How to choose the right insurance
What is hospital cash insurance? In what case will I need to buy a hospital cash plan?
Hospital cash gives you cash compensation when you are hospitalised, protecting you against the loss of income. A standalone hospital cash benefit plan is payable according to the amount of your daily sum insured. For example, you will be entitled to HK$5,000 claims amount for five days’ hospitalisation if you’re insured under the HK$1,000 daily cash benefit. It gives you flexibility to use the money to reduce your financial burden during hospitalisation.
In a general standalone hospital cash plan, you are entitled to the same insured amount whether you are admitted into a public or private hospital. However, some hospital cash benefit under group medical schemes or optional benefits under individual medical insurance schemes may be applicable to public hospitals’ stay only.
Taking a hospital cash benefit depends on individual needs. Hospital cash benefits only gives you cash payment according to the number of days you had to stay in the hospital. However, medical costs incurred from hospital confinement and post-hospitalisation follow-up care are not covered. Therefore, it is not recommended to use hospital cash benefit as an alternative to medical insurance scheme. When admitted into the hospital for surgery, medical costs including room & board, surgical fees, and miscellaneous hospital expenses could greatly exceed the compensation from hospital cash benefit.
In order to enhance your protection to cover both the hospital expenses and personal income loss, you may consider taking up a medical insurance scheme together with hospital cash benefit. For example, Bupa CarePro provides full cover for medical expenses, while hospital cash is available as an optional benefit.
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