The first thing to understand is that mediclaim has a more specific focus while health insurance policies have broader coverage.
When deciding whether to choose a mediclaim or a health policy, it would be wise to first understand what its requirements are, what the existing health condition of family members is, and what diseases run in the family. This should play an important role when deciding which options to choose in a health insurance policy or a mediclaim policy.
A mediclaim policy has a premium that is calculated based on the amount of the sum insured. It usually covers hospitalization expenses, diseases that have been previously specified (which would be under a specific limit in the insured sum), as well as accidents.
Health insurance policies, on the other hand, especially those currently offered by many life insurance companies, offer more far-reaching benefits and broader options. Depending on the company issuing the health insurance policy, there could be health coverage for up to 30 different critical illnesses, which would cover most of the major diseases currently affecting the population globally or specifically in the country. Health insurance companies also offer several features that help policyholders, such as reducing the premium after a certain period of time, reducing the sum insured after a certain period of time, and reducing the term of the policy after it has expired. after a certain period of time.
Both health insurance and mediclaim policies provide policyholders with the added benefit of obtaining a tax break. This is usually under the Income Tax Act of 1961, Section 80D. For mediclaim, the tax exemption is applicable for an amount not exceeding INR 15,000. If the mediclaim is taken for parents who are elderly, the tax exemption benefit is up to INR 20,000 premium and INR 15,000 premium for non-elderly parents.
Other differences between mediclaim and the health policy is that mediclaim requires a mandatory hospitalization to be paid or reimbursed, since it only covers hospitalization expenses. Coverage is also limited to no more than INR 5 lakh for the sum insured. Mediclaim also only reimburses the patient for hospitalization expenses, since it works on compensation. The claimant may make any number of claims until the sum insured is fully exhausted.
Health insurance policies cover expenses before and after a hospital stay, including ambulance charges and even compensation for lost income. You can claim even without hospitalization, with only a diagnosis, in the case of critical illnesses. The upper limit of the sum assured can be up to 60 lakh INR. Likewise, the total sum insured can be given in case of any eventuality since there are additional clauses for accidents of critical illness or disability.
These are the many reasons why health coverage has more advantages than a mediclaim.
