Innovation is the trend these days. And the health insurance market is keeping up with it by bringing in unique and thoughtful products to attract more customers. During a medical emergency, there is a requirement of cash for medication, daily expenses, hospital bills, etc. All these issues get addressed by the innovative hospital daily cash plan. A better version of the same is hospicare that is becoming popular day-by-day. It has various advantages above standard health insurance. Let’s see what is the buzz around hospital cash benefits and how we can avail them.
What is the Hospital Cash Cover or Hospicare?
If you go by the name, it means every need in the hospital is being taken care of. In a hospital daily cash plan, the insured receives a fixed amount daily till he/she is hospitalized.
The amount to be paid is predefined when purchasing the policy and remains the same throughout.
Irrespective of the actual expenses incurred, a fixed amount will be paid. But for instance, if your plan or package pays Rs. 2000 daily during hospitalization. Then if your actual expenses are Rs. 1500 or Rs. 2200, you will receive Rs.2000 no matter what.
Features of Hospital cash Cover
It is the uniqueness of Hospicare that makes it appealing to the public. The two main features of the Hospital cash cover are as follows –
The sum insured is the coverage available to the policyholder. It depends on the daily cash allowance selected by the insured. On a Bajaj EMI health card, one can get a cash allowance of Rs.1000 daily up to 30 days of hospitalization. This is available at an affordable premium as low as Rs. 549. people between 18 years to 65 years are allowed for this plan with a validity of one year.
Daily Cash Facility
If the insured gets hospitalized, then he/she is eligible to receive the predefined cash allowance daily.
The cash can be used for tests, medicines, hospital bills, and any day-to-day expenses. Hospitalization is mandatory, but there is no time limit or the number of days specified in most policies.
Hence, you can enjoy the daily cash benefit in case of daycare medical procedures hassle-free.
What is excluded in Hospital Cash Cover?
Certain things are not covered in the Hospital cash cover. Here are a few things that you need to inquire about with the insurance companies.
- Ailment or illness that is diagnosed within the thirty days of the cover period is not included. Additionally, one needs to be hospitalized for a minimum of 24 hours to avail of the benefits.
- If without taking any treatment, the insured gets hospitalized due to an accident for an injury.
- Any existing disability due to an accident before the beginning of the policy period is not included. And there is hospitalization for the disability.
- Any hospitalization due to aggravation of an accidental injury because of a pre-existing condition or illness.
- Treatment or healthcare availed from outside of India.
- Generally, cosmetic surgery, dental treatment, and plastic surgery are not covered. Only if they are required for treating the patient in case of an accident, then it may be considered.
- Any treatment is taken from unregistered individuals, or persons are not covered.
- Coverage is not available for pre-existing diseases for a minimum of two years.
What are the Benefits of Hospital Cash Cover?
There are various advantages associated with receiving a daily cash plan. Let’s understand them in detail.
Tackling Additional Expenses
Although regular health insurance covers most of the hospitalization expenses.
Sometimes, there is a capping on specific costs, and some expenses are not covered in the plan. Most of these are labeled as inadmissible expenses.
These include X-Ray charges, caregiver expenses, and surgical accessories, etc. In a daily hospital cash plan, a person can use the amount received as per his needs. Apart from this, it makes generous financial aid for the loss of income due to hospitalization.
Excess Hospital Bill and NCB
Sometimes, the hospital bill is so huge that your regular health insurance fails to pay it off. In such an event, hospice can be a savior and cover any deficit that is left unpaid.
Also, if a person gets hospitalized for a minor ailment or injury, then hospice is all they need. You can pay the hospital expenses through the daily cash received.
This will help you in saving your No Claim Bonus. You will not need to raise a claim from your regular plan.
To get cash benefits for hospital expenses, the first thing to do is buy a hospice or Hospital cash cover plan. But be aware that a daily cash plan is not a substitute for your health insurance. It is a great aid that works best as a support system in case of contingencies. Additionally, you can avail yourself of these benefits across India with a Bajaj EMI health card easily.