Did you know that to file a claim based on your hospital cash insurance policy, it will be necessary to submit copies of the complete investigation report as well as consultation notes, along with the complete discharge summary, duly signed by the doctor in charge? Claims will not be processed unless you help the cause by providing all the required documents and paperwork to your insurer.
This is just one of the many facts you need to know about hospital cash insurance policy before buying a policy. Some of the key features have been discussed here.
Important Features of Hospital Cash Insurance
Some of the key features of hospital cash insurance include:
- Daily Cash Payouts: A stipulated amount of money is paid to the policyholder during the entire period of hospital stay, for a stipulated period. The period is predetermined and could vary from one insurer to another. The cash is meant for tackling the financial burden associated with hospitalization.
- Cash Benefits on ICU Admission: If your hospital admission includes ICU admission as well, enhanced cash benefits would be awarded for that period. While some insurers offer double the benefits, others provide enhancements in payouts for the days spent in ICU as part of your hospital cash insurance plan.
- Individual and Family Plans on Offer: Both individual and family hospital cash insurance plans are available. Consider choosing one that suits you the best. While adults are entitled to 100% of the sum assured, children are offered 50% of the sum assured.
- Entry Age: Normally, the entry age for adults could be anywhere between 18 to about 65 years. Children should be between 2 and 21 years of age to be eligible for hospital cash insurance.
- Cash Benefits: Guaranteed cash benefits are offered, subject to the fact that the claim is admissible as per the policy.
- Policy Tenure Options: Some insurers also provide customers a policy tenure of about two years, as well as discounts on the premiums.
Remember, a hospital cash insurance policy could be subject to several exclusions. For instance, hospitalization arising out of conditions that may be associated with the consumption of drugs or alcohol and similar intoxicants would not be covered. Similarly, procedures undertaken for cosmetic enhancement or weight loss would also not be recognized as acceptable reasons for hospitalization. Therefore, it would be important to study the policy document carefully before making a purchase.