The ever-expanding market of today’s world – no matter what the product or service – spoils us for choice. The situation is no different in the health insurance section. With several varieties of policies and subtypes within each variety, it takes us a lot of effort to get acquainted with what is available and make an informed choice. Taking it step-by-step makes it easier. If you know what a health insurance policy is, read on to find out what Mediclaim policy insurance is, and how it is different from a health insurance policy.
Mediclaim is a type of medical insurance that provides protection in specific health-related financial expenses. It comes in really handy during an emergency. However, it only covers hospitalisation charges and treatment made necessary by an accident or a specific illness. It does not offer security against critical illnesses and other hospitalisation charges.
Features of Mediclaim policy
Here are some other features of Mediclaim policy compared to those of a health insurance policy:
• As mentioned before, Mediclaim policies cover only specific illnesses or emergency hospitalisation expenses. Health insurance policies have a wider coverage, including pre- and post-hospitalisation charges, critical illnesses, ambulance charges, compensation for lost income, and a host of other benefits.
• The maximum sum assured does not go beyond 5 lakh rupees in case of medical insurance. The sum assured of a health insurance policy can go up to 6 crore rupees.
• Mediclaim policy allows you to keep making claims till the entire amount is exhausted. Health insurance policies pay the lump sum in one go, so the claim can be made only once.
• Mediclaim insurance does not come with discounts throughout its lifespan – they can only be availed at the time of purchase. Health insurance policies offer discounts on premium and upon renewal.
• Both Mediclaim and health insurance have both the cashless and reimbursement modes of payment.
• Mediclaim insurance offers tax benefits according to Section 80D of the IT Act of 1961.
A Mediclaim policy does not cover:
• Critical illnesses such as cancer, stroke, paralysis, aorta graft surgery, kidney failure, bypass surgery, multiple sclerosis, etc.
• Non-medical expenses.
• Sexually Transmitted Diseases and HIV
• Cosmetic or plastic surgery
• Medical conditions resulting from intoxicating substances
• Medical conditions arising from war
• Dental treatment (except in case of an accident)
Which Mediclaim policies are the best?
It is difficult to choose the best out of the several kinds of plans that exist. Some of the top companies that offer good Mediclaim policies are: Religare Health Insurance Co. Ltd.’s Care Today, ManipalCigna’s ProHealth Plus and ProHealth Preferred, HDFC Ergo Health Suraksha, National Mediclaim Plus, Max Bupa Heartbeat, Bajaj Health Care Supreme, etc.
Mediclaim policies are advantageous because of their tax benefits, and also because they’re not as expensive as health insurance policies. Make sure your arm yourself with information before taking a decision. You can browse through ManipalCigna’s policies and choose the best one for you and your family.