
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 .
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 .
NOTE : Hospital cash plan is not a substitute for a Health Insurance policy and it only supplements a health insurance cover .
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 .
NOTE : Hospital cash plan is not a substitute for a Health Insurance policy and it only supplements a health insurance cover .
BASIC FEATURES OF HOSPITAL CASH INSURANCE PLANS .:
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 .
1. ENTRY AGE : Most of the insurance companies enrol persons up to 65 years of age .
2. RENEWAL : is allowed lifelong . But some will have restriction of exit age also .
3. PRE - MEDICAL TEST : Normally persons above 55 years are required to undergo pre-medical test
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 .
6. Plans are available on individual and floater basis .
7. DAILY LIMIT : You can chose daily limit listed in the prospectus .
8. TAX BENEFIT : Premium paid can be claimed under section 80D of Income tax act .
Restriction :
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 .
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 .
4. Hospitalization due to pre-existing medical conditions may not be covered for specific initial period
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 .
1. ENTRY AGE : Most of the insurance companies enrol persons up to 65 years of age .
2. RENEWAL : is allowed lifelong . But some will have restriction of exit age also .
3. PRE - MEDICAL TEST : Normally persons above 55 years are required to undergo pre-medical test
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 .
6. Plans are available on individual and floater basis .
7. DAILY LIMIT : You can chose daily limit listed in the prospectus .
8. TAX BENEFIT : Premium paid can be claimed under section 80D of Income tax act .
Restriction :
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 .
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 .
4. Hospitalization due to pre-existing medical conditions may not be covered for specific initial period
HOSPITAL CASH INSURANCE PLANS
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 500 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 2,500 |
Check prospectus |
Required |
24 |
70 |
70 |
Rs 1,000 to Rs 3,500 |
Rs 1,000 to 4,075 |
NOT Required |
36 |
|
TATA AIG |
65 |
Lifelong |
Rs 500 to Rs 5000 |
Check with Insurer |
NOT Required |
Check with insurer |
Star Hospital cash |
65 |
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 below
1.HDFC Ergo Optima Cash
2.Future Generalli
3. LIC'S Jeevan Arogya
4.Bajaj Allianz Hospital Cash
5. SBI Cards Hopital cash
6. TATA AIG
7. Star Hospital Cash
1.HDFC Ergo Optima Cash
2.Future Generalli
3. LIC'S Jeevan Arogya
4.Bajaj Allianz Hospital Cash
5. SBI Cards Hopital cash
6. TATA AIG
7. Star Hospital Cash
BLOG ARTICLE ON
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
READ OUR ARTICLES ON TOPICS IN HEALTH INSURANCE
COVID INSURANCE FLOATER POLICIES SENIOR CITIZENS INSURANCE
LATEST AROGYA SANJEEVANI PLAN
COVID INSURANCE FLOATER POLICIES SENIOR CITIZENS INSURANCE
LATEST AROGYA SANJEEVANI PLAN
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 .
KNOW ABOUT TAX ON RETIREMENT BENEFITS , CLICK HERE
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
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 .
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 check
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 .
10. Health Insurance policies get income tax rebates under SEC 80D . For details , CLICK HERE
PLEASE NOTE WE HAVE NO COMMERCIAL INTEREST WITH ANY OF THE INSURANCE COMPANIES
ARTICLES ON
INSURANCE LIFE INSURANCE VEHICLE INSURANCE HOUSEHOLD INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
INSURANCE LIFE INSURANCE VEHICLE INSURANCE HOUSEHOLD INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR