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If you think that your body and mind are fit and healthy, then there is nothing like it. But even though today you feel extremely fit, there is no telling of what will happen in future. As age is a huge factor in health, you can end up facing a few medical problems every passing year. It is always better to plan ahead when it comes to your and your loved one’s medical future in order to live a happy and stress-free life.
When thinking of ways to plan your future medical plan, one usually faces the trouble of where, to begin with. There are two kinds of health plans that you can opt for in order to secure your coming years- health insurance and mediclaim.
There are many points of difference between mediclaim and health insurance. In order to understand what is best for you, it is important to understand and analyse both options. Let us look at what exactly is a mediclaim and a health insurance plan is and go over some points of difference between them.
What Is Mediclaim?
Mediclaim is an individual kind of health insurance policy that gives you specific financial coverage during the time of a medical emergency. This medical claim takes care of expenses in the case of an accident, unexpected disease or medical procedure, and any operations during the mediclaim policy duration.
What Is A Health Insurance Policy?
A health insurance policy is a full insurance coverage plan that gives you complete financial protection for medical expenses and any surgeries and procedures in an emergency. In a health insurance plan, the insurance company either settles the tab directly with the concerned hospital or facility or the insurance holder is reimbursed later after paying from their pocket.
Difference Between Mediclaim And Health insurance
There are many factors in which you can see the difference between mediclaim and health insurance with respect to the coverage, add on benefits, the limit of coverage and renewability. Some points of difference between mediclaim and health insurance are elaborated below.
1. Cover Provided
The coverage provided by either of the two policies is a big factor of difference between mediclaim and health insurance. If you opt for mediclaim, it will only cover your medical expenses in the case of hospitalization due to sudden illnesses. Whereas if you opt for health insurance, the cover provided includes hospitalization expenses as well as other medical checkups, treatments and procedures throughout the year.
2. Add-On Cover And Benefits
Add-on cover is also an important point of difference between mediclaim and health insurance. Add on covers are additional coverage areas covered by the policy from which the policyholder can benefit. In mediclaim, there is no such benefit of add on coverage. Thus, in the case of health insurance plans, there are many add on covers such as maternity cover and critical illness cover.
3. Cover Limit
Cover limit is an important factor when analyzing the difference between mediclaim and health insurance. Mediclaim offers a specific amount worth of coverage only, whereas, in the case of health insurance, the cover limit is decided on the basis of the plan and the policyholder.
4. Flexibility In Plan
Flexibility is extremely important in a health plan. It is one of the main points of difference between mediclaim and health insurance. Mediclaim plans are not flexible and stick to a flow, whereas health insurance is customizable and flexible.
5. Types Of Claim
In mediclaim, you can opt for a cashless or reimbursement-based plan. In health insurance, you can either get a reimbursement settlement or the company communicates to the hospital directly. This is one of the most important points of difference between mediclaim and health insurance policy.
The bottom line is that evidently, there are many points of difference between mediclaim and health insurance. It is imperative to know and understand each to make a well-informed decision. Companies like Care Insurance provide a wide range of policies and offers to match all your requirements.
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The post Here’s Your Guide To Understanding The Difference Between Mediclaim and Health Insurance appeared first on The Good Men Project.
