With the increasing number of health hazards we hear every day, having an health insurance has become a necessity than a choice. Hence we see many of them opting for medical insurance to protect their family and loved ones. In fact, it has become a mandatory inclusion in their financial planning.
There are two medical insurance options – Mediclaim and Health Insurance Policy. They are two different instruments of mitigating health-related risks. Though both provide financial protection during medical emergency, they differ in the scope of their coverage and benefits.
A Mediclaim insurance policy is a type of health insurance policy that provides financial protection against hospitalisation and related medical expenses for the insured. You can get cashless treatment at network hospitals or reimbursements against medical bills.
A Health insurance policy on the other hand, covers medical and surgical expenses incurred by the insured. The coverage is more extensive than hospitalisation expenses and hence is expensive than a Mediclaim policy.
The range of coverages offered, and the sum insured makes Mediclaim and health insurance policy different. Premium for Mediclaim is comparatively low and affordable. But the plan does not support add-on option. Moreover, benefits can be availed only on hospitalisation whereas with health insurance policy, you can enjoy extensive coverage with add-on benefits and unlike Mediclaim policy, here hospitalisation is not necessary to avail the benefits.
Health insurance policy can be customised as per the policy holder’s medical requirement, making them quite flexible. But claim can only be made once during the entire policy tenure for emergencies like critical illness or accidents. On the other hand Mediclaim has no flexibility but can still be beneficial.
Since insurance expectations varies with individuals, you must compare various health insurance plans offered by different companies and select the one that best fits your budget and requirement.
