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Health Insurance vs Mediclaim

 TMany individuals are seemingly confused between health insurance and mediclaim insurance, leading them to think that they’re one and the same. However, that’s simply not true.

 

Although a few of their benefits may overlap, they do have a lot of differences between them. And that’s what we’re going to delve into in this article.

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What is Health Insurance?

Health insurance is a comprehensive insurance policy that covers a plethora of expenses including pre-hospitalisation costs, treatment costs, post-hospitalisation costs, transportation costs, and maternity-related costs. Many health insurance policies even cover out-patient procedures and surgeries as well.

In a health insurance policy, you can choose the amount of coverage that you think you will need. For instance, you can even opt for health insurance coverage to the tune of Rs. 1 crore to Rs. 1.5 crores as well.

What is Mediclaim Insurance ?

Mediclaim insurance, on the other hand, is an insurance policy that only covers hospitalisation expenses and the treatment of certain diseases. Not only does this policy offer limited coverage, the amount of coverage is also quite lower compared to a typical health insurance plan.

Differences between Mediclaim Insurance and Health Insurance

Now that you’ve been introduced to health insurance and mediclaim insurance, let’s take a look at a few differences between both the plans.

Particulars

Health Insurance

Mediclaim Insurance

Coverage

Health insurance covers a wider range of expenses including pre- and post-hospitalisation expenses, ambulance costs, OPD costs, and even covers loss of income due to accidents or diseases.

Mediclaim insurance only covers expenses incurred during hospitalisation.

Add-ons

You can extend the scope and amount of coverage in a health insurance plan by opting for add-on covers at the time of purchase.

Mediclaim insurance doesn’t offer any add-ons or riders that you can opt for.

Amount of Coverage

The amount of coverage offered by a health insurance plan is quite high and can even go up to Rs. 1 crore or more.

The amount of coverage in a Mediclaim insurance plan is usually low at around Rs. 5 lakhs or lower.

Customisability

Health insurance plans offer a greater amount of flexibility in terms of the amount of coverage, the tenure, policy terms, and even premiums payments.

Mediclaim insurance doesn’t offer any level of customisability.

 

Benefits of Mediclaim and Health Insurance

Although reading through the differences of health insurance and mediclaim may cause you to gravitate towards one over the other, you should understand that both of them have their own set of benefits and use cases.

Here’s a quick look at the kind of benefits offered by both mediclaim and health insurance plans.

Mediclaim Insurance Benefits

  • Provides immediate coverage during sudden or planned hospitalisation.

  • Offers cashless claim settlements in network hospitals, reducing your financial burden.

  • Allows reimbursement claims, where you can submit hospital bills and get them reimbursed to you.

Health Insurance Benefits

  • Provides a more extensive and comprehensive coverage for a wide range of expenses.

  • Offers the ability to extend the coverage through top-ups.

  • You can choose between individual health insurance or family health insurance.

  • Provides both reimbursement claims and cashless claim facilities.

Things to Know Before Buying a Mediclaim or Health Insurance Plan in India

Now, before you go ahead and purchase a mediclaim or a health insurance plan in India, there are certain things that you should keep in mind. Here are a few of the things that you should know and account for before you make your purchase decision.

The Type of Plan

Firstly, you should decide on the type of plan that you wish to opt for. Health insurance plans, for instance, offer both individuals plans as well as family insurance plans as well.

So, it would be prudent for you to first decide upon whether you wish to just insure yourself or your entire family.

The Amount of Coverage

Once you’ve decided on the type of plan that you wish to go for, the next step is to decide the amount of coverage. The higher the amount of coverage you opt for, the better.

However, as you increase your coverage, the premiums will also see an increase. So, that’s something that you should account for as well.

The Extent of Coverage

While you’re deciding the amount of coverage, it is also a good idea to take the extent of coverage that you want into account as well.

While some may want a more comprehensive coverage that includes pre-hospitalisation costs and ambulance costs, others may want to just take care of the hospitalisation part of the expenses.

Deciding the extent of coverage you need beforehand can allow you to better customise the insurance plan according to your needs.

The Tenure

This is another major factor that you should be aware of before deciding to purchase an insurance policy. Usually, most health insurance plans are offered for only a year.

However, there are plans that are offered for a tenure of 2 or more years as well. The longer the tenure you opt for, the better, since you would effectively be shielded from any unexpected premium increases.

The Network Hospitals

Finally, before making your purchase decision, remember to check the network hospitals supported by the insurance plan. The more the number of hospitals in the network, the better, since it would allow you to opt for cashless claims, which can significantly reduce your financial burden.

Should You Buy a Mediclaim Policy or Health Insurance in India

The ultimate decision of whether you should purchase a mediclaim policy or a health insurance plan lies with you.

If extensive and comprehensive coverage for almost all kinds of medical expenses is what you seek, then a health insurance plan will serve you well.

On the other hand, if you’re only looking to cover hospitalisation expenses and treatment costs for certain specified diseases, then a mediclaim policy should be enough to serve your needs.

Therefore, before you make a purchase decision, make sure to take your needs and requirements into account. If you are not sure about what you need, you can head to Bajaj MARKETS and check out the health insurance plans available on the website.

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FAQs

✔️What is the difference between health insurance and mediclaim insurance?

The primary difference between the two policies is that mediclaim only covers you during hospitalisation. However, health insurance provides comprehensive coverage irrespective of your hospitalisation.

✔️Does mediclaim insurance offer cashless claim settlements?

Yes. Mediclaim insurance has a cashless claim settlement facility. The expenses incurred during your hospitalisation are directly taken care of by the insurer.

✔️Does health insurance offer cashless claim settlements?

Yes. Health insurance, too, offers cashless claim settlements. The insurer will compensate the hospital directly for the incurred expenses.

✔️Can I buy health insurance at Finserv MARKETS?

Yes. You can buy health insurance plans with us at Finserv MARKETS online. Moreover, you can also use our health insurance app to buy a policy.

✔️How to buy health insurance at Finserv MARKETS online?

Follow the steps below to buy health insurance online on Finserv MARKETS.

  1. Go to the ‘Health Insurance’ section on the Finserv MARKETS website.

  2. Choose the type of health insurance plan you need: individual health insurance or family health insurance.

  3. Select your coverage amount.

  4. Fill in personal and lifestyle details as requested.

  5. Pay the premium amount online.

  6. The insurer will access your application and issue the policy in no time.