“Health is Wealth”, you would have surely heard this in school and even in many stages of life. To live a long life, you need to be healthy first. However, it is possible to remain at the peak of our health at all times, and what even becomes a matter of concern is spending a lot of money on treatments when we do start suffering from an ailment. These days, if you are getting your healthcare treatment from a hospital can mean that you have to spend quite a lot of money. Although we cannot control the illnesses that we get because of our genetics or lifestyle, we can at least do something to deal with the hospital bills that we get after treatment. One of the best ways for this is to get a health insurance policy.
The majority of the people consider health insurance and medical insurance the same. This is where they make the mistake. Let us today discuss health insurance vs medical insurance and understand the basic differences between these two.
What is health insurance?
It is an insurance cover that provides total coverage to the policyholders for their medical as well as surgical expenses at the time of emergencies. When you buy health insurance, you either have to pay expenses from your own pocket. Which is later reimbursed by the insurance company, or the insurer itself directly settles the bill.
What is medical insurance?
Medical insurance is a health insurance policy that provides particular protection during a medical emergency. The expenses that medical insurance takes care of when you are hospitalized include accidents. Sudden illness or surgery, and surgery during the policy tenure. Medical insurance is of two types, reimbursement and cashless.
Health Insurance vs Medical Insurance
Here are some of the differences between health insurance and medical insurance mentioned below:
- If you have medical insurance, you will get coverage only for hospitalization expenses. This means you will be able to claim the coverage only if you are hospitalize. On the other hand, health insurance offers a total cover that is not only limit to the hospitalization expenses but extends beyond that. Some of the expenses that are cover include OPD expenses, alternative treatments AYUSH, annual health checkups, and daily hospital cash among others.
- With medical insurance, you will not get any add-on covers. While you buy health insurance, you will get several add-on covers which include Maternity Benefit and Infertility Cover, Critical Illness Cover, etc.
- As you purchase medical insurance, the hospitalization cover that you get is limit and may not even exceed INR 5 lakh. While, on buying health insurance, the cover you will get is extensive and depends on the basis of your age, the city you are living in, the number of members in a single plan, and many more.
- The medical insurances are not flexible; while the health insurance plans are quite flexible and you even get the option to customize them.
Benefits of Medical Insurance
- When you are hospitalize, you will get instant coverage on the medical expenses
- On opting for a cashless medical insurance policy, the insurance company will directly pay for the expenses
- If you choose reimbursement, the insurance company will reimburse your money.
Benefits of Health insurance
- Health insurance provides a complete coverage
- You will get several add-ons
- You can choose a Family Floater Health Insurance plan that covers each family member under a single collective health insurance policy
- Both pre, as well as post-hospitalization expenses, are cover under health insurance
- You can get cover for critical illnesses
- You can get various benefits such as Maternity Benefits, Outpatient benefits, Restoration benefits, etc.
Depending on the kind of benefits you are looking for, you can either choose health insurance or medical insurance. And if you want more insights on these two, you can visit the website of IIFL.