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Ref. No. KLI/22-23/E-BB/492
Find out more about the differences and similarities between medical insurance and health insurance. Visit right away to learn more about health insurance policies.
The possibility of a health crisis seems to loom far but always strikes at the time least expected. This year, we saw the impact of COVID-19 on the country’s citizens and the economy. Health-based insurance has become more of a necessity than a choice with the increasing number of health issues and diseases. Thus, more and more people are buying medical or health insurance to protect themselves and their loved ones. Both health and medical insurance are used interchangeably but differ in the scope of benefits they provide.
Health insurance is a type of insurance coverage that provides financial support in a health crisis. It aims to provide 360-degree and comprehensive coverage for any illness, accident or injury. There are different types of health insurance plans to suit diverse needs.
However, there are some exclusions to what health insurance covers:
Medical insurance is a very targeted and limited form of health insurance wherein you get coverage for a pre-defined and limited set of medical expenses. Additionally, there is a ceiling on the maximum sum assured - generally Rs.5,00,000, and there is no scope to enhance the coverage through riders/add-ons.
Following are some common types of medical insurance plans:
Basis |
Health Insurance |
Medical Insurance |
Insurance Coverage |
Hospitalisation coverage (as long as you’re in the hospital for at least 24 hours), specific diseases, and a set amount are all covered by medical insurance. Additional to actual hospitalisation costs, it doesn’t cover any other fees. |
Comprehensive coverage is provided by health insurance, including coverage for hospitalisation, acute sickness, routine checkups, ambulance, and more.
|
Availing Benefits |
Hospitalization is required in order to receive the benefits of medical insurance. |
Benefits from health insurance can be obtained without being hospitalised. |
Number of claims |
Allows additional claims until the amount insured is gone. |
typically a single claim, such as one for a lump sum payment in the event of a critical illness. |
Payments |
When using a cashless payment method, payments are either repaid to the policyholder or made directly to the hospital.
|
When using a cashless payment method, the policyholder is either refunded, the hospital receives payment, or a lump sum payment is made in circumstances like critical illness, certain illness policies, etc. |
Sum assured |
Typically, the maximum sum insured is Rs. 5 lakhs. |
The amount insured may be increased to many crores. |
Add-on benefits |
Extensions and add-ons to coverage are not permitted with medical insurance.
|
For a variety of healthcare requirements, including maternity, accidents, serious illnesses, etc., health insurance offers add-ons. |
To conclude, health insurance and medical insurance are not the same. Medical insurance suits those with specific health needs. Health insurance works for those looking for comprehensive coverage for various health needs.
Ref. No. KLI/22-23/E-BB/2435
