Differences between a Mediclaim Policy and a Health Insurance Policy

Despite the fact that the terms Mediclaim and Health Insurance are used interchangeably, these two types of insurance covers have certain key differences that separates them with each other.

Curiosity kills me! I researched myself and this is what I found. Let’s outbreak the myth today and know both Health insurance policy and mediclaim in details!

Health Insurance Policies

  • Health insurance policies are all the more a complete sort of approaches. Which implies it covers your hospitalization charges as well as care for the pre and post hospitalization costs.
  • It includes critical illness cover for more than 30+ diseases. Diseases like Cancer, Kidney Failure, stroke and so on are covered.

*Critical illness is an add-on, which implies it is excluded in the policy.
*The diseases covered in critical illness totally relies upon the discretion of the insurance company.
Discounts can be availed on premium on renewal.

Mediclaim Policies

  • Mediclaim just covers hospitalization costs and treatment towards an accident or a particular illness.
  • It doesn't cover critical illness and other hospitalization charges like a health insurance policy.

Still Confused Whether To Buy A Health Insurance Or A Mediclaim Policy? Read more to find out!

Hospitalization - Health Insurance covers everything, including pre and post expenses while a mediclaim covers only accident related injury.

Treatment - A health insurance provides critical illness cover for more than 30+ diseases while a mediclaim does not cover critical illness.

Sum Assured - The sum assured of a health insurance policy does not exceed Rs. 6 Crore while a mediclaim covers only upto Rs. 5 Lakh.

Discounts - In a health insurance, discounts can be availed on premium and on renewal. A mediclaim offers discount only at the time of purchase.

Reimbursement - A health insurance provides a lump sum amount upon illness whereas a mediclaim reimburses your actual medical expenses.

Claims - Since the amount is paid completely, you can only make a single claim in a health insurance. With mediclaim you can keep making claims until the amount is exhausted.

Conclusion - Now that you understand the differences between health insurance and a mediclaim policy, it is better to purchase a health insurance policy since it deals with hospitalization as well as different costs identified with it.