Life is unpredictable, and so are its outcomes. Getting a healthcare insurance plan is one way to prepare for unexpected medical emergencies. But do you opt for mediclaim or health insurance? They offer similar coverage, but you should know a few differences. It is important to compare mediclaim policy in India and know the difference between mediclaim and health insurance.
In India, mediclaim is a policy that provides financial protection in the case of hospitalisation due to sickness or injury. It is a type of healthcare insurance policy meant to reimburse an insured person for hospitalisation expenses up to a specific limit. It covers pre-hospital and post-hospitalisation medical costs, hospital room rent, doctor fees, and medicines.
This article will explain mediclaim and healthcare insurance, discuss the difference between mediclaim and health insurance and compare mediclaim policy in India so that you can make a wise decision and select the right plan for your needs.
What is Mediclaim?
Are you considering purchasing health insurance but unsure about the differences between mediclaim vs health insurance? Many people aren’t able to understand the difference between these two. But it’s essential to understand the difference if you want to select the plan that’s right for you.
Mediclaim plans are generally cheaper than healthcare insurance plans due to their limited scope of coverage. They do not provide coverage for outpatient treatments or other medical expenses like diagnostic tests or preventive care services, which may require higher premiums in health plans.
What is Health Insurance?
When it comes to protection, many people opt for healthcare insurance. It is a type of insurance policy that covers medical costs incurred due to illness or injury. It’s designed to help you financially when you need it most—when you’re sick or injured and have medical bills to pay.
Mediclaim vs Health Insurance
|Definition||Purely reimbursement-based policy||Covers preventive healthcare, hospitalisation, and other medical expenses|
|Coverage||Limited coverage for specific medical expenses||Broad coverage for a wide range of medical expenses|
|Waiting Period||Generally no waiting period for pre-existing conditions||Usually longer waiting period for pre-existing conditions|
|Premiums||Generally low premiums||Typically higher premiums|
|Benefits||Cashless hospitalisation, tax benefits||Cashless hospitalisation, tax benefits, coverage for additional medical expenses, etc.|
Facts to Look at While buying Mediclaim Policy in India
The following elements determine a medical policy’s total worth. When you want to buy the best plan, keep an eye on these elements.
- Check the insurer’s claim settlement ratio: When selecting a mediclaim policy, it’s important to check the insurer’s claim settlement ratio. This will give you an idea of how efficiently the insurer settles its claims. Look for an insurer with a high claim settlement ratio.
- Look for coverage and exclusions: Many mediclaim policies come with exclusions, meaning certain treatments or services are not covered. Make sure to read the policy document carefully and understand the coverage and exclusions.
- Consider the sum assured: The sum assured is the maximum amount paid out in the event of a claim. Make sure to choose a policy with a sufficient sum assured that will cover your medical expenses.
- Check the waiting period: Some insurers require a waiting period before you can file a claim. Check the waiting period and make sure it is not too long.
- Compare mediclaim policy: Finally, compare the different policies to find the one that fits your budget.
Now that you know the difference between mediclaim and health insurance, the right choice will depend on your health status and whether you need basic coverage with limited or comprehensive coverage with additional benefits. Ultimately, it comes down to what works best for your needs, and Niva Bupa helps you to buy insurance policies according to your needs that satisfy your requirements fully.