is a type of health insurance that reimburses the policyholder for medical expenses incurred in treating an illness. It is intended to offer financial security against the enormous costs of medical treatment, especially in the event of serious illnesses, accidents or chronic health problems.
As part of a mediclaim policy, the policyholder can submit the medical bills to the insurance company for payment or opt for cashless treatment. With this option, the insurance company and the hospital administrator must settle medical bills between themselves without the policyholder having to pay a penny.
How does health insurance differ from mediclaim?Coverage
Health insurance covers a variety of medical expenses, including checkups, doctor visits, diagnostic tests, and medications. On the other hand, mediclaim is a type of health insurance specifically for hospital stays. It covers the cost of hospitalization, treatment and related expenses.
Mediclaim insurance plans do not provide regular monthly payments if the policyholder is diagnosed with a serious illness or condition. On the other hand, some health plans provide a regular monthly payment from the base amount insured if the policyholder is diagnosed with a predetermined serious illness or condition over a specified period of time.
Mediclaim insurance plans offer a cashless option, ie direct reimbursement to the healthcare provider, only at network hospitals. In non-networking hospitals, you have to pay and the insurer reimburses you later. On the other hand, the health insurance companies pay the money directly to the insured person, often even before the treatment.
Addons and tabs
Health insurance companies generally offer more customization options than mediclaim. Drivers can be added to health insurance to personalize coverage and meet individual needs. These drivers may include additional coverage for certain medical conditions, hospitalization, and even long-term care. In contrast, Mediclaim plans generally do not offer drivers and are more limited in their coverage options.
Health insurance and Mediclaim are two different types of insurance plans designed to provide financial protection for medical expenses. While both plans can help you cover medical expenses, it’s important to consider your individual needs and priorities when choosing the right insurance plan for you.
85% of respondents would consider cutting back on some luxury items in order to spend more on health insurance