HOSPITAL CASH INSURANCE  PLANS  

​

​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  . 

 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 

  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
SBI Cards with Royal Sundaram	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 

 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 ​

    READ   OUR ARTICLES ON    TOPICS IN HEALTH INSURANCE 

​COVID INSURANCE                                                        FLOATER POLICIES                              SENIOR CITIZENS  INSURANCE 

                                                                         LATEST    AROGYA SANJEEVANI PLAN 

NEW ARTICLE PUBLISHED     :                     
​                                          PLANNING FOR CONTINGENCIES   
​                                                                                                                      CLICK HERE TO READ 

  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  )

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 

New  Updated Article 
        TAX PLANNING FOR FY 2022-23 ( AY 2023-24 ) 
Comprehensive   Article on Income tax changes in Rules, Rates , Slabs , Rebates  and Estimation 
CLICK HERE TO READ