Difference Between Health Insurance and Mediclaim

One of the most bandied about phrases that we hear in our lives is ‘health is wealth.’ We have heard it from our teachers, parents, and other well-wishers and it sticks with us because it is true!

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*(In 120+ cities)
  • Relationship manager For every customer
  • 24*7 claims assistance In 30 mins. guaranteed*
  • Instant policy issuance No medical tests*

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
Find affordable plans with up to 25% Discount**
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      valid-mobile-number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium

      We have Mediclaim and health insurances to help us during times when our health is in peril or requires some urgent maintenance.

       

      Many people use both terms to refer to the same thing. In reality, however, they both mean different things. Let us take a look at their separate meanings before we get into Mediclaim V/s Health Insurance.

      Health Insurance

      Health insurance covers the medical and surgical expenses of the insurer. There are two ways - first, the insurer pays the bills, and the insurance company reimburses them in full. Second, the insurance company directly pays off the expenses by dealing with the hospital.

      Mediclaim

      Mediclaim insurance covers treatment expenses for previously specified illnesses and eventualities. There is a fixed limit to the costs that the Mediclaim will be able to reimburse. It covers expenses ranging from hospitalization to treatment. This type of insurance is helpful when one is hospitalized for 24 hours.

      Different types of Mediclaim Policies 

      • Individual Policy- As the name suggests, this type of Mediclaim policy will only pay for the hospitalization expenses of an individual against the premium paid.
      • Senior Citizen Policy - This policy is usually reserved for senior citizens above the age of 60 for their medical and health expenses. Scores of senior citizens in our country have benefitted from this policy. It is especially beneficial if the policyholder is suffering from age-related ailments.
      • Family Floater Policy - Here, medical coverage is provided to one person in a family, which can be transferred or extended to other members of the family. This kind of policy is ideal for families where one member is the primary breadwinner.
      • Critical Illness Policy - Critical illnesses tend to be long-drawn, emotionally draining, and expensive affair. Not only for the person suffering from the disease but also this/her family members and loved ones. This policy will give much-needed respite to the policyholder and his/her family.

      Different Types of Health Insurance Policies

      • Individual Health Insurance - This policy covers an individual against illnesses and medical expenses. It covers the expenses until the cover limit is reached.
      • Family Floater Plan - This policy gives you a single cover for your entire family! It covers the hospital and surgical expenses for more than one family member at a single time.
      • Unit Linked Health Insurance Plan - In this policy, some part of your premium will be invested while the rest will go towards providing you medical cover. You get returns of the investments that are made with your premium.

      After looking at the above-mentioned statistics and definitions, you may wonder ‘but which should I choose and what is the difference between a Mediclaim and health insurance?

      Here’s a breakdown of Mediclaim V/s Health Insurance

      Mediclaim Health Insurance
      Get coverage for accident-related treatments, hospitalization, and diseases. (The diseases are pre-determined, and the cover is only available for a specific period). Health insurance is more comprehensive and covers hospitalization charges (both pre and post). It also compensates if the policyholder is unable to hold onto their job due to an accident/ critical illness.
      No add-on coverage. Further, it offers a range of add-on coverage like maternity coverage, critical illness coverage, personal accident coverage, etc.
      Different Mediclaim providers provide different plan features. The plan features largely remain the same for virtually all health insurance providers.
      No flexibility for coverage. Policyholders can change their premium amount and policy duration after a specific period.
      No critical illness coverage. It provides critical illness coverage for more than 30 critical illnesses such as stroke, cancer, kidney failure, etc.
      You can get coverage for only up to 5 lakh. Here, the sum assured can go up to 6 Crores per year!
      You can file claims in a Mediclaim policy till the total amount insured is drained or exhausted. Claims that are made for critical illness and accidental disability receive a lump sum. But these claims can be made just once during the entire duration of the policy.Apart from this one can file claims until the insured sum is exhausted.
      One needs to be hospitalized to avail Mediclaim benefits. He/she will not be able to file claims if not hospitalized. It is not necessary to get hospitalized to claim health benefits with health insurance. You can avail day-care benefits without getting hospitalized.

      The Final Words

      The above table highlights the features and differences between mediclaim and health insurance. Use it to figure out which of the two suits your situation and fulfills your needs the best.

      In any case, always have insurance for your health as well as for your family members. Nowadays, people are not much particular about their health insurance or Mediclaim, however, they should be.

      The world is full of surprises, and not all of them are good. If you have a Mediclaim or health insurance plan, you will not have to worry about the eventuality of an accident or illness.

      Lastly, Mediclaim is best suited for people that belong to modest economic backgrounds. The premiums are manageable and the amount that can be claimed is also not that much. They can also opt for insurance policies if they feel that they require more substantial insurance.

      All in all, both of these things ensure the holistic well-being of you and your family.

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Does Aditya Birla Health Insurance Cover Dental Treatments?

      17 May 2024

      Dental insurance is vital in maintaining oral health by covering
      Read more
      Does Niva Bupa Health Insurance Cover Dental Treatments?

      06 May 2024

      Dental insurance covers regular dental check-ups and treatments to
      Read more
      Surgeries Covered by TATA AIG Health Insurance Plans

      26 Apr 2024

      Amidst the escalating healthcare costs nationwide, managing the
      Read more
      Surgeries Covered by Liberty Health Insurance Plans

      26 Apr 2024

      Liberty General Insurance Limited offers a range of comprehensive
      Read more
      Does Care Health Insurance Cover Dental Treatments?

      26 Apr 2024

      Healthy teeth and gums can go a long way to maintaining oral
      Read more
      Best Health Insurance Plans for Senior Citizens
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      Does Health Insurance Provide Coverage for LASIK Eye Surgery?
      A vast majority of the Indian population is suffering from vision problems. For some of them, LASIK eye surgery is
      Read more
      Zero Waiting Period in Health Insurance Plans
      Every medical insurance plan comes with a few terms & conditions, and the waiting period is one of them. A
      Read more
      Heart Surgery Cost in India
      Heart diseases are the leading cause of death across the globe. As per a survey by the World Health Organisation
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL