​
​No one should have to choose between medicine and other necessities. No one should have to use the emergency room every time a child gets sick. And no one should have to live in constant fear that a medical problem will become a financial crisis.
                                         -  Brad Henry
HOSPITAL CASH INSURANCE PLANS
What is Hospital Cash Benefit Plan ?
If one is hospitalized , generally more than 48 hours , either due to illness or an accident ,  the insurer pays the insured or nominated person a fixed amount per day or  in lump-sum during the period of hospitalization . Such an insurance is called Hospital Cash plan . The insured has to produce proof of hospitalization like copies of Admission / discharge certificates , bills , receipts etc .  The insured amount can be utilized for any of the requirements of the patient or his / her family members  .  The policy can be taken  in addition with any other health insurance policy  .Â
When you take a regular health insurance plan  , reimbursement will  be a certain percentage of your total hospital bill . There will be co-pay to be made by you . Daily room rent / ICU Bed charges will have a limit  . Certain charges of the hospitals may not be reimbursed . Further  the expenses to be incurred by the family members of the patients like their boarding and lodging , especially if hospitals are situated away from the patient's residence . If you are running a business  or profession , your income may cease to come through during your hospitalization period . Hence you may require additional funds , over and above health insurance policies , during hospitalization period to cover  additional expenses and loss of income . The hospital cash insurance policy will help you to tide over  such a situation . Â
NOTE : Hospital cash plan is not a substitute for a Health Insurance policy  and it only supplements a health insurance cover .Â
When you take a regular health insurance plan  , reimbursement will  be a certain percentage of your total hospital bill . There will be co-pay to be made by you . Daily room rent / ICU Bed charges will have a limit  . Certain charges of the hospitals may not be reimbursed . Further  the expenses to be incurred by the family members of the patients like their boarding and lodging , especially if hospitals are situated away from the patient's residence . If you are running a business  or profession , your income may cease to come through during your hospitalization period . Hence you may require additional funds , over and above health insurance policies , during hospitalization period to cover  additional expenses and loss of income . The hospital cash insurance policy will help you to tide over  such a situation . Â
NOTE : Hospital cash plan is not a substitute for a Health Insurance policy  and it only supplements a health insurance cover .Â
 BASIC FEATURES OF HOSPITAL CASH INSURANCE PLANS .:Â
Note : Each insurance company will have its own eligibility criteria , benefits , exclusions and terms & conditions . Hence please read the prospectus of insurance plan  of the particular insurance company  and  check up with them for any doubts .Â
1. ENTRY AGE :   Most of the insurance companies enrol persons up to 65 years of age .Â
2. RENEWAL :  is allowed lifelong . But some will have restriction of exit age also .Â
3. PRE - MEDICAL TEST : Normally persons above 55 years are required to undergo pre-medical testÂ
4. PRE-EXISTING MEDICAL CONDITIONS : ARE COVERED ONLY AFTER A WAITING PERIOD
5.  ICU CHARGES :  Normally  daily benefits for ICU bed charges will be double of the the inured amount . Some insurance companies pay 3 times for an outstation ICU hospitalization .Â
​6. Plans are available on individual and floater basis .Â
7. DAILY LIMIT :  You can chose daily limit listed in the prospectus  .Â
8. TAX BENEFIT : Premium paid can be claimed under section 80D of Income tax act . Â
​Restriction :Â
1.  Restrictions will be there on  claims  to be made for number of days for each hospitalization and total number of days in a policy year .Â
2. Some insurance policies may have restrictions  on total number of days allowed for the entire period of policy .
3. There can be a waiting period after issue of the policy which is usually 30 days .Â
4. Hospitalization due to pre-existing medical conditions may not be covered for specific initial periodÂ
Note : Each insurance company will have its own eligibility criteria , benefits , exclusions and terms & conditions . Hence please read the prospectus of insurance plan  of the particular insurance company  and  check up with them for any doubts .Â
1. ENTRY AGE :   Most of the insurance companies enrol persons up to 65 years of age .Â
2. RENEWAL :  is allowed lifelong . But some will have restriction of exit age also .Â
3. PRE - MEDICAL TEST : Normally persons above 55 years are required to undergo pre-medical testÂ
4. PRE-EXISTING MEDICAL CONDITIONS : ARE COVERED ONLY AFTER A WAITING PERIOD
5.  ICU CHARGES :  Normally  daily benefits for ICU bed charges will be double of the the inured amount . Some insurance companies pay 3 times for an outstation ICU hospitalization .Â
​6. Plans are available on individual and floater basis .Â
7. DAILY LIMIT :  You can chose daily limit listed in the prospectus  .Â
8. TAX BENEFIT : Premium paid can be claimed under section 80D of Income tax act . Â
​Restriction :Â
1.  Restrictions will be there on  claims  to be made for number of days for each hospitalization and total number of days in a policy year .Â
2. Some insurance policies may have restrictions  on total number of days allowed for the entire period of policy .
3. There can be a waiting period after issue of the policy which is usually 30 days .Â
4. Hospitalization due to pre-existing medical conditions may not be covered for specific initial periodÂ
  HOSPITAL CASH  INSURANCE PLANSÂ
SELECT BEST HOSPITAL CASH POLICY THAT SUITS YOU
Insurance company / plan |
​Maximum ​Entry age |
Maximum exit age |
Insurance amount per Day limit  |
Premium Range |
Pre Medical test  |
​Waiting Period pre existing ​ (months ) |
HDFC Ergo Optima Cash |
65 |
Lifelong |
Rs 1,000 to Rs 3,000 |
 You can calculate on the website |
Check with the insurer |
Not Covered |
Future Generali |
65 |
​Lifelong |
Rs 500Â to Rs 3,000 |
Refer the Premium Card |
Required above 55 years |
48 |
​LIC's Jeevan ​Arogya ​ |
50 |
60 |
Rs 1,000 to Rs 4,000 |
Refer the Premium Chart |
Required​ |
​Refer Prospectus |
​Bajaj Allianz ​ |
65 |
Lifelong |
Rs 500 to Rs 2,500Â |
Check prospectus |
Required |
24Â |
SBI Cards with Royal Sundaram  |
70 |
70 |
Rs 1,000 to Rs 3,500 |
Rs 1,000 to 4,075Â |
NOT Required |
36 |
TATA AIGÂ |
65 |
Lifelong |
Rs 500 to Rs 5000Â |
Check with Insurer |
NOT Required ​ |
Check with insurer |
Star Hospital cash |
65Â |
Lifelong |
Rs 1,000 to Rs 5000 |
​Refer the Premium Chart |
Not specified |
48 |
 To go to the individual Insurance companies listed above  , click on the name of the insurance company / plan belowÂ
1.HDFC Ergo Optima CashÂ
2.Future GeneralliÂ
3. LIC'S Jeevan ArogyaÂ
4.Bajaj Allianz Hospital CashÂ
5. SBI Cards Hopital cashÂ
6. TATAÂ AIGÂ Â
7. Star Hospital CashÂ
1.HDFC Ergo Optima CashÂ
2.Future GeneralliÂ
3. LIC'S Jeevan ArogyaÂ
4.Bajaj Allianz Hospital CashÂ
5. SBI Cards Hopital cashÂ
6. TATAÂ AIGÂ Â
7. Star Hospital CashÂ
 BLOG ARTICLE ON                    Â
                              HEALTH INSURANCE OPTIONS FOR RETIRED BANKERSÂ
​
The article explores the alternative avenues for existing health insurance group policy for Retired BankersÂ
TO READ THE ARTICLE                              CLICK HERE ​
                              HEALTH INSURANCE OPTIONS FOR RETIRED BANKERSÂ
​
The article explores the alternative avenues for existing health insurance group policy for Retired BankersÂ
TO READ THE ARTICLE                              CLICK HERE ​
  READ  OUR ARTICLES ON  TOPICS IN HEALTH INSURANCEÂ
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 TITBITS : From  a recent  report  of  Sample Survey Office ,  it is revealed that  80 percent of Indians , who mainly rely up on  private  health care ,  do not  have any medical insurance .  The government has brought  only about 12 %  of population under  health protection schemes like  Rashtriya Swasthya  Bima Yojana . In  the absence of health insurance  , 75 % of Indians  use their hard earned savings  while  18% have to borrow . In order to escape from financial gloom  in the events of  medical emergencies , one has to   definitely require some form of Health insurance .    Â
 KNOW  ABOUT  TAX ON RETIREMENT BENEFITS  , CLICK HEREÂ
FOR INCOME TAX NEWS   , CLICK HERE    NEWS ON INTEREST RATES  CLICK HERE Â
​ARTICLE ON INVESTMENT OPTIONS  FOR RETIREES  ,   CLICK HERE    WHAT IS SYSTEMATIC INVESTMENT PLAN  ?   CLICK HERE Â
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     BHIM APP                                                AADHAR  Â
                              e-INSURANCE  Account (  eIA  )
FOR INCOME TAX NEWS   , CLICK HERE    NEWS ON INTEREST RATES  CLICK HERE Â
​ARTICLE ON INVESTMENT OPTIONS  FOR RETIREES  ,   CLICK HERE    WHAT IS SYSTEMATIC INVESTMENT PLAN  ?   CLICK HERE Â
​
                                    NEW  ARTICLES ON  Â
                                   Â
 SMALL FINANCE BANKS                                     PAYMENT  BANKS   Â
                                    Â
UNIFIED Â PAYMENT INTERFACEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â BHARAT BILL PAYMENT SYSTEMÂ Â Â
     BHIM APP                                                AADHAR  Â
                              e-INSURANCE  Account (  eIA  )
GENERAL TIPS FOR BUYING HEALTH INSURANCE FOR SENIOR CITIZENS
1.    Various Insurance companies offer health Insurance Policies . But the terms , diseases covered and premiums vary . Hence  first write down your needs and Medical history of your spouse / children to be covered , and the amount of coverage you may require . Please remember the medical costs are increasing year after year and what looks like suffice today may not cover fraction of your requirement after 5 years . Hence keep cushion while having the amount fixed .
2.    You check the hospitals in your city , especially which are convenient to you , are covered  under cashless facility by TPA .
3.    Compare the premiums   from three or four insurance companies for the least and you can find huge variation from company to company and chose  the one which   suits your budget and requirements .
4.    Floaters policies  covering all the members of your family are cheaper than taking individual policies and hence get   a policy which can cover   your family members .
5.    Check whether premiums are kept at the same level as offered for at least   for few years . Otherwise every year you will have to pay higher demanded premiums .
6.    Check up to what your age the policy will cover  . There are policies which cover till lifelong .  Otherwise  at the ripe age when you require insurance , umbrella of insurance would be removed .
7.    Check  towards the conditions on pre -existing diseases . Lesser period will be better . Â
8. Even if pre-existing conditions are covered after a lapse of waiting period , some insurance company will charge as much as
 50 % after the waiting period is lifted . Hence checkÂ
9.   If you  have already covered  by  a health insurance policy taken by yourself or your employer or any of your family members and if you feel the amount covered is not sufficient , you may go in  for  a Top up Health Insurance or Super top up health insurance which will cover you beyond the amount covered by your initial policy . Â
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10. Health Insurance policies get income tax  rebates under  SEC 80D .  For details  ,  CLICK HEREÂ
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 PLEASE NOTE WE HAVE NO COMMERCIAL INTEREST WITH ANY OF THE INSURANCE COMPANIESÂ
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​INSURANCE           LIFE INSURANCE                   VEHICLE INSURANCE      HOUSEHOLD INSURANCE
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 SMALL FINANCE BANKS      PAYMENT  BANKS      UNIFIED  PAYMENT INTERFACE             BHARAT BILL PAYMENT SYSTEM  Â
                         BHIM APP                                                AADHARÂ