Mediclaim vs. Health Insurance

Difference Between Mediclaim and Health Insurance

Health insurance has become a necessity in these times as the treatment charges in hospitals have soared. People who are young and healthy find health insurance as a waste of money but you never know when a critical illness, accident or medical emergency can occur suddenly. Just because one is healthy at present does not guarantee that you will be healthy in the future too. This is why more and more people have started buying health insurance policies in addition to buying life insurance policies. There is another policy by insurance companies which is getting popular is called Mediclaim. This article aims at finding out the differences between health insurance and Mediclaim.

• Firstly, health insurance is a kind of insurance which does not promise any benefit unless you fall sick and do not claim during the policy. It is similar to financial protection in case you fall sick as your medical expenses are covered by the policy up to the amount that is specified in the policy. Mediclaim is a type of insurance policy that differs in a number of respects.

• In Mediclaim, critical illnesses from which you get protection are already listed and you get the benefits only if you contract those diseases in the list. The policy of insurance on the other hand, is for the expenditure incurred after hospitalization and loss of income that may arise because of the disease.

• While Mediclaim policies are for the period of one year and policyholder must renew the policy for another year while the general health insurance policies are for 3-5 years. The premiums of these policies also differ. Mediclaim premiums are higher than those of general insurance policies.

• Another difference relates to claims made under these policies. While you can make more claims under Mediclaim until you have exhausted the sum insured but in case of a general insurance policy, the policy is closed as soon as you make a claim and the entire amount to you insured has been disbursed.

• Mediclaim policies have a broader coverage than health insurance policies and have more types of diseases and health problems listed in the policy you are protected against. You get the facility of cashless hospitalization where you do not need to pay a dime while there is no such provision in case of health insurance policies and you need to wait for the disbursal of the claimed expenses.

 

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