Under the umbrella of insurance policies that take care of medical expenses, you have regular health insurance, special plans extending coverage for critical illness and maternity, and hospital cash plans.
Health insurances cover hospitalisation costs and critical illness insurances help you foot treatment costs of life-threatening diseases. Hospital cash plans, on the other hand, offer monetary assistance that you can use to mitigate any financial expenses that occur when you are hospitalised due to an accident or injury. For instance, you can meet expenses from additional nursing care you require with a hospital plan offering daily cash payouts.
To learn more, read about these 5 advantages of having a daily cash hospital plan.
Obtain daily financial assistance as per policy
In case you get hospitalised due to an accident or injury, hospital cash plans offer you daily financial assistance as per your coverage terms. For instance, hospital cash plan offered by Bajaj Finserv allows you to get Rs.1000 a day, Rs.2,000 a day, or even Rs.3,000 a day based on your preference. At times, this amount is multiplied in case you have to undergo surgical procedures or are shifted to an ICU. However, based on the total coverage you select, you can also decide and sign up for a cash plan that you think will be viable for your room requirements.
Foot bills that your health insurance doesn’t cover
At times your health insurance policy will term certain expenses as inadmissible. These may include X-ray costs, expenses for nursing care, and cost of certain diagnostic tests and medicines. By having liquid finances via the hospital cash plan, you can choose to employ the cash in hand to fund the medical costs that your health insurance doesn’t cover.
Get aid to pay for hospital room rent
One way you can use the daily assistance coming via your hospital insurance is to pay the rent for the hospital room. Health insurance policies normally cover room rent. However, these come with certain limits. For example, your room rent at your chosen hospital is Rs.2,500 per day while your health insurance offers you funds of up to Rs.1,500 a day only. To cover the additional amount, you can use the finances coming from your daily cash hospital cover.
Compensate for lost financial income
When meeting with a serious accident or injury, you may have to remain away from your workplace for a long time. While this may not be too much of a problem in case you have earned leave to bank on, you will incur losses in the event that you have to apply for leave without pay. The cash you receive from your hospital cash cover can be used in lieu of your normal income to meet regular life expenses.
Preserve your mediclaim’s No-claim bonus
Health insurances offer a No-claim bonus in case you do not raise any claim throughout the year. In case if your medical expenses are not too high, you can avoid raising a claim and use your hospital cash cover to foot bills instead.
Now that you know how a hospital cash cover will help you compensate for financial losses when you meet with an accident or an injury, sign up for a plan offering high-value hospital cash benefits. One such plan is hospital cash plan from Bajaj Finserv. This is a pocket insurance plan which is very affordable and offers coverage up to Rs.1 lakh for a yearly fee of just Rs.489. Thus, you can be easily prepared with a cash plan, in case of any health emergency.