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Protect yourself from unexpected expense during hospitalisation

The increasing rate of inflation prevalent in present days has also had a strong bearing on the healthcare sector. Medical costs have skyrocketed, where a standard angioplasty or bypass surgery comes round to an average of Rs.3 lakh. The cost goes further up as one seeks state-of-the-art facilities during treatments and hospitalisations. 

Given the high risk of ailment and steep medical cost, one must not delay in availing a hospital cash insurance policy which would provide considerable benefit in case of immediate or urgent hospitalisation. 

Alongside providing immediate funding, such policies also bring along other coverage benefits that help policyholders keep their hassles related to healthcare in check. Here’s a detailed look at what such a plan comprises.

What is a hospital cash plan?

Hospital cash policy is identified as an insurance plan under the broad ambit of health insurance coverage. It thus acts as a supplement to an individual’s regular health insurance plan or coverage for specific diseases such as a tuberculosis insurance cover. 

Hospital cash insurance or a daily cash plan provides a definite amount for each day that a patient remains hospitalised. The primary characteristic of such a plan is that the amount to be paid each day is fixed at the outset. Thus, throughout the policy tenure, the daily amount will remain the same, irrespective of the actual expense incurred. 

For instance, Bajaj Finserv under its Pocket Insurance & Subscriptions offers Hospital Cash Cover where cash allowance is provided at Rs.1,000 per day of hospitalisation. Such daily cash benefit is applicable in case of day-care treatment procedure as well. 

The validity of this plan is for a tenure of 1 year and can be availed by individuals between 18 and 65 years of age. 

Advantages of a hospital insurance policy

Such insurance policies provide a wide range of benefits. Some of those can be –

  • The lump-sum amount provided as daily allowance does not come with any end-use restriction. It can thus be utilised as per the choice of the insured party. For example, it can be used to meet additional expenses or towards compensation of income loss during the hospitalisation period.
  • If a regular health insurance plan falls short with respect to an entire claim, the daily allowance can be used to cover the extra bills. If an individual has any existing clinical condition, it would be prudent to opt for specific health cover though, like an infection cover
  • When hospitalised for a minor complication, the hospital bill usually does not tend to be high. In such instances, a daily cash allowance may prove to be sufficient to pay for the bill, without having to raise a claim under the existing health insurance plan. 

Conditions to fulfil for claims under the hospital cash insurance plan 

Hospital cash insurance covers usually include some of the following terms –

  1. The minimum hospitalisation period has to be 24 hours. 
  2. Hospitalisation for a current disability that onset before the start of the policy period will not be considered. 
  3. Mere hospitalisation without treatment is not covered.
  4. Inoculation or vaccination, unless a part of treatment for injury arising out of an accident, is not covered under this plan.
  5. Medical treatment has to be availed within India from a registered practitioner.
  6. Plastic surgery, cosmetic surgery or aesthetic treatment, unless required due to an accident, will not be covered under this plan. 

How to raise a claim under the plan?

To raise a claim under your hospital cash insurance cover, the insurer or designated representative must be intimated 48 hours before planned hospitalisation or within 24 hours of emergency hospitalisation. In the claims reimbursement form, make sure to mention the required information and submit related documents.

Be sure to conform to all the requirements of the claim process, so that the claim is not vitiated in any manner. Ensure that all the relevant documents are filed such as the claim form, discharge summary, payment receipt, final hospital bill, and consultation papers of doctors for a successful claim.

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