How to Choose Between Health Insurance and a Mediclaim Policy?

There is a common misconception among people about health insurance and a mediclaim policy being the same. But, that is not the case. There are several differences between them. For instance, a mediclaim policy will cover your expenses only when the person is hospitalized. Whereas, health insurance covers all the expenses including pre and post-hospitalization, ambulance charges, medical expenses, etc. Care health insurance provides one of the best health insurance policies in India.

There are various bases on which health insurance and a mediclaim policy can be differentiated. These are:

• Coverage Provided: A health insurance policy provides coverage against various things such as pre and post-hospitalization, etc. along with annual health checkups. Whereas, in a mediclaim policy the expenses are covered only if the person insured is hospitalized and that for a limited period.
• Claim Process: Both Health Insurance and Mediclaim policies provide reimbursement as well as the cashless claim settlement process. But the difference is that in the case of a mediclaim policy, multiple claims can be made during the policy duration until the entire sum insured is exhausted. Whereas, in some health insurance policy such as the critical illness policy, the claim can only be made once in the policy duration.
• Flexibility: A health insurance policy is considered a flexible policy as it can be customized according to the various needs and requirements of an individual. But, in a mediclaim policy, it is advantageous only when the person insured is hospitalized.
• Critical Illness Coverage: A health insurance policy provides coverage against critical illness whereas, a mediclaim policy does not provide coverage against any critical illnesses.
• Add-on covers: A mediclaim policy does not provide any add-on cover. But, a health insurance policy provides several add-ons such as maternity benefits, infertility, etc.

Care Mediclaim with over 15500 healthcare networks and 24×7 cashless claims, provides one of the best mediclaim policies in India.

Factors Affecting your Decision on Choosing Between Health Insurance and a Mediclaim Policy:

1. Whether you require any add-ons such as maternity benefits in the future or not, depending upon the environmental conditions you live in.
2. The main deciding factor always comes down to the financial condition of an individual. No matter what your needs and requirements are, it will always be the main deciding factor among all.
3. Is there any member of your family suffering from a pre-existing illness such as hypertension, cancer, etc.?
4. Do you want to opt for a copay clause depending upon your financial conditions at the time of buying the policy.
5. Whether you require flexibility in your health policy or not.

While choosing between health insurance and a mediclaim policy, all the points above should be considered carefully. Whether you plan for any hospitalization in the future for maternity benefits or the treatment of any pre-existing illness. The points given above are for a piece of general information to make your understandings and decisions more clear while buying a policy.