Health insurance Vs Mediclaim: What’s the difference? 

Health insurance Vs Mediclaim: What’s the difference? 

 

Health insurance covers the expenditure of medicines in case your health insurance acts as a shield of finance. It is for the condition when you fall ill, the policy gives coverage and pays your premiums to the policyholder subjects and fulfilments of other conditions and terms.From the policyholder without any submission of bills and these fixed benefits health insurance policies pay a fixed amount following the claim.  The traditional policies on actual medical treatment provide reimbursement for the money spent. General insurance companies offer life insurance companies and health insurance companies. 

 

Mediclaim Insurance Policy reimburse the policyholder the cost of medical expenses and the cost are indemnity-oriented plans. To submit hospital bills detailing the actual expenses incurred is required to be submitted to the hospital. The successful claim can be either cashless or as a repayment to the policyholder. There are some limitations while covering the  heart and cancer disease and critical illness. These require a special health insurance plan or fixed benefit. 

 

There are some differences between Health insurance and Mediclaim. Lets understand the difference between health insurance and Mediclaim. 

 

 

Mediclaim Insurance Plan Vs Health Insurance Plan 

In comparison the Mediclaim Insurance Plan and Health Insurance Plan give you cover against the conditions or the specific disease including cancer and heart related. The claim amount at first diagnosis irrespective of the actual cost of medicine. 

 

Extend: Mediclaim insurance extends to expenses incurred during, before or after hospitalisation whereas the Health Insurance Plan pays an amount of funds and for a predetermined condition or illness irrespective of the cost of the plan. They both have their own extent and differ a lot. 

 

Insurance Claim: When we consider Mediclaim insurance it is usually processed based on consultation in written form of doctors, diagnostic reports and discharge card, medical and treatments and other required documents. When we talk about the health insurance plan it is usually based on the reports like a diagnostic report that should confirm the condition or illness. In this type there is no issue of submitting documents, bills and other expenses. 

 

 

Insurance Policies: In Mediclaim  Insurance the healthcare reimburse healthcare provider for the payment incurred up to the assured limits sum. Whereas in health insurance plans it pays a sum of money excluding the actual expenses. 

 

Facilities: Mediclaim insurance plan has direct reimbursement to healthcare providers or cashless facilities only at the hospitals nearby. The insurer will have to reimburse later in non-network hospitals first you have to pay. Usually they don’t pay any monthly payout  when there is a major condition or illness. Health Insurance Plans pays the money directly to the beneficiary or the policyholder and it is observed that it is before the treatment starts. It applies to the predetermined condition or illness that is major. A portion is paid to the policyholder every month for a period of time that is fixed. 

 

Requirements: In Mediclaim insurance plan at first you have to pay a part of the expenses whereas the rest will be paid by the insurer. Whereas in the health insurance plan there is no need to pay a defined amount every month. 

 

Riders Availability: In Mediclaim insurance plan for additional protection there are no riders available whereas in the health Insurance plan the riders are for current illness diagnosed or any accidental coverage or critical issues and similar issues. 

 

Sum insured Limits: It is up to a few Lakh rupees as a lower limit in Mediclaim and in Health insurance policy it is  higher than a Mediclaim insurance policy. 

 

What is the need of health insurance and Mediclaim? 

The need for health insurance and Mediclaim is the medical emergencies that can cause a huge financial burden to people. If the person has no health insurance then one must know that these treatments can cost high each year due to their increasing rates. There are several diseases which require expensive treatment . It can cover your expenses of the treatment in each case. 

 

Necessity: It is totally on the traditional avenues in today’s economy one cannot rely solely like saving for the emergency and support of the family. 

 

Treatment in time: Early intervention is more likely when you have health insurance with a regular insurance plan. These high medical bills often prompt people to delay the treatment and compromise with critical situations. This can be life threatening and become more serious and it can lead to such waits. 

 

Extra protection: With financial relief one needs medical relief too and the regular health insurance can provide you  a hassle-free treatment away from worries.

 

Freedom: In this you can be free from any tension as the payment is based on the diagnostic report so you are free to select the time, medium, place of the treatment. 

 

Reason behind buying the Health Insurance: 

 

The earlier you buy health insurance, the lower the premium will be. For pre-existing conditions starting early early will end the exclusion period early. From the time you bring the insurance policy the periods start commencing. You should keep in mind that you should rely on the employer because of the company policy many people skip buying health insurance. They forget that the coverage will be withdrawn when they are self-employed or to a different organisation. These health insurances are eligible to save tax. 

 

Conclusion

 

The best Mediclaim policy in India because of advice or recommendations from financial experts at getting health coverage as a need to be fulfilled. There is no such plan that is suitable for all the individuals irrespective of the kind of the lifestyle and condition of health and how much one can afford? These health insurance policies are available in both online and offline modes. The need to pay a commission to an insurance agent may reduce the premium finally. Now-a-days everything is online and one must have an easy and hassle-free purchase so the online process of health insurance can be a good option. From the comfort of home one can save their own life as well as their loved ones.