Know the Difference Between Health Insurance and Mediclaim
Insurance can be a confusing matter even at the best of times. It takes on a whole new dimension, when you think of things like health insurance and mediclaim insurance, though. They both sound so similar to each other, both about insurance and both health related. They're probably about the same thing, right? Actually, they're not. They are two very different plans, and they both give you different benefits.
Health insurance, for example, is where you pay a particular premium and you receive specific benefits. These benefits are basically that you don't have to worry about paying for your medical expenses, at least so far as the insurance policy covers you. The premium you pay ensures that you are covered for a certain period, for a certain amount. Up to this amount, you don't need to pay for your health, but if you exceed this amount - you need to shell out of your own pocket. Some health policies even cover the losses you might incur due to loss of income because of your medical condition. You can get a lump sum from your health insurance policy.
With mediclaim, you are essentially paying out of your pocket. You will be reimbursed later, of course. You could even opt for cashless mediclaim, saving you the time spent waiting to get your money back. But mediclaim is clear in that it only covers your hospital related finances. You can take care of your expenses so long as they are from the hospital. But other factors are not taken into account, like loss of income. Further, you can only take this insurance for a period of one year, unlike a health insurance plan which can last for at least five years. You can keep claiming for your mediclaim so long as there are funds left over in your name - the same doesn't apply to health insurance. If the claim is successful, you would be given the policy amount in a lump sum and that would be the end of it.
They are clearly different, though they might seem similar. Depending on what your own needs and requirements are, you could choose a plan that you want. Just remember to look at policies from difference companies, because you could easily get confused by the similarities. Look closely at the rules and regulations for each. Be sure to choose a plan that you can afford, so that the plan doesn't lapse because you can't afford the premium anymore.
Health insurance, for example, is where you pay a particular premium and you receive specific benefits. These benefits are basically that you don't have to worry about paying for your medical expenses, at least so far as the insurance policy covers you. The premium you pay ensures that you are covered for a certain period, for a certain amount. Up to this amount, you don't need to pay for your health, but if you exceed this amount - you need to shell out of your own pocket. Some health policies even cover the losses you might incur due to loss of income because of your medical condition. You can get a lump sum from your health insurance policy.
With mediclaim, you are essentially paying out of your pocket. You will be reimbursed later, of course. You could even opt for cashless mediclaim, saving you the time spent waiting to get your money back. But mediclaim is clear in that it only covers your hospital related finances. You can take care of your expenses so long as they are from the hospital. But other factors are not taken into account, like loss of income. Further, you can only take this insurance for a period of one year, unlike a health insurance plan which can last for at least five years. You can keep claiming for your mediclaim so long as there are funds left over in your name - the same doesn't apply to health insurance. If the claim is successful, you would be given the policy amount in a lump sum and that would be the end of it.
They are clearly different, though they might seem similar. Depending on what your own needs and requirements are, you could choose a plan that you want. Just remember to look at policies from difference companies, because you could easily get confused by the similarities. Look closely at the rules and regulations for each. Be sure to choose a plan that you can afford, so that the plan doesn't lapse because you can't afford the premium anymore.
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