Mediclaim vs. Health Insurance: Differences
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 don’t know where to begin, aren’t you? Fear not, we are here to assist you.
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 plan. We will provide you with information about both to aid in your evaluation.
What is mediclaim?
A health insurance policy called Mediclaim provides you with specific financial protection in the event of a medical emergency. When hospitalised, it 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 up front and then get reimbursed by your insurer, or the insurer will pay the hospital directly.
Both sound alike, don’t they? You’ll be shocked to learn the distinctions between the two, though.
Health Insurance vs. Mediclaim: Differences
| Mediclaim | Health Insurance |
| Mediclaim offers coverage against only hospitalization expenses; i.e you can only claim for this only if you’re hospitalized only. | Health insurance offers a comprehensive cover which further extends than just hospitalization expenses. Some of these expenses include annual health checkups, OPD expenses, daily hospital cash, and alternative treatments AYUSH, among others. * |
| Add-on covers are not available with mediclaim insurance. | There are several add-ons covers such as Critical Illness Cover, Infertility Cover, Maternity Benefit and, etc. * |
| The hospitalization cover under Mediclaim is limited and does not exceed Rs 5 lakh. | The health insurance cover is extensive and based on age, number of members, city, in a single plan, etc. |
| Mediclaim has no flexibility. | Health Insurance plans offer flexibility and can be customized too. |
Benefits of Health Insurance and Mediclaim
Advantages of Mediclaim
- When you are hospitalised, you might receive instant coverage for medical bills.
- If you choose a 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-hospitalization 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.
Should you purchase Mediclaim or Health Insurance?
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 mediclaim insurance and benefits
- Able to afford a high or reasonable premium
- Considering your age, stage of life, and physiological condition as well as that of your family
If you compare health insurance you will know which option will be better for you and your loved ones while keeping all the above-mentioned reasons in mind, picking one out of the two is not difficult. And don’t hesitate to contact us if you need more details! We are always there to assist you.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
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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.
