Everything You Need To Know About Hospital Income Insurance

Everything You Need To Know About Hospital Income Insurance

Are you concerned about feeling the financial effects of being out of work due to illness or injury? Do you worry about how to stay afloat financially while attempting to recover and manage your medical care? Getting insurance can help protect yourself and your finances. But with all the options out there, it can be hard to know where to begin. Navigating the world of insurance can be a daunting task, especially when it comes to hospital income insurance. You may have questions about what hospital income insurance is and how it works, or you may even be interested in exploring if this type of coverage is right for you and your family. 

No matter why you are here, this article seeks to provide answers to all of your inquiries and guide your way towards an informed decision about securing the hospitalisation coverage you need.

What Is Hospital Income Insurance?

Hospital income insurance is designed to provide important financial support if hospitalisation is necessary, at a time when people need it the most. It offers a fixed daily payment from the insurer, allowing hospitalised individuals to have peace of mind while they focus on their recovery. 

This type of hospital insurance can provide a much-needed safety net should hospitalisation be required, with insurers paying out a fixed amount (e.g., S$250) per day policy holders are hospitalised, up to a set maximum number of days (e.g., 365 days) over the course of an illness or accident. This ensures that hospital expenses do not add undue burden to unwell individuals and their families which allows them to focus on the recovery process without worrying about the associated costs.

How Does Hospital Income Insurance Help?

With hospital costs in Singapore expected to grow by 9.8% in 2023, a hospital visit can quickly become an expensive affair. Rather than having to pay these hefty fees out of pocket, hospital income insurance can provide financial protection for hospital visits by covering bills that your regular health insurance plan might not cover. This means that you won't get the shock of unexpected expenditures when you add up your bills after your stint in the hospital

Hospitalisation insurance is helpful in that it helps to manage hospital fees, but unfortunately, hospital stays often leave us with additional costs outside of hospital agreements. From added expenses such as transportation fares to take-away meals, these extra costs can add up quickly. 

Fortunately, hospital income insurance plans make sure that you are covered for these essential yet minor costs. It provides you with a set amount of cash daily (e.g. S$250) from the insurer daily when you are hospitalised, up to a maximum number of days (e.g. 365 days) per accident or illness. This coverage will help ease any financial burden on yourself or your loved ones should the need arise. With daily cash pay-outs available, everyone's day-to-day needs are taken care of during hospital stays so that you can have peace of mind and focus on the most important thing – recovery.

How Can I Get Hospital Income Insurance?

MoneySmart understands that hospital insurance can be a complex product to compare and purchase. That is why it provides an extensive financial comparison and content platform for consumers that are looking for hospital insurance. Its goal is to make the comparison and purchasing process easier by providing information that consumers are looking for when they want to buy insurance policies. 

An all-in-one platform for all your insurance needs, MoneySmart also offers the best hospital insurance products from all the major providers in Singapore. One of the most popular hospital insurance policies on its site, which is offered under Income Insurance Limited’s health insurance plans, is Income Hospital Care. 

It is the perfect solution for people who are looking for quality hospitalisation insurance coverage. With Income Hospital Care, you can rest easy knowing that if you ever need to be hospitalised due to illness or injury, the insurer will provide up to S$200 daily in hospital cash benefit - COVID-19 included. If you require admission into the Intensive Care Unit (ICU), Income Hospital Care offers up to S$600 per day instead. 

Additionally, Income Hospital Care also includes coverage for day surgeries, emergency outpatient expenses for accidents, and ambulance expenses - just in case of emergency. The plan provides up to S$750 reimbursement for emergency outpatient expenses for accidents and up to S$500 reimbursement for ambulance expenses. For those seeking complete hospitalisation assistance during their time of need, Income Hospital Care is a great option to have.

Ensure You Are Fully Covered With Hospital Income Insurance

No one ever plans to get sick or injured, but it happens. A hospital stay can be expensive, and if you don't have insurance, the cost of your care could quickly become overwhelming. That is why having comprehensive hospital and health insurance policies is so important. MoneySmart delivers a wide range of hospital insurance products from all the major providers in Singapore to enable people to have their insurance needs met easily. Get your insurance through MoneySmart today.