If you have often found yourself feeling confused while trying to understand the difference between medical and health insurance, then this post is for you. Contradicting to what people think, medical and health insurance are not the same, and during times like these, it is imperative that you have both of these plans without feeling confused about what medical and health insurance and what they entail. On that note, here’s a look a between medical and health insurance and the benefits they entail.
What does health insurance mean?
Health Insurance is a plan that covers all your hospitalization expenses which includes both pre and post hospitalization expenses alongside ambulance costs and other side expenses. One can definitely say that this is more of a comprehensive policy.
What are the different types of health insurance?
Individual Insurance Policy
This kind of policy will provide you with coverage against various ailments. It also offers benefits related to hospitalization and medical expenses.
Family Floater Insurance Policy
Family floater policies usually includes not just one person but several people from the family. It can be included in plain format or you can take help from individuals and understand the sum total of treatments for individual or family members.
Pre-Existing Cover Policy
In this plan, you will get coverage on all the diseases you have purchased from before in your insurance plan.
Surgical & Illness Plan
Such plans will provide you coverage from all sorts of critical diseases like heart attack, cancer, etc.
Senior Citizen Insurance Policy
All health related issues can be covered within this one policy.
Preventive Healthcare Policy
This policy also includes medical check-ups, concessions, consultation fees, etc.
How do you define medical insurance?
Medical insurance on the other hand provides very limited coverage for all hospitalization costs and expenses towards any of the ailments that are related to accidents. Medical insurance also does not provide any coverage like insurance. This will be dependent on the sum that is assured. However, make sure that it does not cross 5 lakhs.
What are the different medical insurance policies available?
This provides coverage of only a specific amount that is insured to one person.
Family Floater Policy
Here, if one person from the family dies, then that policy shall be closed for that person and the other family members shall not have permission to renew policies.
Pre-Existing Disease Coverage
This policyholder will get coverage for all disease that are related to purchasing an insurance plan. It also provides coverage for all the diseases that could arise from other pre-existing health conditions.
All policies also provide coverage for one year. Hence, the policies have to be purchased very early onwards at a much lower premium alongside other health benefits.
So overall, medical insurance doesn’t provide you with any extra add-on coverages whereas health insurance does provide add-ons. Medical insurance also does not have any flexibility in terms of the coverage whereas the insurance policy holders will also reduce the duration & amounts after a certain point of time.