What is Hospital Cash Insurance?
Health insurance policies give you financial security, covering all the required expenses during medical emergencies. But there are certain expenditures, which may not get covered in the health insurance policy. You may need funds to deal with these expenses. This is when a hospital cash cover comes in handy. You can buy hospital cash insurance as an add-on cover on a comprehensive health insurance policy. You may also choose to buy it as a standalone plan to cover your additional expenses that health insurance does not cover.
Read on to know about hospital cash insurance in detail and how it works.
What is hospital cash insurance?
A hospital cash insurance policy works as an allowance given to the insured to meet financial needs when hospitalised. You get a fixed amount every day if hospitalised for more than 24 hours. The amount helps you to pay for the miscellaneous expenses incurred during the hospitalisation period. So, you can stay stress-free and focus on your recovery, while your family members can use the daily allowance to pay the required bills.
What are the key inclusions and exclusions of hospital cash insurance?
Before you buy hospital cash insurance, know the key inclusions and exclusions of the plan. The following table gives you a quick glance at the inclusions and exclusions of this policy:
Most policies have 24 months waiting period for any pre-existing disease.
Individuals between the age group of 6 months and 65 years can avail of the hospital cash cover.
Also, have a waiting period of 24 months for illnesses mentioned in the policy.
Offers daily cash allowance during in-patient hospitalisation up to a particular period as per the plan terms and conditions.
Does not cover any illnesses detected 90 days before purchasing the cover and non-allopathic treatments such as ayurvedic or herbal procedures.