Hospital Cash Plan

Hospital cash plan (HCP) insurance is a derivative of health insurance. The main benefit of HCP insurance is that customers who hold this policy are entitled to cash compensation according to the number of days they are hospitalized. This insurance is often referred to as income loss protection.

HCP is generally one of the benefits of regular health insurance. In some products, the hospital cash plan is included as a health insurance rider. But now insurance companies are starting to issue separate cash compensation insurance products that can be obtained without having to pay health insurance premiums in full. This product is suitable to have as a complement to health insurance that does not yet have cash compensation benefits.

The way cash compensation insurance works is to provide cash benefits according to the length of time the customer is hospitalized.

For example, you are a cash benefit insurance policyholder with a benefit of IDR 1,000,000/day. One time you got into an accident and had to be hospitalized for 5 days. So, you can claim a compensation benefit of IDR 1,000,000 x 5 days for your hospitalization, or a total of IDR 5,000,000.

As a derivative of health insurance, the hospital cash plan insurance works in a similar way. But the difference generally lies in the benefits provided. Unlike health insurance, which provides coverage for medical expenses when hospitalized or outpatient, hospital cash plan insurance provides more specific benefits, namely cash in accordance with the number of days the customer is hospitalized.

In addition, the daily compensation insurance claim system is reimbursement. With this system, customers are required to pay off the first payment at the hospital, then proof of payment is sent to the insurance company to make the benefit fund disbursement. This is different from health insurance which generally provides 2 choices of claim methods, namely reimbursement and cashless.

Another difference is in terms of premium prices. HCP has a price that is generally much cheaper than health insurance. Some insurance companies that have hospital cash plan insurance even offer products where the premium starts from only IDR 12,500.

The benefit of having HCP insurance coverage is providing hospital cash benefits or financial protection for customers when they fall ill. One of them is covering the excess cost of the health insurance ceiling, adding to the financial benefits of BPJS coverage, replacing the lost income when hospitalized.

Because of its relatively limited benefits, hospital cash plan insurance or a hospital cash plan is suitable to have as a complement to the insurance you already have, especially health insurance or BPJS. You can use this cash benefit or hospital cash benefit as a precaution against the lack of ceiling fees, or you can use the cash benefits for other living needs.

In this illustrated scenario, you are a private employee who has health insurance benefits covered by the office. As a complement, you decide to buy hospital cash plan insurance with a premium of IDR 75,000 with cash benefits of IDR 300,000 / day and a protection period of 30 days.

One day you have an accident at work and the doctor requires you to be hospitalized for 10 days. All treatment costs are covered by office insurance, and, when you are discharged, you send proof of payment to the insurance company that covers your cash benefits.

A few days later, you get IDR 3,000,000 in cash as a cash benefit for your accident with a detailed calculation of IDR 300,000 x 10 days you were treated.

Choosing hospital cash plan insurance that is good for you is generally similar to how you choose health insurance.

The first thing you need to consider is adjusting it to your needs; how is the health insurance coverage you now have? Is the ceiling sufficient? If not, it is advisable to take out cash compensation insurance with considerable benefits.

Second, adjust to the budget. As complementary insurance, it is highly recommended to adjust cash compensation insurance premiums to your financial condition. Especially if you already have health insurance that has cash benefits, it's better if you take a cash compensation product with a low premium to simply add to the value of your protection.

Third, check the ease of the claim process. hospital cash plan insurance generally uses the claim reimbursement method, which is reimbursement of expenses. Insurance companies generally take no later than 14 days for benefits to be disbursed. Make sure the insurance company of your choice is able to avail of the benefits quickly, with prompt customer service.

To get the best HCP products, you can start from well-known health insurance companies such as Prudential and AXA Mandiri, which generally include inpatient claim benefits in their respective products.

hospital cash plan insurance generally already has a premium that is more affordable than health insurance. However, so that you can get a price that fits your budget, you can do a survey first on the digital insurance marketplace , for example at Qoala. In the marketplace of online insurance generally offers a feature to sort by price from lowest price to highest price, so you can check which insurance products are cheap but the benefits offered also in accordance with your expectations.

If you already have BPJS or even health insurance, it is highly recommended for you to have hospital cash plan insurance. The main benefit is that the cash given the total number of days you are hospitalized can be profitable for you, because you can use it for your daily needs when you come home from hospitalization.

The advantage of hospital cash plan insurance is that the price is more affordable than health insurance or BPJS. In addition, this insurance allows you to make double claims with other health insurance products. Another benefit is fixed insurance coverage; means that the value of benefits provided is in accordance with the policy, regardless of hospital costs.

The drawbacks lie in the less coverage of coverage because it only covers the incidence of hospitalization, and the limited options for claim processing because it only uses the reimbursement method.

In general, HCP type insurance does not provide death benefits. However, there are also insurance products offered by several insurance companies whose benefits include the sum insured for the insured's heirs when the insured dies. In general, HCP products that have a death benefit have a higher premium price than those without this benefit. If you have health insurance from the company, this death benefit is sometimes included in it.

You can get hospital cash plan insurance starting from IDR 12,500 to above IDR 1,000,000. The price of this insurance premium generally depends on two things, namely the value of the benefits provided and the length of the protection period.

To claim the benefits of the hospital cash plan insurance, the method is quite easy. You need to complete the claim form and the required documents no later than 90 calendar days from the time you are hospitalized. You can do claims digitally via email or send the hardcopy of claim documents to the address of the insurance company.

The benefits you will receive are generally within 14 working days.

At Qoala, buying hospital cash plan insurance is very easy. First of all, you must have an account at Qoala first. Furthermore, you can choose your own hospital cash plan insurance products according to your budget or your wishes. Finally, all you have to do is make payments via bank transfer, debit card or credit card, virtual account , or e-wallet . After you have paid the premium, the protection policy will be sent to the email registered in your Qoala account. As an alternative, you can also check your protection policy directly in the Qoala application, through the “Polis” menu.