Mediclaim Vs Health Insurance: Which Is Best for You?
Today insurances have become more necessary than ever. COVID-19 has taught us that our lives are certainly uncertain, and we need to figure things out while we can. Hence, it is important to prioritize the need for insurance.
As you know, there are different insurance policies for specific needs. Whether you need a car, home, or pay your education fees, there is an insurance plan for everything. To fulfil your medical needs, you need to look for medical insurance from a trusted company like IIFL insurance.
So, now the question arises which is the best medical insurance for you?
Both health insurance and Mediclaim are popular choices for securing your medical needs. However, at times Mediclaim and health insurance are used synonymously to each other. But both are two sides of a coin that are often used interchangeably.
It is important to understand the difference between to make the most of them.
What Is Mediclaim?
Mediclaim or Mediclaim insurance covers your expenses related to hospital bills. The best Mediclaim policy will cover your hospitalization expenses that are related to only specific health ailments and treatments. A Mediclaim can be availed for a specific sum across a dedicated timeline. You can also avail of tax benefits under section 80D of the Income Tax Act.
What Is Health Insurance?
It is a form of medical cover where the insured will get a cashless facility or reimbursement for the hospitalization expenses. With health insurance, you can get wider coverage of benefits. It will cover different critical illnesses and treatments. You must understand the terms of a health insurance policy before applying to get the most out of it.
Mediclaim Vs Health Insurance
Whether you buy insurance from offline or online mode, it is important to pick the ideal one that will best suit your requirements. For that to happen, you need to conduct a fair comparison of both Mediclaim and health insurance to find the best plan for yourself.
Here is a comparison of both Mediclaim and health insurance that you need to understand to make a well-informed decision.
- A Mediclaim covers the hospitalization expenses. Health insurance includes the coverage of expenses plus pre- and post-hospitalization charges.
- Mediclaim does not have any fancy add-ons as it focuses on just one thing. On the other hand, health insurance will offer a bunch of add-ons like ambulance charges, injuries compensation, premium waiver, and more.
- To claim a Mediclaim, one must get hospitalized. But in health insurance, there is no such condition.
- The cover of a Mediclaim is often limited to a specific medical need, whereas health insurance will offer you additional coverage other than the basic plan.
- With health insurance, you can avail of add-ons like critical illnesses, accident coverage, maternity coverage and more. Mediclaim does not have such add-ons.
- There is no flexibility in Mediclaim policies in terms of duration and the premium amount. But with health insurance, you can make modifications according to your needs.
It depends on you to pick the right insurance for your needs and cover your medical expenses.
How to Pick an Insurance?
There are certain factors that you need to consider while picking insurance. To make your decision further easy, here are a few tips that you can consider:
- Understand your medical requirements before searching the insurance.
- Pick an ideal insurance company that already has credibility in the market.
- Compare through different policies before selecting anyone.
- If you are choosing health insurance, make sure to check the benefits of add-ons to add more value to your policy.
- Set a policy maturity date with respect to the criticality of your illness.
- Calculate the premium and make sure it falls in your pocket.
The Bottom Line
Medical insurance is the need of the hour; all you need to do is choose the right plan. Both Mediclaim and health insurance are effective medical plans, and it depends on your requirements that will decide the right policy for you.
If you are looking for specific coverage for your critical illness, you can pick Mediclaim without a second thought. In comparison, health insurance will offer all-encompassing coverage for medical uncertainties.