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How Medical Insurance Differs from Health Policies?

The insurance sector is getting saturated, and multiple life insurance plans are taking place in the market. Besides the life insurance plans that offer life coverage, the demand for health insurance plans was on peak; however, saturating it further, mediclaim or medical insurance plan was another need that came in the picture.  Most of the people still aren’t aware that medical insurance differs from health policies. How? Let’s see.

The medical emergencies hit with a burden of lots of expenses. In such situations, you need not only physical but also the financial support. The medical costs are going high gradually and covering such costs; one must have a health insurance policy to cover all the medical expenses. It is the life insurance policy that takes care of all the charges, right from pre-hospitalisation to post-hospitalisation, including the treatment and other medical tests.

Health insurance can be said as the comprehensive cover against any health condition. Whereas, medical insurance plan or the mediclaim policy is designed to cover only hospitalisation costs. It doesn’t cover ambulance charges or income of loss due to the disease.

At the time of the claim of medical insurance policy, you always need to submit the proofs of hospitalisation to the insurance company. Sometimes, the insurer makes it essential to show the hospitalisation proofs while sometimes it is not necessary. Health insurance can be claimed on the basis of the diagnosis, irrespective of the hospitalisation.

Health Insurance has a capping of Rs.75 Lakh to Rs. 1 Cr, depending on your health conditions and the income. Medical insurance plans do not cover against such high expenses. Usually, the cover under mediclaim is limited to Rs.5 Lakh.

When the bills and documents regarding the hospitalisation are submitted, the insurance company verify the same and pay the amount to the policyholder. Most of the times, the hospitals are linked with the insurers, and all the data is fetched directly from them.

Unlike Health Insurance, medical insurance plans allow you to claim multiple times, especially when you have numerous hospitalisations in a year. This can be made till the expenses reach the mediclaim slab. Once the claim is made for health insurance, the entire sum-assured is paid out.

To conclude, health insurance and medical insurance plans differ from each other. By analysing the nitty-gritty of each plan, you must decide which plan to go with. If you want to save on the hospitalisation expenses in lower premiums, mediclaim policies are designed for you!

Post Author: Fathiyya Al Shaikh

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