Health insurance industry is growing with every passing day. More and more people become aware of the importance of having a health insurance. But, a few things need to be cleared in the insurance sector. Mediclaim and health insurance – the two words are using interchangeably. But the two concepts, though match to some extent, cover different areas of insurance. Mediclaim looks after the coverage area concentrated on hospitalization expenses while health insurance covers more than hospitalization.
People often purchase mediclaim instead of a health insurance policy to get complete healthcare benefits. This will land them into a big problem at the time of emergency. This is why knowing everything about the two is not only puts your investment in the correct field but also makes you relaxed when dealing with a worse situation.
The content clears your every doubt regarding the two and brings out a brief understanding that leads you to purchase the necessary policy as per your need.
You need to understand the coverage area of both plans. Mediclaim pays you only hospitalization expenses. The other costs remain unpaid by the company if you opt to a mediclaim policy. Health insurance policy comes with a promise to take care of every need during your medication. Other than hospital expenses, it often includes pre and post hospitalization costs into its coverage area.
Mediclaim policy follows an indemnity principle while paying you for the money you spend during your medication. This means it reimburses your treatment costs and makes up your loss. Health insurance provides you with many benefits like health insurance rider, critical insurance and more where you are paid a lump sum amount for your treatment.
In mediclaim plan, you can make claims as many as your sum assures allows you to do. Since health insurance plan comes up with different policies such as critical illness, accident rider and more, you can claim the entire sum assured during a policy year.
Things to be remembered:
Mediclaim only covers expenses related to hospitalization and treatments of pre-specified illness. The premium of such policy is determined by sum assured. Health insurance is wider than the mediclaim in terms of covering treatment areas. It offers critical illness plan that includes 30 critical diseases, and you can also claim the entire sum assured once in a policy year.
Discounts on premium will also be there if the sum assured limit exceeds 10 lakhs. Under a health insurance plan, you have flexibility in reducing the premium amount and sum assured.
A health insurance plan provides an array of benefits to its policy holders as compared to a mediclaim plan. But, mediclaim proves to be very beneficial to certain areas.