Have you planned to rely on your hospital cash insurance to undertake the long pending cosmetic surgery procedure that you have been yearning for? Unfortunately, procedures undertaken for cosmetic purposes, such as plastic surgery or liposuction, are excluded from a policy of this nature. Therefore, before you plan, it would be essential to come to terms with a few essential facts that would help in making decisions from an informed perspective.
Hospital Cash Insurance: Some Essential Facts
Here are some important facts about hospital cash insurance, which you should know before you buy a policy or decide on a surgical procedure:
- The stipulated amount of cash will be paid up to a certain period, beyond which the payments will not be processed. Make sure you are aware of the period for which the payments would continue.
- The stay period would also include a period of ICU stay, in some cases. Normally, the daily payouts for your hospital cash insurance would be much higher during the ICU hospitalization phase.
- There would be a minimum period of hospitalization required for the payments to be processed. In most cases, it would be about 2 days. However, make sure you check with the insurer you have chosen for hospital cash insurance.
- Most hospital cash insurance policies would not cover the cost of treatment for a certain period following the commencement of the policy tenure, unless of course the treatment is required for an emergency or accident. The normal duration would be around 30 days. However, the waiting period will not apply for policy renewal.
- Your policy may not honor preexisting illnesses, unless you have sought continued coverage for an extended period of let's say, 4 or 5 years. So, if you are planning on a policy of this nature, keeping chronic preexisting conditions in mind, the benefits may not be easy to realize.
- In some cases, some benefits may even be subject to an extended waiting period of about 2 years and can only be availed of after that period is over. The list of such benefits would vary from one insurer to another. Therefore, make sure you have checked the policy document carefully before opting for hospital cash insurance.
Remember, an episode of hospitalization can prove be financially stressful for the family in many ways. They may need to provide for attendant accommodation, travel charges and various other costs. Hospital cash insurance that awards daily payouts could ease the stress substantially.