What is Hospital Cash Plan: A typical Hospital Cash plan is the one that is so designed to ease the in-patients with the treatment costs incurred by him or her in either a private hospital or a government one.
The person availing these kinds of cash plans are generally paid a particular amount on a daily basis. Many people confuse these cash plans as a substitute for health insurance. In reality, they act as a supplement to health insurance plans that are already bought by an individual or through an employer.
These cash plans are considered less comprehensive; at least as compared to illness covers and other medical insurances and hence are gaining fast popularity. Though a Hospital Cash plan is a newer concept in the market, it has already diversified into different segments. Now, there are many companies offering products in this range.
The advantages and disadvantages related to these plans largely depend on the provider of the plan and the plan’s cost. More often than not, these plans are recognized as a family product. They are very simple and are easily affordable.
The costs of these plans vary a great deal depending on the level of cover you opt for. You need to find out the level of cover these plans offer before zeroing in on one. It is also necessary to understand the ins and outs of these plans.
After all, they are meant to support a family in times of distress. Most of these plans extend their benefits for the whole year and the DBA is paid daily and all through hospitalization period. That’s not all; the plans cover both individuals and families comprehensively.
Occasionally, twice the DBA amount is released if the patient is admitted to Intensive Care Unit (ICU). All said and done, these plans take a minimum amount of time period before you can take benefits from them. |
