Introduction
Mediclaim and Health insurance are two of the essential policies that cover your medical expenses. But, many people do not have precise knowledge of these two elements. They think that Mediclaim and health insurance are the same things.
Well, they are not.
In short, health insurance covers all the medical expenses of a person. On the other hand, at the time; of medical emergencies, Mediclaim provides specified financial protection to a person. To understand the concept more clearly, we will look into some of the details. Affordable Health Insurance Ohio can provide you best insurance. Let’s see what differences are there between Mediclaim and health insurance plans:
Coverage Policy
Health Insurance- The health insurance policy provides complete coverage against:
- pre-hospitalization charges
- hospitalization charges
- ambulance expense
- post-hospitalization charges
The policy even compensates for any loss of income due to an accident.
Mediclaim- Mediclaim does not provide coverage like health insurance plans. Their coverage policy is limited. They only offer cost coverage for:
- Accident related treatment
- hospitalization
- pre-decided disease
Flexibility
Health Insurance- If you buy health insurance, then you will get the flexibility you need. In health insurance, buyers can reduce their premium amount if they want after a certain period. They can change the duration of the insurance policy. People can enjoy long-term benefits or short-term benefits according to their needs.
Mediclaim- The policy is not as flexible as health insurance. It does not offer many benefits like the insurance policy.
Other coverage
Health Insurance- It offers coverage for critical illness. It also has a facility that pays for:
- accident coverage
- maternal coverage
- accidental-disability coverage
Mediclaim- In the case of Mediclaim, it does not cover any expenses related to critical illness. It does not include any add-on coverage.
Feature of the Plan
Health Insurance- The policies are the same among all the health insurance providers. If you choose a policy plan according to your financial capability from an insurance provider, you will see the policy is the same as the other insurance provider. The benefits of a health insurance plan of a specific sum are similar between all insurance providers.
Mediclaim- Each insurance provider has a different Mediclaim plan. One Mediclaim plan differs from the other. Different Mediclaim insurance companies provide distinct Mediclaim coverage. So you always have to check which Mediclaim company offers the best deals for your medical needs.
Claims
Health Insurance- For accidental disability coverage or critical illness, the cost of the claims is paid in a lump sum amount. This type of claim can not be made, frequently. The policy offers the claim once during the entire policy tenure. In other cases, a buyer can claim their insurance as much they want till the insurance coverage is exhausted.
Mediclaim- In Mediclaim, a person can claim their amount, till the total amount of the Mediclaim plan gets completely exhausted.
Hospitalization
Health Insurance- Insured can reap the benefits of health insurance without getting hospitalized. In health insurance, people don’t need to admit themselves to the hospital. The insurance covers daycare and other medical expenses.
Mediclaim- In the case of Mediclaim policy, if a person gets admitted to a hospital, then only they can get the benefits of the Mediclaim. Otherwise, they will not.
Which one should you opt for Mediclaim or Health Insurance?
The answer to this question solely depends on you. Everybody has a different need. First of all, you need to check which plan is more suitable for your medical purposes. Besides that, it also depends on factors like:
- The financial condition of the individual.
- The health issues that you or your loved ones are going through.
- Your preference regarding a long-term or a short-term plan.
- Whether you are ready to pay a high or low premium.
- The age, life stage, and medical condition of you and your family.
- The add-on in the coverage
- The amount of flexibility you need in your expense plan.
Conclusion
Both Mediclaim and health insurance exist to fulfill the medical expense of the person. You just, have to research the right plan for your need.
Also, you need to see, whether the policy plans are reasonable or not. If not then you do not need to worry. You can buy affordable health insurance Ohio.
Read More- The Importance of Health Insurance for You and Your Family
