If you are reading this, chances are you're trying to understand what is the difference between Mediclaim and health insurance. Well, you're not alone. Many of us tend to use these terms interchangeably, but they are essentially quite different.
In simple terms, Mediclaim is a type of health insurance policy that only covers hospitalisation expenses for a specific illness or injury. In contrast, health insurance is a broader policy that covers a wide range of medical expenses, including hospitalisation, medical consultations, and diagnostic tests. In this blog, we'll take a closer look at these two types of policies and help you understand the differences between them.
What is the Difference Between Mediclaim and Health Insurance?
Mediclaim and health insurance are two types of insurance policies that provide financial protection in medical emergencies. Although both policies may sound similar, they have several key differences that set them apart:
Mediclaim:
- Provides coverage only for hospitalisation expenses; applicable only when the policyholder requires hospitalisation
- Offers limited coverage of up to Rs 5 lakh and has no add-on covers
- It is inflexible and cannot be customised
Health Insurance:
- Offers a comprehensive cover that extends beyond hospitalisation expenses and includes annual health check-ups, daily hospital cash, OPD expenses, and alternative treatments such as AYUSH
- Offers numerous add-on covers such as Critical Illness Cover, Maternity Benefit and Infertility Cover
- It is flexible and can be customised based on the policyholder's age, city, and number of members in a single plan