It is necessary to get an insurance policy for covering your medical expenses as you would not want to pay these expenses from your pocket. However, there are two types of insurance policies that you can choose for covering your health care needs. The first type is known as the mediclaim policy and the latter is known as the health insurance policy. Though you might be thinking that both these policies are the same. The below-listed features would make you understand the subtle differences between them:
Coverage in mediclaim and health insurance
A mediclaim policy will provide coverage only when you are hospitalized. Where comprehensive health insurance plans include coverage for medical bills, hospitalization charges, pre-hospitalization cover, post-hospitalization cover, and much more.
This means that you can benefit from a mediclaim policy only when you are admitted to the hospital. Due to an accident, for getting medical treatment or surgery done, or any other illness. Due to which you need immediate medical care. On the other hand, a health care policy can be used for getting coverage for senior citizens health insurance also. Treatments includes daycare treatments, AYUSH treatments, accidents, or even for a psychiatric consultation or treatment.
For instance, TATA AIG Medicare Policy offered by Bajaj Finserv provides extensive coverage for expenses related to AYUSH (Ayurveda, Unani, Siddha, and Homeopathy). Organ replacement surgery, vaccination cover, etc. It also provides cashless treatment in thousands of network hospitals. It offers coverage for over 540-day care treatments.
If you cannot be hospitalized for treatment due to some reason, you can also get the domiciliary cover for managing the expenses that are incurred during the in-home treatment procedures. You won’t get such facilities and coverage with a mediclaim policy.
Type of claims in mediclain and health insurance
Both health care plans and mediclaim policies offer cashless treatment at selected hospitals. The option of paying the expenses from your pocket and getting it reimbursed later from the insurer is also provided by both these insurance types.
However, the difference is that you can claim for various medical expenses if you have a health care policy whereas you can claim for mediclaim insurance only upon meeting certain conditions that are explained above.
You cannot use any additional and top-up health care plans with mediclaim policies. But health insurance plans can be used along with many add-op and top-up health care plans.
For example, you can use a top-up health cover to extend the limit of the sum insured. If your existing health care plan does not provide enough coverage amount. Also add-on covers like maternity cover, personal accident cover, cover for critical ailments, etc. Can be used to extend the scope of coverage of your existing health care plan.
A mediclaim insurance policy offers a sum insured only up to a certain limit which cannot be extended. Even by paying an additional premium as no top-up or super top-up health insurance plans can be used along with it.
However, health care plans allow you to choose a sum insured which you feel is sufficient for covering your health care requirements. This also means that the mediclaim policies usually come at a much lesser premium. The premium of a health care plan will depend upon the coverage amount, types of coverage, and facilities that you need. Despite these differences, both mediclaim and health care policies have their benefits or advantages.
For exploring the features of TATA AIG Medicare Insurance and many other mediclaim and health insurance. You can visit the website of Bajaj Finserv. It would be easy to understand the pros and cons of various health care plans on their website. And you may come across many medical insurance plans that can be tailored as per your health care needs.