4 min read
Updated on Dec 27, 2022
Mediclaim policy and Health Insurance policy are the two terms that are often confused with each other. In layman’s words, they are both related to medical insurance that provides financial coverage to the policyholders at the time of a medical emergency. Despite this resemblance, some major factors highlight the differences between them. Let us compare mediclaim vs health insurance.
A Mediclaim Policy is a kind of health insurance that covers the insured members, financially in case a medical emergency arises. The policyholders can either choose for reimbursement or direct bill settlement of the expenses incurred on the hospitalization due to accident, critical illnesses, or surgeries.
Health insurance meaning is an insurance policy that provides wider coverage to its policyholders when he/she is stuck in a medical emergency. The comprehensive coverage offered under a health insurance policy can include much more than just hospitalization expenses, like coverage for critical illnesses, alternative treatments, daycare procedures, and others.
Let’s see this table to understand the mediclaim and health insurance differences:
|Difference In||Mediclaim||Health Insurance|
|Coverage||Provides coverage on hospitalization charges of the insured. Can also cover critical illnesses up to a certain limit.||Provides comprehensive coverage to the insured and bears the expenses of in-patient hospitalization, outpatient charges, medical tests, etc.|
|Pre & Post hospitalization charges||Does not cover.||It covers the expenses, depending on the type of plan chosen.|
|Ambulance charges||Does not cover||It Covers ambulance expenses up to a certain limit.|
|Daycare procedure||Does not cover
(Mediclaim only covers for the hospitalization charges, thus will not bear the charges of daycare procedures)
|Covers for the patient’s daycare treatments like cataract surgeries, maternity-related treatments, diagnosis, etc.|
|Co-payment facility||Not permitted||Permitted|
|Cost and Benefits||With lesser benefits offered, Mediclaims are available at low costs. Mediclaims generally provide coverage up to INR 5 lakhs.||Health Insurances offer wider coverage under comprehensive plans and demand higher premiums with increased S.I options.|
|Number of Claims allowed||Under a Mediclaim policy, you can make numerous claims in one policy year until the limit of sum assured, exhausts.||Generally, a Health Insurance policy allows you to make only one claim per year.|
|Flexibility||Rigid plans with almost no variety or customization||Numerous health insurance plans are offered to suit the requirements of all with additional features and extra benefits.|
You have now seen that both Mediclaim Insurance and Health Insurance have their own pros and cons. Therefore, you should analyze your budget, requirements and the number of members to be insured, before investing in either of them.
If you are someone who cannot spend much on premiums but also does not want to overlook your family’s health, then opting for a Mediclaim can be a good choice. However, if you want wider coverage for your loved ones and afford the premium costs, then you should go for a suitable Health insurance policy. So, apart from your financial condition, there are certainly other factors that you can keep in mind before making a choice:
There are certain basic differences between mediclaim and health insurance, nevertheless, both of them will stand out for you financially when you are in a medical emergency. Whether you invest in a Mediclaim or a Health Insurance policy, it is important that you at least have some source to cover your expenses in an unfortunate situation. After all, an emergency can never be predicted, and in such a situation you would have to dig into your savings unless you have a strong backup plan.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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.
In recent times, wellness benefits have become a part of the regular health insurance policies as offered by several health insurance providers. Let’s take a.
World Cancer Day aims at educating people and spreading awareness about detecting cancer and its prevention and treatment. Let us get further details about World.
Started by the Rheumatoid Patient Foundation, the Rheumatoid Arthritis Awareness Day is observed every year on 2nd of February to make people aware about this.
A limb lengthening surgery, commonly known as height increasing surgery, is done to rectify any discrepancies in the legs in terms of length. Let us.
Did you know India is one of the countries in the world with the highest number of Asthma patients? Out of 10 patients, one is.
No matter how planned our life is, health issues never come announced. And a stay at a hospital even for a day can sometimes make.
The stiff competition and the day to day hurdles in a student’s life make them vulnerable for several mental and physical stress and illnesses. Hence,.
Have you ever thought of a situation where you or any of your family members is facing a severe health situation requiring a huge expense..
Corporate health insurance policy and family-floater health insurance plans are two different plans that are different from each other in several ways. Let’s take a.
Mental illness is a serious health condition that is hardly being talked about in India. Even the health insurance providers are not giving much attention.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.