Group Mediclaim Policy vs Individual Health Insurance

Why You Need Health Insurance?

Health insurance helps us to deal with medical emergencies. Buying medical insurance is important as it removes the burden of expenditures during a crucial period. The Mediclaim covers every expense involved right from room bills to artificial limbs. The insurance company may even provide cashless service if the hospital is one of its network partners.


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Types Of Plans

Apart from health plans for businesses, all insurance companies provide plans for individuals as well as offering medical benefits. Most of the insurance companies offer the following policies.

  • Individuals & Families
  • Medicare
  • Medicaid

Individual Health Insurance VS Group Mediclaim

Individual and group mediclaims have definite differences. The advantages are more being in a group mediclaim as they are cheaper and have lesser conditions. People having consistent health problems or being under treatment while seeking new health insurance will face trouble. But under group health plans every individual is covered disregarding their Pre-existing health conditions.

What Should I Choose?

Analyze the points below to decide between individual and group mediclaims.

  • What will happen if your current company revises its employee policies and withdraws the group health insurance proposal?
  • What if you get a better opportunity and switch your job and your new company does not provide a group health insurance plan?
  • Due to some circumstances, if you lose your job then what will happen?

What is a Group Mediclaim Policy?

Group mediclaim is offered by companies or societies for their employees or fellow men. These policies benefit all in a group and can be customized to suit the group interests. Most of the companies are trying to be more employee-friendly and are on the way to introducing various benefits for the betterment of their employees. And group mediclaim is one such asset.

This Policy just doesn’t end by providing Coverage against health issues but also provides preventive solutions. However, this policy is beneficial only for people having a long term employment contract with the company. The best part of it that it covers maternity expenses without any waiting period. It means you don’t need any maternity health insurance plan if you have a group mediclaim policy.

Benefits Of Group Mediclaim

  • No Waiting Period for maternity
  • It provides insurance even for employee’s parents
  • It provides cover for pre-existing diseases

What Is Individual Health Insurance?

Individual health insurance is a safeguard plan against all kinds of medical emergencies at all stages of life. There are companies and governments that suggest people invest in health insurance as well as life insurances to provide a peaceful economic atmosphere.

The medical crisis will soon be a thing of the past if all of the population is insured. Investing in health insurance will cover all your medical expenses and even your family medical bills. Deciding upon the best insurance policies is important as the benefits and definition of covers provided by different insurers vary vastly.

Benefits Of Individual Health Insurance

  • Family medical expenses are covered in a single plan
  • An unlimited number of claims in a year until the Insured sum gets exhausted.
  • Group mediclaim expires when you change the company, that Risk is absent in individual mediclaim.

What It Covers?

Most of the mediclaim policies cover the following:

  • Reimbursement of hospital expenses.
  • Premium paid for the policy is exempt from income tax.
  • Cost of regular health check-ups and other benefits.

What It Doesn’t Cover?

  • Pre-existing illnesses are excluded from the policy.
  • Congenital external diseases and diseases arising due to the use of drugs.
  • AIDS.
  • Preliminary diagnosis costs and cost of vitamins and tonics are excluded unless prescribed for treatment.
  • Treatment without hospitalization, mostly dental treatment.
  • Naturopathy is excluded.

Things To Remember:

Most of the individual health plans do not cover pre-existing illnesses; therefore invest in health plans considering all your requirements and necessities. And all insurance plans have age limits beyond which renewal is not possible. Hence early investment and timely renewal until the Age Limit will help maximum utilization of its benefits.

So Compare Online Health Insurance Quotes and Buy Now.

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