Benefits of Hospital Cash Plan ?
Let's Understand The advantages that a Hospital Cash Plan:
Blanket cover for those additional expenses
Even though your Mediclaim policy covers your hospitalization expenses, some expenses are not covered by your health plan. Such expenses are called inadmissible expenses and include surgical accessories, X-Ray charges, expenses incurred by accompanying family members, etc. A daily hospital cash plan provides a lump sum amount in case of hospitalization and this amount can be used as per the liberty of the insured. He can use the money for meeting such additional expenses or for even compensating the loss of income during the period of hospitalization.
Taking care of extra hospital bills
Even though your health plan would cover your hospital bills, in case of a huge claim, your health plan might fall short in meeting the entire claim. A daily hospital cash plan would help in covering up any extra claim you might face. Managing unexpected hospital bills requires proactive financial planning. Create an emergency fund to cover potential medical expenses. Review your health insurance policy, ensuring it provides adequate coverage. Negotiate bills with healthcare providers and explore available financial assistance programs. Prioritize preventive care to minimize the likelihood of costly medical emergencies.
Preserving your No Claim Bonus (NCB)
If you are hospitalized for a minor complication, the bill for which is not very high, you can utilize your daily cash plan to pay for the hospital bills instead of raising a claim in your health plan. This would help you in preserving the No Claim Bonus of your health insurance plan which would have been lost otherwise. Protect your No Claim Bonus (NCB) by driving safely and avoiding accidents. A good driving record ensures discounts on insurance premiums, rewarding responsible behavior with lower policy costs over time. Preserving your No Claim Bonus (NCB) is crucial for lower insurance premiums. Avoid filing minor claims, drive responsibly, and consider protecting your NCB. A preserved NCB rewards your safe driving with cost savings on future insurance policies.
Note: Waiting period in these plans are of shorter tenures. Another condition that the plan specifies is that the hospitalization must be for a minimum period of 24 hours to avail the allowance payable.