Difference Between Mediclaim And Health Insurance Policy

As you begin your research before choosing the right health plan, two words are most likely to pop up in front of you, and they are mediclaim and health insurance. While these two words might look similar on the surface, they’re pretty different as you look further into it. Today, let us break the widespread misconception that mediclaim and health insurance are words that can use can use interchangeably. 

Read ahead to understand the difference between Mediclaim and Health Insurance Policy. 

What is a Mediclaim?

A Mediclaim is a type of insurance that offers cover to hospitalisation-related and treatment expenses and other specific illnesses. Under this type of health plan, you get compensation up to a particular amount based upon the specific sum insured. 

Mediclaim generally covers:

● Hospitalisations

● Specific diseases

● Accidents

● Surgery

Unlike a health insurance policy, a mediclaim is mainly restricted to hospitalisation expenses. There are two ways to raise media claims, either as reimbursements or as cashless claims.

What is a Health Insurance Policy?

On the other hand, health insurance policies give you complete medical coverage in the case of any medical emergencies. They are not restricted to hospitalisation expenses. Instead, they offer a comprehensive range for any trouble, including those of hospitalisation. Depending upon the policy chosen, your health insurance will also provide distinct beneficial features. 

Mediclaim vs Health Insurance

1. Pre and Post Hospitalization Expenses

A mediclaim offers only limited coverage. At the same time, health insurance provides broad coverage, including pre-and post-hospitalisation claims, covering expenses such as diagnosis, doctor’s consultation charges, etc. These aren’t expenses typically included in a mediclaim policy.

2. Add Ons Like Ambulance Charges

No add-on covers are available with mediclaim policies, such as ambulance charges, maternity benefits, or daycare procedures. On the other hand, with a health insurance policy, ambulance charges up to a particular amount are covered in the claim. It also covers daycare procedures where the person is not required to be hospitalised.

3. Sum Insured and Cost Benefits

The cost of a mediclaim policy is lower than that of a health insurance policy. The amount is mainly restricted to Rs.5 Lakhs. Health insurance with higher and more comprehensive coverage has an increased premium amount, offering more sum insured. 

4. Multiple Claims

Based upon the sum insured, multiple claims are possible in a year for mediclaims. In the case of a health insurance policy, one can avail of only a single share in a year. 

When it comes to shielding yourself and your dear ones, buying health insurance is always a priority. In today’s insurance market, there are several policies available, from which you could choose the most suitable health plan. There is no right or wrong insurance plan, and they are best picked based on the unique requirements of different individuals. However, you need to understand the other health plan options available and make the right choice. We’re here to help you choose better!