Cash Health Plan is not Regular Health Essay.
Cash Health Plan is not Regular Health Essay.
For those who consider all health or hospital plans as regular health insurance plans, here is the spoiler, they are not. So if you have received calls urging you to buy a health plan in which you do not need medical tests, where all diseases are covered; then they might be talking about the Cash Health Plan or Hospital Cash plan.Cash Health Plan is not Regular Health Essay.
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Please note that all plans are not regular health insurance and let not the sweet talking sales guy make you buy something you don’t need.
Signs that the plan you are buying is a Cash Plan:
Sign no.1: It pays fixed amount per day of hospitalization, irrespective of the expenses.
On the other hand Health Insurance in India, pays you for on the admissible medical expenses incurred on Hospitalization as per the terms and conditions of the policy.
Sign no.2: It pays irrespective of what you spend. The reimbursement is based on purely number of days of hospitalization.
Health Insurance on the other hand pays for hospitalization charges, doctor fees, surgery costs, and pre and post medical expenses.
Sign no.3: It does not require medical tests. It is available to anyone from an age of 25 to 60.Cash Health Plan is not Regular Health Essay.
Health Insurance on the other hand may require medical tests before coverage in a policy.
From the differences given above, you may feel that buying a health Cash Plan is a better option as it has few conditions and covers more.
But don’t be drawn into it by the convenience projected, a Health Cash Plan mostly ends up paying less than a Health Insurance Policy and here is how.
Mistaken Identity
Anuj bought a Cash health plan thinking it was a health insurance policy. Anuj then had to go through a surgery for which he stayed in the hospital for 5 days. The cost of the surgery was Rs.50,000 and the other expenses incurred by the family like transportation, medicines, fruits etc. came to Rs.2000.
The Health Cash Plan paid him only Rs. 5000 as per Rs. 1000/day. Anuj ended up paying Rs. 45,000 from his own pocket.
A Health Insurance Policy on the other hand would have paid him the entire amount of the surgery and would have also reimbursed him for the expenses incurred after the surgery for up to 60 days as Post hospitalization expenses.Cash Health Plan is not Regular Health Essay.
So what would you prefer- being paid for the expenses incurred or just the stay?
Not a Substitute but a Supplement
Do not substitute buying Regular/Standard Mediclaim with a Health Cash Plan. A Health Cash Plan is an excellent supplement to your existing Health Insurance Policy. So you don’t just get the hospitals bills covered, but you also get paid for the additional expenses which aren’t covered by a Mediclaim.
As a Supplement, here’s how a Cash Health Plan works:
Daily Allowance: Rs. 1000-Rs 2500/day for a maximum of 30-60 days depending on the type of plan.Cash Health Plan is not Regular Health Essay.
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