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Difference Between Health Insurance and Critical Illness Insurance?

Posted On : 23 August 2023, 7 Months Ago. Blog Total Read 1409

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As a customer, it can be difficult to navigate health insurance policies. Many options are available, and each type of insurance serves a different purpose. One of the most common types of medical insurance is critical illness insurance. It provides coverage in the case of severe health issues such as cancer, kidney failure or heart issues. Having health insurance might not be enough in such cases. It becomes crucial to have a critical illness health cover. However, it is important to know the different coverages provided by general health insurance and critical health insurance while buying one.

This blog will compare these two plans and help you find the difference between health and critical insurance.

Comparing Health Insurance and Critical Illness Insurance Policy

Insufficient coverage during a medical emergency should not deter your life goals. Let's learn about the subtle differences between different health insurance policies by comparing them briefly:

1. Type of Insurance Plans

The general nature of a health insurance policy and critical illness insurance differ along the lines of what type of plans they are. Health insurance is a kind of indemnity insurance while critical illness plans are fixed benefit plans. In an indemnity plan, you pay for the actual amount incurred up to a maximum sum insured. You can reuse the policy provided your annual cover is not depleted. With a fixed benefit plan, you get the entire sum assured when you file a claim for the insurance.

2. Coverage Offered

A traditional health insurance plans will typically offer a range features like the AYUSH treatments, ambulance charges, restoration of the sum insured, domiciliary hospitalization, and even cover treatment after an accident. After completion of the waiting period, a traditional health insurance plan will also offer maternity benefits and start covering defined pre-existing ailments in sync with policy terms.

Critical illness insurance offers coverage against a defined set of critical illnesses – Niva Bupa CritiCare covers 22 critical illnesses. The range of coverage offered depends upon the provider. Some of the critical illnesses covered include bone marrow/organ transplant, most cancers of particular severity, permanent paralysis of limbs, coma, heart ailments, muscular dystrophy, loss of hearing and/or speech, end-stage lung disease, major burns, multiple sclerosis, open heart placement surgery, and more.

3. Duration of Policy

The duration for which a health insurance plan and critical illness insurance policy last also varies. Normally, all health insurance plans need to be renewed year on year. Any variance to this procedure is revealed upfront by the seller.

4. Waiting Period for Application

In the case of a critical illness rider, the waiting period differs from insurer to insurer. Broadly speaking though, you are eligible to receive your Sum Insured from a critical illness policy after diagnosis of your illness.

5. Reimbursement/ Claim payment

With a traditional health insurance policy, expenses are typically covered in case your hospitalization exceeds 24 hours, and some plans also offer Day Care coverages which cover cost for procedures which don’t require hospitalisation like dialysis, radiotherapy and more. These expenses include medical bills and treatment costs which will be reimbursed by your policy after your treatment is completed. If you possess critical illness insurance, the sum insured will normally be paid to you as per the policy terms..

6. Premium Costs

Since traditional health insurance is much more comprehensive, the premiums paid under it are relatively higher compared to a critical illness policy. You are getting indemnity coverage for all kinds of medical illnesses including their hospitalization charges, surgery, diagnostic tests, and other medical expenses. If you are diagnosed with a critical health condition that is covered under the policy, you will receive the sum assured. When compared to traditional health insurance, it lowers premiums significantly. You can choose the best plan for your needs based on personal preferences.

7. Members Covered

In traditional health insurance, you get individual health insurance plans and family health plans. If you are an employer looking to cover all employees all at once, you can also opt for a group health policy. There are also senior citizen health policies that one can opt for if they are in a certain age group. In contrast to this, critical illness insurance can be purchased on an individual basis only. Senior citizens are normally not permitted to opt for such a plan.

Conclusion:

When properly researched, health insurance can be one of the wisest ways to financially secure your future. Read more on tips for buying health insurance here.

When adequately researched, health insurance can be one of the wisest ways to secure your future financially. Health and critical illness insurance are different types of medical insurance plans with different purposes. Health insurance is designed to cover a wide range of medical costs related to an illness. In contrast, critical illness insurance is designed to provide financial support in the event of a specific severe illness. Understanding the key differences between health insurance and critical illness insurance can help you decide which type of coverage best suits your needs. You can contact health insurance providers such as Niva Bupa, which enable you to find an affordable plan as per your requirements.

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Secure your health with comprehensive insurance plans from Nivabupa

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Whom are you buying for ?

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Name Enter valid name

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I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.

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