Although the goals of health and medical insurance are similar, they are not the same and have different aspects. Depending on one's healthcare needs, one should carefully pick between these two options.
Here are 6 difference between Mediclaim and Health Insurance
1. Insurance coverage -
Medical insurance covers hospitalisation (as long as you're in the hospital for at least 24 hours), certain conditions, and a set sum. Other from real hospitalisation expenditures, it does not cover anything.
Hospitalization, acute sickness, preventative health check-ups, ambulance, and other services are all covered by health insurance.
2. Availing benefits -
Hospitalization is required to receive the benefits of medical insurance. Benefits from health insurance can be obtained without the need for hospitalisation.
3. No. of claims
Allows for numerous claims until the money insured is depleted. Usually a single claim, such as for a lump sum payment in the case of serious sickness.
4. Payments
In the event of the cashless option, payments are either repaid to the policyholder or paid to the hospital Payments are either repaid to the policyholder, paid to the hospital in the event of a cashless approach, or paid in one lump amount in circumstances like critical sickness, special illness plans, and so on.
5. Sum Insured
The sum covered under medical insurance is normally restricted to Rs 5 lakhs, but the sum insured in health insurance can be as high as a few crores.
6. Add-on benefits
Extensions and add-ons to medical insurance are not permitted. Add-ons for different healthcare requirements, such as pregnancy, accidents, severe sickness, and so on, are available through health insurance.
