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| Health Insurance |
Which one and what is the difference?
1) The most common policy is the Hospitalization expenses reimbursement policy or "mediclaim" policy as it is commonly known. This will reimburse "eligible" expenses incurred while hospitalized for treatment of any illness or disease or due to an accident. The policy normally does not cover expenses incurred outside the hospital even if they are quite high such as expenses for tests, doctor's visits while not hospitalized or medicines during that period unless it leads to hospitalization in 30-90 days or is a result of hospitalization in the prior 30-90 days. Expenses on elective treatments such as cosmetic surgery, obesity, etc. are also not covered. There is a long list of other permanent exclusions but in the interest of simplicity they are not being given here.
2) There are policies that pay a lump sum if you contract a serious illness/disease such as Cancer, stroke, organ failure, etc. This amount is payable when the condition is diagnosed and you survive a fixed period after the diagnosis. This type of policy is popularly called a "critical illness" policy and it is supposed to be used to create a corpus to generate income to replace the loss of income that normally occurs after such condition is diagnosed and fortunately you survive. Critical Illness Policies are in addition to and not a substitute for mediclaim policies.
3) There is a 3rd kind of policy which pays a fixed sum of money for every day spent in the hospital. This kind of policy is called daily cash allowance policy and is again a supplement to and not a replacement for a Mediclaim policy
4) Another kind of policy pays a larger fixed lump amount if you have to incur any of the surgeries listed in the policy. This policy is suitable only for those people who are unable to get regular Mediclaim policies and would like to at least get some protection against surgical costs.
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