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Do health insurance and medical insurance mean the same?

medical insurance

Hospital is the last place that any of us wants to visit, yet we do so because of a medical emergency or a planned treatment. Along with getting the right treatment, many of us also worry about the kind of money that we have to put into the treatment. This is one of the biggest reasons why we should buy a health insurance policy even when there is no medical emergency. 

As we try to buy a health insurance policy, we need to have a clear idea of the terms of health insurance policy and medical insurance policy. The majority of the people consider these two terms the same and even use them interchangeably. However, before buying any one of them, we must know the difference between these two. So, let us discuss health insurance vs medical insurance here today.

What is health insurance?

A health insurance policy provides coverage for all hospitalization expenses as well as costs incurred for pre-hospitalization and post-hospitalization. These may include ambulance expenses as well as other related costs. A health insurance plan can be called a comprehensive insurance policy. Here are some benefits of a health insurance policy.

  • When you buy a health insurance policy, you will find out the network of hospitals under the insurance company. This means that if you get your treatment at any of the network hospitals, you can get cashless treatment. You just have to inform your insurance provider within the stipulated time and the medical bills will be settled between the insurance company and the hospital.
  • A comprehensive health insurance policy will provide coverage for both pre-hospitalization and post-hospitalization costs. However, it majorly depends on the type of policy that you have bought. This means there is no need for you to bear the transportation charges.
  • If you do not claim your health insurance for a year, you will get an increment or a discount from your insurance provider in the sum assured.
  • Buying a health insurance policy can help you save taxes under the Income Tax Act of India.
  • With a comprehensive health insurance policy, you will get a co-payment option. A co-payment option means that a part of the expenses is borne by the insurance company while the rest of it is paid by the insured.

What is medical insurance?

When you buy a medical insurance policy, you get limited coverage on the hospitalization expenses and the treatment for the pre-specified diseases and types of accidents. With a medical insurance policy, you will not get add-on coverage. It is based on the sum assured and does not usually exceed INR 5 lakh.

Under a medical insurance policy, there are basically two types of claims, such as cashless and reimbursement. In a cashless claim, the insured has to get the medical treatment only at a network hospital. The insurance provider has to be informed within a certain period and then after verifying the bills and papers, the bill is settled by the insurer with the hospital. In a reimbursement claim, the insurance provider has to be informed by the insured about their hospitalization. This can be done either while getting admitted or in advance. You need to make sure that all the documents are in place. The documents are like bills, discharge cards, etc. These are needed while making the reimbursement claim.

There are various types of health insurance as well as medical insurance policies available in the market. To find the one that suits you the best, you can visit the website of IIFL. You will be able to know the features of the policy and also find out the premium that you have to pay by using the premium calculator. So, visit today and find your health or medical insurance policy.

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