Health Insurances 205 views
Whenever one looks to secure the future of their health, things like health insurance and mediclaim insurance grab their focus. So often people find both of them same. But there are some differences between the two, which will be discussed later in the article later. Let’s first know both the concepts. The importance of these two insurance products has grown manifold up amid growing number of ailments and the soaring expenditure to treat the same. Ailments can be heart disease, cancer, kidney failure, cardiovascular diseases, etc. The expenses of medical treatment have gone up substantially higher these days. For instance- Cancer patients are required to be treated with 6-17 vials. A cycle of Avastin, used for the treatment of breast and lung cancer, will cost you over Rs 25,000. Treatment of cardiovascular diseases can incur a cost of above Rs 3 lacs in cities like Delhi and Mumbai. Similarly, other diseases like angioplasty can cost within Rs 1.5 lacs-3 lacs.
A comprehensive health insurance plan can be a big relief while making payments for the treatment in a hospital. Health insurance policy offers cover for treatment costs, critical illness costs, hospitalisation expenses, laboratory costs, etc. In addition, health insurance offers cover for post hospitalisation expenses, ambulance costs and others. Health insurance policies offered in India mainly include
- Individual Health Insurance Plan
- Critical Illness Policy
- Pre-existing disease cover
- Senior Citizen Health Plan
- Family Floater Plan
- Preventative Healthcare Plan
Individual Health Insurance Plan
The insurance plan offers cover to individuals against various diseases and medical conditions along with hospitalization and other add-on benefits.
Senior Citizen Health Plan
As the name suggests, the health plan is applicable for senior citizens who have attained the age of 65 years or more.
Family Floater Plan
This insurance policy offers cover to you as well as your family members. A fixed sum assured amount is kept for all the family members.
The plan provides cover for expenses incurred on regular checkups, consultation fees, and concession in x-ray fee.
Critical Illness Policy
It is taken as a rider cover against critical illnesses such as kidney failure, cancer, paralysis, heart attack, etc.
Pre-existing Disease Cover
You can also get the cover for any pre-existing diseases such as hypertension, diabetes, cancer, etc. The diseases must have affected the policyholder before the purchase of the policy.
Mediclaim Insurance Policy
Mediclaim insurance policy implies to the cover against hospitalisation as well as treatment of accident and pre-existing illnesses for the sum assured limit. The premium of the mediclaim policy is dependent upon the sum assured. The policy allows reimbursement of your medical expenses.
Features of mediclaim policy
Premium rates based on age– Premium rates will differ based on the age of the policyholder. More the older you get, more will be the premium. The premium of mediclaim insurance is generally kept fixed for 35 years and then it starts to change.
Sum Insured–Minimum sum insured shall be Rs 50,000 and can get enhanced in the multiples of Rs 25,000 to Rs 5 lacs.
Entry Age–This policy is applicable to people with age of 18-59 years. But you can renew the policy upto 80 years.
Comparison between health insurance and mediclaim insurance
|Parameters||Health Insurance||Mediclaim Insurance|
|Cashless Treatment||Within network hospital of the insurer, you can avail cashless treatment. Means you will not have to pay anything from your pocket as the insurer will take stock of the treatment expenditure.||Cashless treatment can also be availed under mediclaim insurance policy.|
|Hospitalisation||Both pre-and post-hospitalisation expenses are covered for 30-60 days based on the plan you have. In addition, hospitalisation expenses are also covered under the policy.||Only the hospitalisation expenses are covered by the policy.|
|No Claim Bonus||You can avail this add-on benefit on every claim-free year. Means on every no-claim year, you can get a discount on your premium||No claim bonus facility is not available|
|Tax Benefits||Qualifies for tax deduction under Section 80D of the Income Tax Act with a maximum amount of Rs 25,000 and Rs 30,000 for people in the age group of 18-50 years and senior citizens, respectively. health||Qualifies for tax deduction under sections 80C, 80CC and 80CCD of the income tax act.|
As you have got the desired information regarding the coverage of critical illnesses to pre-existing diseases or conditions, you can decide on choosing either health insurance or mediclaim insurance or take both based on your suitability.