In case of hospitalisation, indirect expenses over and above the hospital charges can severely derail financial planning and eat into an individual’s savings. Expenses like travel cost, ambulance fees, attendant expenses, unpaid leave, etc. can add up to a massive amount if a patient is hospitalised for days at a stretch.
Financially, it is considered a wise strategy to ensure preparedness for medical emergencies. Usually, hospital cash benefit plans come in handy in such a situation and help policyholders cover the said expenses easily.
What is a hospital cash benefit cover?
As stated earlier, a hospital cash insurance policy covers the daily expenses incurred when an individual is hospitalised for treatment. In the case of mishaps, policyholders get a daily cash allowance when under a day-care procedure. The insured sum can be used for a variety of expenditures, like medicines and nursing charges.
The sum insured in the plan usually does not depend on the actual hospitalisation expenses. The insurance aggregator will pay the pledged insurance sum each day the patient is admitted to the hospital, irrespective of the final bill.
For example, holders of the Hospital Cash Cover insurance plan from Bajaj Finserv under Pocket Insurance & Subscriptions can get a day to day insured sum of up to Rs.1000 for a minimal premium. With such a substantial allowance, one can comfortably meet daily expenses and cover the loss of pay during treatment.
Benefits of a hospital cash plan
A hospital insurance policy is a viable coverage plan for many because of these benefits it offers. Following are the significant advantages of investing in such a policy.
- Secondary expenses coverage
Most term insurance plans come with specific exclusions, which the policy does not cover in the terms and conditions. A daily hospital cash policy helps meet these secondary expenses without end-use restriction, thereby significantly reducing the policyholders’ financial burden. These funds can be used to meet inadmissible hospital expenses, ambulance fees, cost of medicine, etc.
- Plan loss of income
When hospitalised, the victim may lose the ability to perform office duties, thereby losing their regular income source. In such situations, the daily hospital benefits act as income replacement and help victims meet financial obligations and basic lifestyle requirements.
- Blanket cover for extra hospital bills
An individual’s existing health insurance policy may not provide adequate cover to meet hospital claims in certain situations. A daily hospital cover helps meet such extra costs, and individuals will not have to make out-of-pocket expenditures.
How to avail hospital cash cover policies online?
One can follow the steps mentioned below to apply for a hospital cash benefit insurance policy online –
- Visit the official website of your preferred insurance aggregator or company.
- Among the various products and offers, search and click on ‘Hospital Cash Cover’.
- Click on the ‘Apply Now’ button. This should take you to the signup page.
- Fill out the application form and enter your updated contact details. An OTP will be sent to your phone for verification.
- Post verification pay the premium using your preferred payment option.
Following this, the applicant will be sent a welcome kit that highlights the insurance plan’s terms and conditions. In addition to a hospital cash cover plan, individuals can also choose to purchase injury-specific plans, e.g., a stampede insurance plan.
Some popular insurance aggregators also offer disease-specific plans, e.g., a dengue cover policy online. Such curated insurance policies ensure adequate financial coverage without straining monthly finances in unfortunate circumstances. Collectively, such features and associated benefits make it essential for individuals to avail a hospital cash benefit.