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Difference between Mediclaim & Health Insurance Policy

Terms like health Insurance and mediclaim are usually used correspondingly. But the fact is both of these terms are quite different from others. One of the primary differences between the two is – mediclaim is particularly limited to hospitalization expenses. On the flip side, health insurance covers a large area that often exceeds the expenses of hospitalization. People must have a clear understanding when it comes to mediclaim and health insurance plans. This will help appropriately for better evaluation.

Health Insurance

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An appropriate, comprehensive, and reliable health insurance policy can provide the utmost relief in terms of high expenses that are related to hospitalization or diagnosing critical diseases. In countries where the human life index is a low rank, people undoubtedly opt for health insurance policies and heeds special importance. Health insurance is a necessity to cover all the medical and lab costs, hospitalization and treatment expenses, and even critical illness costs. Most importantly, apart from covering hospitalization and its related costs, the policies also look after the pre and post hospitalization charges, including ambulance costs, compensation for loss of income, and many. Buy health insurance after carefully discerning personal and family requirements.

Features of Health Insurance Policies

A typical health insurance policy has a number of incredible features which include:
No claim bonus: Add-on benefits like no-claim bonus provide support for every claimless year. It has different forms, which include increment in the sum or discount in premium.
Cashless treatment: It’s quite natural to have a handful of hospitals enlisted under the network of health insurance companies. Here, you need not pay from your pocket while getting admitted to the hospital. All you need is, provide your policy number, and the rest will be handled by the insurer and the hospital.
Tax benefits: A person becomes liable to get a tax refund in case if he/she is paying the premium amount. However, this depends on the rule and standards of the tax system of a particular country.

Mediclaim Policy

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If you are looking to buy a mediclaim policy, make sure to check the terms and conditions carefully to ensure the effectiveness. An individual insurance policy will cover the insured with a certain amount. However, in the case of a family floater plan, the entire family is covered with an assured sum. Under this plan, if the majority of family members die or reach a specific age, the policy is dissolved, and other family members cannot renew the same.

Age of Renewability

It’s true that the policy offers coverage for a year. But keeping the terms and conditions in mind, it is suggested to purchase an appropriate policy that suits your budget and also opt for it at the earliest to achieve better coverage at a low premium. Entering the policy at an early age will also provide a number of additional benefits to save a significant amount in the long run.

Pre-Existing Diseases

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Mediclaim policies work best when you have a pre-existing disease while purchasing the insurance policy. The feature of this policy provides an apt solution for covering that specific disease. There are different types of clauses related to the coverage of pre-existing diseases, and thus, it is covered after a particular period. Therefore, it is wise to check the terms and conditions thoroughly before purchasing a plan.
Medical insurance policies are a perfect cashless procedure that helps the insured to be treated in the hospitals enlisted under the network of the insurance company. The insurer needs to pay a part of the claim or, in some cases, the entire amount for more information on medical and health insurance visit

Go for a plan that suits your way of life

Consider the following aspects, when you buy a health insurance plan:
· The requirements of your family, considering the health of the members
· If any of your family members need additional care in the coming years
· Whether or not anyone needs to get prepared for a pregnancy or a surgery
· Whether you are satisfied with the current plan or need to upgrade
· Whether the amount spent on health insurance last year needs to be increased
· How you plan to spend on healthcare on a monthly basis
When you check out the online health insurance plans, look out for specific benefits that you might be able to enjoy.
The key motive behind buying a health care insurance policy is to get financial protection in case of accidents or illness. Besides keeping your health protected through quality treatment, a health insurance policy can help you take a guard against debts, financial hardships, and bankruptcy. Individuals who do not have a mediclaim policy through their parents, spouse, employers, or other sources buy individual health insurance plans. If you want to get coverage for yourself or your family, check out the best packages that the reputed insurers have designed.

Pre-existing conditions

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If any of your family members have a pre-existing ailment, you might not be able to get it covered in the health insurance policy. In most of the cases, a waiting period of 2 to 4 years needs to be served. Particularly, if you have heart or bone ailments, the waiting period becomes a factor. Therefore, when you shop around for the best health insurance plans in India, you need to go for a plan that covers your pre-existing ailments at the earliest. Even for critical illnesses that pose a threat to one’s life, the waiting period should be the least. For other diseases and ailments, the waiting period is between three to six months for most of the insurers.

Premium for coverage

According to TaylorBenefitsInsurance, the amount of premium you can pay is definitely one of the important factors. When you buy health insurance, check out the benefits that you can get. These should include all possible expenses that you may have to incur, including daycare treatment costs, surgeries, ambulance charges, doctor’s charges, and so on. When you scan through the websites of the reputed health insurance companies, you can compare the benefits. At the same time, you need to read the fine print carefully when you shop for the packages.
It’s important to your needs and the type of cover required. Based on this, a person must come to a conclusion when it comes to health insurance and mediclaim policies.

About Martha Ramirez