5 min read
Updated on Sep 29, 2022
There are no doubts about the need to take care of your health, particularly at a moment when people around the world are still recovering from the effects of a devastating pandemic. In India, the awareness surrounding health insurance plans has increased in the recent years. However, there is a common perception among the population on the difference between mediclaim and health insurance since they sound alike. In reality, both are distinct products that are used in different situations. To make them more transparent and to help you select the appropriate policy, let’s us try to throw some light on the mediclaim vs. health insurance debate that has been going on for a long time.
Mediclaim meaning Mediclaim insurance, is a kind of health insurance policy that helps reduce your costs by offering coverage to cover hospitalization costs for general ailments. In addition, it typically covers diagnostics reports, consultations of doctors with discharge certificates and treatment costs, medical bills, etc. It is also possible to get an exclusive Mediclaim policy for all members in your family, such as the spouse and children and parents as well as other members, for a specified amount, as it protects your whole family. In addition, it also provides tax benefits by Section 80D under the Income Tax Act, similar to the deductions that are available for premiums paid for insurance.
A health insurance policy is a kind of medical insurance that may be accessed either by a group or an individual to safeguard against growing medical costs. In this case, the insured gets reimbursed for hospitalization costs or receives cashless services when admitted to one of the hospitals within the network of the insurer. You can also choose the family floater health insurance that provides all-inclusive health insurance for all members of the family at a low cost. Because there is more coverage in the health insurance policy than a mediclaim insurance policy, it is more comprehensive.
To get a better understanding of what a Mediclaim as well as a health insurance plan is, we can discuss the difference between health insurance and medical insurance, which will assist you in deciding which one is the best to purchase.
e have tried to look into the difference between health insurance vs medical insurance to help you choose between mediclaim or health insurance and which one can be more beneficial. While both serve its purpose, it is the responsibility of the buyer to evaluate their requirements and select the one that is best suited for their needs. As the amount of lifestyle diseases is growing each day, we have a responsibility to safeguard ourselves and our family members in case of a medical crisis. If it is necessary to go to the hospital and avail treatment, it is imperative to possess a solid insurance plan in hand so that you don’t burn your pocket. And yes, the experts at PayBima can help you decide what mediclaim policy would best suit your needs.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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