When it comes to Mediclaim and health insurance, people often get confused between the two, but one should understand that there is a fine line of difference between them.
A Mediclaim insurance includes the points mentioned below:
- Expenses that are covered due to an accident
- Cost of expenditure due to any emergency
But it is essential to know that a Health insurance policy covers only the hospital's expenses. If there are any other expenses related to your health, it does not come under Mediclaim insurance. The policyholder himself is supposed to deal with the extra expenses.
Now, let us get to see what health insurance is.
Health insurance is nothing but an insurance policy. It, too, just like Mediclaim, covers all the expenses, including medical and surgical. Once you issue health insurance, you get protection against every medical emergency.
The payment system takes place in one of the two processes. One is that the payment can be made directly by the insurer. The bill is directly settled between the hospital and the insurer. And if anyone follows the second method, then the insured can pay the insured bill out of their own pockets and later ask for its reimbursement.
But it is to be noted that health insurance is much costlier than Mediclaim as it covers the policyholder's cost extensively. Now, let us see the fundamental difference between Mediclaim and health insurance:
- Mediclaim does not cover the extra cost other than the hospital expenses, whereas health insurance covers the add-ons other than the hospital expenditure.
- A Mediclaim plan is not flexible, unlike health insurance. Health insurance has a sound planning system. Our expenses and add-ons are covered according to the plan that we choose.
- A Mediclaim plan covers only an amount of 3 lakhs, whereas health insurance covers an amount of 5 lakhs.
Now, the question lies, which one is better and to know that you should consider three things:
- The financial state you are in
- The flexibility you require in your health plan
- You should always check on your medical history
Now, it depends upon you which one is better for you after considering these factors.
