Hospital Cash Benefit: Buy or Renew your Insurance Policy

A study conducted by the Union Ministry of Statistics and Programme Implementation revealed that the cost of hospitalisation in private hospitals is six times more than that of government hospitals. The report stated the cost of hospitalisation in a government hospital was as much as Rs.4452, whereas, in the case of private institutions, it was around Rs.31,800.

The report also highlighted that expenses pertaining to medicines, diagnostic tests, bed charges, and doctors’ fee make up most of the hospitalisation cost. Needless to say, individuals need to have a reliable financial backup to avail quality medical treatment for improving their health. 

Since such an option is not feasible to many, it is often recommended to avail an extensive hospital cash cover plan to make the most of the associated hospital cash benefit.

Benefits of hospital insurance policy

These following are among the major benefits of such hospital cash cover policies –

1. High sum insured

Individuals can avail as much as Rs.10,000 as the sum insured that too at an affordable premium amount. Such an amount helps policyholders to meet medical expenses arising due to hospitalisation adequately. Typically, the amount of premium is decided on the basis of policyholder’s age and other vital factors.

2. Coverage beyond generic health insurance plans

Usually, a regular health cover plan does not cover for additional charges pertaining to hospitalisation. Nonetheless, by availing a hospital cash plan, policyholders can meet the additional expenses with greater ease and without being too worried about the available cash at hand.

Expecting mothers may also decide to avail Pocket Insurance & Subscriptions like Pregnancy Complications Cover to meet expenses arising due to hospitalisation.

Also, individuals can opt for Practo online healthcare plans to avail free medical consultation from doctors to avail prompt advice pertaining to emergency hospitalisation, etc.

3. Cash benefits

In case of hospitalisation, the policyholder of hospital cash cover is entitled to avail cash benefit of a fixed amount on a daily basis. One of the primary aims of hospital cash benefit is to allow individuals to meet the cost of daily expenses related to hospitalisation with greater ease.  Notably, policyholders are also entitled to avail such benefits if they have appointed day-care treatment.

Application procedure

To make the most of this cover, individuals should reach out to insurance aggregator, Bajaj Finserv, and apply for a Hospital Cash Cover accordingly. 

Generally, one can apply for this hospital insurance policy by following these steps -

Step 1 – Visit the insurance aggregator’s official website.

Step 2 – Go to the insurance page and click on ‘Apply Now.’

Step 3 – Fill the online application form with the required details.

Step 4 – Verify the information by entering the OTP shared on your registered mobile number.

Step 5 – Choose a suitable payment option.

While at it, also check out the claim process and associated conditions to make an informed decision. While at it, one should also check out the claim process of hospital cash insurance policy to gain the required information.

Claim procedure

A medical emergency requires prompt actions, which is why one should consider hospital cash insurance plans which come with a swift claim process.

Typically, one can initiate a claim process by simply getting in touch with insurance aggregators in any of these ways –

i.                    Via email id.

ii.                  Through the given toll-free number.

Hence, hospital cash benefits can help policyholders to pay for their everyday medical expenses which are not necessarily covered by regular health insurance policies. Such an insurance policy would serve as a financial backup at a time when cash is kept aside for the core medical treatment and medication.