Difference Between Health Insurance and Medical Insurance

Have you ever seen oil and water getting mixed? No, right? Because the density of both the elements is different from one another. Similarly, two different terms in the insurance sector often create confusion. We are here, talking about Health insurance and Medical insurance. Mostly, people get confused and consider both the plans as same. But! Let us tell you why these two are separate sides of the ’insurance’ coin.

This guide will discuss how a health insurance policy and a mediclaim (medical insurance policy) differ from each other. Apart from this, we’ll read about the features, benefits, and similarities of both kinds.

What is Health Insurance?

The health insurance plan provides you with all the basic coverage benefits related to your medical expenses with hospitalization, doctor’s consultation, daycare, maternity, ambulance charges, medicines, and so on. It directly pays out or reimburses all the incurred expenses out of your sum insured and you need not pay anything on your own. Types of health insurance include individual and family health plans, group health insurance, senior citizen plans, critical illness policies, personal accident insurance, etc. 

What is Medical Insurance?

Medical insurance or a mediclaim policy is quite different from health insurance because it provides you with a pre-decided coverage benefit for a specific critical illness or medical condition for which you are buying the policy. However, the insurer of your mediclaim policy settles the medical bills directly, you can enjoy the perks of this plan anytime in several terms.

The only condition here is that you can not go beyond the limit of your sum insured in a mediclaim policy.

Which is Better - Health Insurance or Medical Insurance?

For individuals who want wholesome coverage for their medical requirements like- hospitalization, medication, doctor’s consultation, maternity cover, ambulance charges, etc- health insurance serves them the best.

For those who want coverage only for hospitalization but not overall coverage, they can opt for a mediclaim policy.

Wrapping It Up

Buying health insurance does not only secure the health of you and your loved ones but also saves you excess expenditures in times of distress. But the conversation of health insurance vs. medical insurance policy always gets fired up. So, let’s finally end this war. Health insurance and medical insurance can work wonders, but it depends on your medical requirements and which suits you the best.

Are you still confused? Worry not. You can reach out to our expert advisors at PolicyX.com for detailed guidance.

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