Health Insurance Vs Mediclaim

Taking care of one’s health in today’s times is a top priority. Insurance companies offer multiple plans to individuals that act as a helping hand in times of need and health crisis. But, people often get confused between health insurance plans and mediclaim plans while assuming that the two mean the same. When in reality, both these plans differ quite a lot from each other. 

A mediclaim Insurance is an insurance plan that provides specified financial protection for all your health-related expenses. It is a pocket-friendly way of getting help during a medical emergency. Moreover, it covers expenses incurred in case of an accident, sudden illness, injury, or in case of surgery during the policy tenure. Broadly, there are two types of mediclaim insurance plans – Cashless and Reimbursement.

On the other hand, Health Insurance is an insurance cover that provides complete coverage for all medical emergencies and surgical expenses. With this type of policy, you either pay the expenses from your own pocket that will get reimbursed later by your insurance company, or your insurance company will settle the bill directly with the hospital. 

Apart from this, there is some difference between them based on claim type, add-on covers, sum insured, etc. Following are some of the major differences between Mediclaim and Health Insurance plans:

 

Basis	Health Insurance	Mediclaim
Claims	Multiple claims can be filed in Health insurance plans until the insured amount is exhausted. But, in the case of add-on covers, a claim can only be filed once.	Multiple claims can be filed under Mediclaim plans. That is until the total amount insured is exhausted.
Add-on Covers	Health insurance policies offer many add-on covers such as Critical Illness Covers, Maternity Benefit and Infertility Cover, etc.	Mediclaim does not offer any add-on covers.
Sum Insured	The sum insured for Health Insurance can be much higher than mediclaims	The sum insured for Mediclaim plans doesn’t typically exceed a few lakhs
Flexibility	Health insurance plans are flexible and can be customised as per your needs.	Mediclaim plans are not flexible.
Hospitalisation	To avail of the benefits of the Health Insurance plans, it is not necessary to be hospitalised. Day Care cover benefits can be availed without hospitalisation.	It is necessary to be hospitalised to avail of the Mediclaim plan benefits.

 

Though you might think that there aren’t any major differences between the two plans on the face of it, an insurance policy covers more and allows greater protection when it comes to getting claims reimbursed. However, mediclaim plans, as mentioned above, are also very affordable and handy, making it an option that many individuals may opt for. Therefore, the best choice between the two plans depends on the extent of your needs. 

Ensure to pick the one you can afford and the one that will give the best protection to your family. Keeping the needs of the times and the individuals in mind, Chola MS offers its health insurance policy to provide mental peace and financial cover for you and your loved ones.