Which Offers More Protection: Health Insurance Or Mediclaim?
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When it comes to medical protection, you may have heard about Mediclaim and Health Insurance. Many people think they are the same, but they are actually quite different. A Mediclaim insurance policy serves as a financial support only during hospitalisation due to illness or injury. In contrast, health insurance offers comprehensive medical coverage that goes beyond hospitalisation as well as other additional benefits.
In this article, let’s discuss the difference between health insurance and mediclaim and find out which one is better.
Difference between health insurance and mediclaim
Aspect | Health insurance | Mediclaim |
Cost | The premium may be higher | Cost- effective, lower premiums |
Outpatient Treatment | Usually covered | Not covered |
Add-on coverage | Different add-ons are available | Not available |
Preventive Care | Usually covered | Not covered |
Sum Insured | High sum insured | Lower sum insured |
Hospitalisation | It may not be necessary | Hospitalisation is necessary to make claims |
Renewability | Lifelong renewability | Mostly limited |
Purpose | It provides wide coverage for multiple health-related expenses. | It provides financial coverage against specific medical requirements that mainly lead to hospitalisation. |
Flexibility | It offers customisation and add-ons | They are usually restrictive |
What to Know Before Buying Mediclaim or Health Insurance?
The following are the major factors you should consider:
- Coverage Needs: Evaluate your healthcare needs, then select the type of health insurance policy that best meets them. Individuals who want broader coverage should opt for health insurance.
- Evaluate your budget: Keep your budget in mind when deciding between mediclaim and health insurance. Health insurance policies have a higher premium because they offer wider coverage, so make sure it fits within your budget.
- Policy Duration: If you want coverage for a short period, you can go for a mediclaim policy. But, if you are looking for long-term coverage, then health insurance would be a more suitable option.
Health Insurance vs Medical Insurance: Which One Is Better?
Selecting between a health insurance policy and a mediclaim policy depends on an individual's personal needs and circumstances. However, health insurance is generally considered a much better option than mediclaim for most people. This is because it provides comprehensive coverage for various medical expenses, such as outpatient treatments, preventive care, day care procedures, and critical illnesses, and it would likely be the better choice. On the other hand, mediclaim is good if you want basic and affordable coverage for hospitalisation.