Hospital Cash

Rising Cost of Health Treatments – Tackle it with Hospital Cash Insurance

Rising medical costs make health insurance an absolute necessity these days Hospital Cash. A severe medical crisis can derail even the soundest financial plans and wipe out a chunk of your savings. However, note that

Rising medical costs make health insurance an absolute necessity these days Hospital Cash. A severe medical crisis can derail even the soundest financial plans and wipe out a chunk of your savings. However, note that even a health insurance plan may not be adequate to put a lid on out-of-pocket expenses as there are several costs that aren’t covered by a regular health plan. 

These non-admissible costs can punch a big hole into your pocket, and this is where a hospital cash cover can come to your rescue. Read on to know about this plan.

What is hospital daily cash insurance?

A hospital’s daily cash insurance, also known as hospital cash cover, provides a defined pay-out for the number of days hospitalized. In other words, it doesn’t take into account the actual hospitalization expenses but pays a predefined amount as per the policy’s terms and conditions. The amount could be Rs. 1,000, Rs. 2,000 or even more. 

A hospital’s daily cash insurance can augment your existing health insurance plan and help you take care of the non-admissible expenses.

Coverage offered

The coverage offered by a hospital cash cover varies across plans, and you can buy this plan either for self or for the entire family. Also, in cases where you need to be admitted in an ICU, the pay-out from a hospital cash benefit plan can double. At the same time, in case of surgery is required, the pay-out can even go up to 5 times the daily limit.

Other advantages of hospital cash benefit insurance

While a hospital’s daily cash insurance cover can augment your existing health insurance plan, and fortify your finances from taking a dip amid a health crisis, a distinct advantage of having such a cover is the protection of the no claims bonus (NCB). 

NCB is a feature of health insurance plans whereby the sum insured is increased by a certain percentage in the year where no claim is made. In other words, the coverage is enhanced without an additional premium. 

In cases, where you are hospitalized for a few days and can pay the expenses from the hospital cash cover, doing so can keep the NCB intact. On the other hand, if you pay from your regular health insurance plan, the same affect the NCB.

How to choose a hospital cash cover?

Just like any insurance plan, you must choose a hospital cash cover wisely. You must read the policy’s terms and conditions thoroughly to make an informed choice. Note that most hospital cash covers put a cap on the maximum days hospitalized in a year for which coverage is provided. This can range from 30 to 60 days.

Also, to receive the coverage you must be hospitalized for at least 24 hours or more. At the same time, you should compare different policies before making the final choice. Today, there are many aggregator portals that list plans from different insurers. You can browse them and choose the one that best fits in your scheme of things.

Also, in some cases, if you buy the policy online, you can save on premiums as the insurer saves on overhead costs including agent commission. The benefit of this saving is passed onto you in the form of a lower premium.

Note that you can make a claim both from your regular health policy and a hospital’s daily cash insurance plan. The expenses incurred on traveling, medicines, visits of relatives, etc., can be covered from the latter, while the former covers hospitalization costs. 

Hospital Cash Cover from Bajaj Pocket Insurance & Subscriptions offers a daily cash allowance of Rs. 1000, which can help you meet non-admissible hospital expenses. You can get a sum insured up to Rs. 10,000 at a pretty nominal premium along with a host of other benefits. The plan also covers you for a day-care procedure.

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