5 Things that Make Health Insurance Different from Mediclaim Insurance

5 Things that Make Health Insurance Different from Mediclaim Insurance

Many people often get confused with health insurance and medical insurance. The majority of us think these two are the same, while the fact is something else. You can only choose the right one when you know what it is. So let us discuss health insurance vs medical insurance.

Pre and post hospitalization cost

When you take a mediclaim policy, it will cover the hospitalization cost. The treatment of a particular treatment will be covered by it but to a limit. On the other hand, a health insurance policy is much broad-based. It covers various costs such as for diagnosis, consultation charges of doctors, and many more. In traditional mediclaim, these costs are not usually included.

Ambulance charges

If you have taken a mediclaim, you cannot get the ambulance charges reimbursed. However, when you have a health insurance policy, you can get the reimbursement for ambulance charges up to a limit. The health insurance company reimburses the cost.

Maternity benefits

Mediclaim covers the expenses of hospitalization for particular illnesses. If you are assuming mediclaim will cover your maternity cost or any medical treatment for the newborn, you are mistaken. If you want all these to be covered, you have to take a health insurance policy.

Cost and benefits

As mediclaim does not cover a lot of things, its cost is lower than a health insurance policy. The coverage of a mediclaim is restricted to INR 5 lakh. On the other hand, a health insurance policy covers a lot of things; thus, the premium costs are also much higher comparatively. However, when you buy a health insurance policy, the sum insured is also higher.

The number of claims

As you have a mediclaim policy, you can avail of several claims in a year until you end up exhausting the sum assured amount. When you have a health insurance policy, you can make one claim in a year.

If you are still confused about which one to go for, you first need to check if you want to go for reimbursement of your hospital bills or you would want the maternity benefits. If you want all of that, you must go for a health insurance policy. Nevertheless, before finalizing a particular health insurance policy, you need to do two things; first, use the health insurance premium calculator and the second is compare the health insurance policies. Using the health insurance premium calculator will give an idea of the kind of premium that you would be paying in the coming days. You will also be able to understand if you can manage your monthly budget without compromising on anything. Comparing the health insurance policies will give you an idea of the features as well as benefits that many policies offer. You can accordingly take your call.

Types of health insurance plans available in India

There are quite many types of health insurance plans that you can find in the country. Here are a few of them discussed below:

  • Individual health insurance plan: As the name suggests, the plan is for only the policyholder. Only the policyholder can avail of the benefits of this health insurance policy and no one else.
  • Family floater health insurance plan: A family floater health insurance plan offers benefits to all the members of the family. When you buy a family floater health insurance plan, you do not have to invest in separate plans for each individual in the family.
  • Senior citizens’ health insurance plan: This is the kind of plan that is for individuals who are in the age group of between 60 and 75 years. Under this plan, the coverage benefits include daycare expenses, cashless hospitalization, cover for specific diseases, etc.

Apart from these, there are several other types of health insurance plans that you can find on the IIFL website. You can explore the website, compare the various health insurance plans and choose one that suits your requirements.

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