There is a very common misconception that a health insurance policy and Mediclaim policy are the same. But you will be surprised by the difference between them. The main difference between them is that a Care Mediclaim Policy plan will cover your expenses only when you are hospitalized. However, a health insurance plan will cover all your pre-hospitalization as well as post-hospitalization expenses.
There are various aspects in which health insurance and a Mediclaim plan can be differentiated:
- Coverage: A Mediclaim policy will cover your expenses when you are hospitalized due to an illness, accident, or surgery, and that too for a limited time period. However, a health insurance policy provides coverage on various other things such as ambulance, critical illness, annual health checkups, etc. along with the option of alternative treatment.
- Add ones: There are no add-ons in a Mediclaim policy whereas, in a health insurance policy there are various add-ons such as OPD checkups, maternity, and various other medical conditions such as diabetes, asthma, cancer, etc.
- Claims: An individual with a Mediclaim plan can file for a claim until all the amount is used. But this is not the case with health insurance. In some health insurance policies such as for critical illness, the claims can be made only once for the entire insurance duration.
- Flexibility: Mediclaim plan is not observed as a flexible policy as it is advantageous only during hospitalization. A health insurance policy, on the other hand, provides much flexibility as it allows the policyholder to opt for policy plans according to their budget and their requirements.
How to Choose between a Health Insurance Policy and Mediclaim?
There are various factors that will affect your decision, such as:
- The most important factor is your financial condition. It will not only decide which one to choose among them but also let you analyze carefully the various benefits that you need from your policy.
- Whether you require any add-ons or not in your future, depending upon the city or conditions that you live in.
- Are you willing to pay a lower or higher premium depending upon your present financial condition. As mentioned above, health insurance can be customized according to your needs and budget.
- Is there any person in your family with any medical condition, such as diabetes, cancer, hypertension, etc., or at a certain stage of their life.
Numerous other factors can be considered while choosing between a health insurance policy and a Mediclaim policy. You cannot choose which one is better without carefully examining the difference based on your financial conditions, the medical history of your family members, age, and so on.
If a person is considering a good hospitalization facility in case of any future emergency, he might go for a Mediclaim policy. However, if there are young children, parents, spouse (who might require hospitalization for maternity), a person should opt for a health insurance policy. With more than 8350+ network hospitals and hassle-free claim processes, Care Insurance offers comprehensive medical policies for individuals and families.