In this hustle-bustle, unhygienic lifestyle, you don't know which disease you make unhealthy and unwell. The treatments of diseases are costly. Spending hard-earned money in the treatment is not a wise decision. Here's health insurance, and medical insurance show their importance. Health insurance and medical insurance working principles are far different from each other. The significant difference between them is the media claims limit. When it comes to coverage, health insurance offers you a better cover than medical coverage. In this article, we are going to tell you the actual difference between health insurance and medical insurance. So, let's get started.
Our article will help you in understanding which insurance type gives you better health coverage at the best premium rates.
What is health insurance?
Health insurance is the type of insurance that covers all the illnesses and gives you the facility to admit at the hospital cashless. When you are ill or diagnosing or suffering from critical diseases, if you have health insurance, then you don't need to worry about the medical expenses. The health insurance company will cover your treatment cost and enables you to focus on your health with peace of mind.
It is a comprehensive policy that is designed to help individuals when they need cash for the treatment. We don't know what will happen to us in the next seconds. Due to the unstable lifestyle and financial status, savings is not possible for us. But, if we avail the health insurance policy and give a premium every month, we can fight against the disease.
Types of Health Insurance Policies
Individual Health Insurance Plan
This health insurance plan is designed for the individual who wants coverage against all types of illness and large hospital network connections.
Family Health Insurance Plan
This health insurance plan is specially designed for the family. It is a single health insurance plan which gives coverage to whole family members.
Surgery and Critical Illness Plan
This health insurance policy is designed for the people who already have diseases like diabetes, blood pressure, and arthritis and are looking for a plan to fight against the critical illnesses. Individuals who drive daily can opt for this plan.
Senior Citizen Health Insurance Plan
This health insurance plan is designed for the individuals whose age is above 60 years.
Preventive Healthcare Plan
This health insurance plan is designed to offer preventive care treatments like a regular health checkup, test, X-ray, and consultation charges.
Key Features of Health Insurance Plan
Below we have stated the key features of the health insurance plan.
Cashless Treatment
When your doctor recommends you to be admitted to the hospital, you don't need to pay any fee to start your treatment if you have a health insurance plan.
Pre and Post Hospitalization
It is one of the significant features of the health insurance policy. The health insurance policy covers both pre and post-hospitalization costs.
No Claim Bonus
You will surely love this benefit. If you retain the health insurance policy active for many years, you will get discount premiums and other benefits by the company.
Tax Benefits
Under section 80 D income tax, you can save your tax if you avail of the health insurance policy.
How to choose the best health insurance policy?
Getting the best health insurance policy is a straightforward process. All you need is to do, just opt for the best insurance company, fill out the form online, and submit the documents along with it. As soon as the company gets your application, they will review it and approve your application and ask you to choose the premium, and then your policy gets activated.
What is medical insurance?
Medical insurance is the type of insurance that offers financial protection against hospitalization cost and pre-specified diseases. It is one of the most useful and effective health insurance policies which offers coverage hospitalization and treatment cost. It settles the treatment and other hospitalization expenses effortlessly.
Key Features of Medical Insurance Policy:
Cashless Procedure
When you admit at the hospital, you need to submit hard-earned money. All you need is to show your health insurance card, and they will begin your treatment without asking any questions. It is one of the significant features of this insurance plan.
Reimbursement
To avail the feature you need to inform the insurer what has happened to you and in which hospital you are admitted. You can either call them or share your request via email as well. As soon as they get your email, they review it and process reimbursements.
Claim Settlement
The claim settlement procedure of this insurance plan is straightforward. All you need is to submit your hospital bill online to the insurance company, and they will settle your claim as soon as possible.
Here are the basic difference between health insurance and medical insurance:
|
Basis |
Health Insurance |
Medical Insurance |
|
Offered coverage |
A health insurance gives you coverage against diseases, pre and post hospitalization cost, surgery and serious illness |
A medical insurance gives you coverage only for accident, hospitalization cost and pre-decided disease |
|
Add on coverage |
You can customize your health insurance plan by adding some addition coverage |
It doesn’t provides any add on coverage |
|
Flexibility |
No flexibility is available in this insurance plan |
You can increase or decrease your premiums, add or remove the disease also increase the life of the insurance plan in this health insurance plan |
|
Critical illness covers |
This plan doesn’t offers critical illness coverage |
The surgery and critical illness plan is available |
|
Sum assured |
In this medical insurance plan the policy holder can file claim when the total amount get exhausted |
The sum assured is paid in lump-sum if you opt for the surgery and critical illness plan |
|
Hospitalization |
In order to take the benefits of this insurance policy you need to admit at the hospital |
Pre and post hospitalization coverage is available here |
