Which is Better, Mediclaim or Health Insurance?

Mediclaim and health insurance plays a vital role in our life. Mediclaim is known as medical insurance and health insurance is a form of medical cover. Health insurance and Mediclaim are the two sides of the same coin but are not synonymous with each other.  Here, Mediclaim policy offers to pay for the medical expenses in the case when a person has been hospitalized. It does not take care of the pre or post-hospitalization expenses. Health insurance, on the other side, offers to cover almost all kinds of illnesses. What is Mediclaim? Mediclaim is referred to as medical insurance. It is a type of health cover which covers all the expenses of hospitalization along with any specific treatments or ailments which is incurred during the hospitalization. A person can avail of a medical health cover for a pre-specified sum along with certain tax benefits 80D of the Income Tax. It is proven as a pocket-friendly way to diminish the cost of any medical emergency. The limitation of this medical insurance is that it limits the expenses of the hospitalization only and all the other expenses i.e. the expenses incurred before and after the hospitalization are to be borne by the person himself. What is health insurance? Dhruti was amused by the benefits provided by the insurance companies and was eager to know about the health insurance policy in particular. After researching on the meaning of health insurance she came to the conclusion that it is a type of legal agreement between a policyholder and the insurance company. Here, the company agrees to pay the medical expenses that are incurred by the policyholder. It can be done through a cashless treatment or the reimbursement of the amount as per the hospital bills. The insurance holder will have to pay the premium regularly to avail of the policy where the company will pay all the cost of the medical expenses to the insured person, according to the various terms and conditions. Dhruti wondered “Which is better, mediclaim or health insurance”? while reading about the various insurance policies on the internet.  She understood the fact that  Mediclaim and health insurance are not the same but they offer the payment of expenses of hospitalization or treatment incurred by the person. It is done while taking into consideration the various terms and conditions of any particular policy. A Mediclaim only provides the coverage of hospital expenses such as accident-related treatments or pre-decided diseases for a pre-specified time. Whereas health insurance provides comprehensive coverage of all the medical expenses such as hospitalization charges, pre and post-hospitalization charges, and ambulance expenses. Therefore, health insurance is a better option as compared to mediclaim. Which is better, mediclaim or health insurance? Dhruti found out that there is a widespread misconception that both of the insurance covers are the same. Hence, the question arises which is better, mediclaim or health insurance? Mediclaim and health insurance are not the same but are proven to be the two sides of the same coin and are often used interchangeably. There are more advantages of health insurance as compared to mediclaim insurance. A mediclaim would only provide the hospitalization expenses while offering only specified financial protection against health-related expenses. Whereas, health insurance would offer a huge coverage such as the cost of medical and surgical expenses of the person. Health insurance is also termed medical insurance which is helpful in the coverage of the alternative treatment methods under certain medical conditions. It also provides the facility of incurring the expenses of regular health check-ups of the patient. There are various types of health insurance in India to cater to specific needs of individual & families alike. Both the medical cover offers various benefits of the health-related risks and fulfills the insurance needs of the buyers. You are the person who will be able to choose a better insurance form cover based on your requirements. FAQ

• Why is medical insurance important?

Medical insurance plays an important as well as a beneficial role in today’s time. There is an ever-growing demand for medical services significantly. Medical insurance should come in handy while in cases of an emergency. People have started investing in health insurance or health policy as the medical services are significantly getting more expensive. It also aids in flexibility due to the numerous features and facilities which are being given by the companies to the policyholder. The main and the foremost reason for investing in this type of policy is that it offers you the pre-and post-hospitalization charges. All the charges which arise out of the medical care at home, consultation fees, various tests, and all the medical charges incurred during the treatment. Summing up After reading and researching a lot about all the insurance policies Dhruti came to a conclusion that there is a thin line of distinction between these two medical insurances. A mediclaim is not responsible for providing coverage for critical illness. The health insurance plan is proved to be more beneficial and better due to the wide variety of benefits that it offers. It is known to provide much-needed flexibility like personal accidents, critical illness coverage, maternity coverage, etc.