Mediclaim Policy vs Health Insurance: Know the difference; what to chose

Mediclaim Policy vs Health Insurance: Many people consider health insurance and mediclaim to be the same and due to this confusion, buy mediclaim instead of health insurance. If you are also making the same mistake, correct this mistake today and know the difference between them.

The time of Corona has taught people that we must include medical cover in our portfolio.

Nothing can be said as to when and what kind of situations someone will face in the future in terms of health.

If you are not prepared for this in advance, you may have to suffer huge financial loss.

This is the reason why now people buy health insurance.

But many people consider health insurance and mediclaim to be the same and due to this confusion, they buy mediclaim instead of health insurance.

If you are also making the same mistake, correct this mistake and know the difference between them.

What is health insurance?

Health insurance provides you with a comprehensive coverage.

This also includes pre- and post-hospitalisation expenses, daycare, OPD expenses, etc.

The company bears this entire expense as per the policy.

In health insurance, you can get many types of additional covers add-on like serious illness, maternity benefits and infertility cover.

Insurance provides both medical and surgical coverage.

Health insurance plans are flexible and can be managed as per individual needs. Cashless treatment is also available in health insurance.

What is Mediclaim?

Mediclaim is an insurance policy in which you get cover only when you are admitted to hospital.

In this, you do not get the facility to get additional cover add-on.

In most cases, the maximum cost of hospitalisation is up to Rs 5 lakh.

However, the maximum cover depends on the insurance provided.

It also has less flexibility as compared to health insurance.

If you have a mediclaim, you can submit your bills to the insurance company to pay the expenses, or you can choose the cashless option in the mediclaim policy.

Mediclaim vs health insurance, what to choose?

Due to the lesser cover of Mediclaim, it is cheaper than health insurance.

But according to experts, we should choose comprehensive health insurance.

While taking health insurance, it is very important to compare the coverage, services, benefits and premium offered by different companies.

Individual insurance needs may vary, so you should buy the insurance plan that fits your budget and needs.