One can get covered by health insurance or mediclaim against any medical emergencies.
Health insurance is a general insurance policy that gives complete coverage for medical and surgical expenses in case of any medical emergencies. This also can be a cashless or reimbursement plan.
Mediclaim is also a general insurance policy that gives specified financial protection at the time of medical emergency and covers hospitalization expenses due to accident, sudden illness, or any surgical treatment during the policy tenure. It can be cashless or reimbursement type.
It sounds similar but there are some differences between them which are given below.
| Health Insurance | Mediclaim |
|---|---|
| It offers a comprehensive cover that extends not only to hospitalization expenses but also annual health checkups, daily hospital cash, OPD expenses, and alternative medical treatments with AYUSH, pre, and post-hospitalization, etc. | It gives coverage against hospitalization expenses only; one can’t claim this if he is not hospitalized. |
| There are numerous add-on covers like critical illness cover, maternity, infertility, comprehensive cover, etc, are provided with it. | There are no add-on covers with it. |
| The health insurance cover is extensive and is decided based on age, city, number of members in a family floater, etc. | The hospitalization cover is limited and does not exceed Rs 5 lakh. |
| These plans are flexible and can be customized. | It is not flexible. |
Difference between health insurance and mediclaim
Choosing one out of health Insurance or mediclaim depends on several factors like:
Health issues of a person or his family, if it is planned for long-term or short-term, flexibility needed or not, his financial condition, if add-on covers and benefits are required or not, how much premium he is willing to pay, his and family members ages, life stages, medical conditions, etc.
Choosing one out of health Insurance or mediclaim should not be a difficult task, after considering all points discussed above, and knowing the requirements for him and his loved ones.
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