What is hospital cash benefit, and why will I need this?

Did you know that your integrated shield plan does not provide daily hospitalisation cash benefits?

What is hospital cash benefit?

Hospital cash benefit refers to the benefit you may receive in the event that you are hospitalised and unable to work. With this benefit offered on a daily basis, hospital cash benefit may serve as income replacement for those who are self-employed, free-lancer or a part timer as they would not have any income if they do not work.

However, this is not to say that employed individuals will not need this hospital cash benefit. While employees get paid hospitalisation leave, this is limited to 60 days a year. Should your hospitalisation extend beyond that, it is likely that you will have to take unpaid leave if you take any hospitalisation leave in excess of 60 days.

Having coverage with hospital cash benefit thus allows you to continue receiving some income in the unfortunate event that you are hospitalised beyond 60 days. Additionally, as integrated shield plans no longer offer this hospital cash benefit, this means that you will need to purchase additional insurance coverage to enjoy this benefit.

If you are looking to get covered for hospital cash benefit, consider adding the Hospital Cash rider to your iFAST Digital Term.

What is iFAST Digital Term?

iFAST Digital Term is our in-house digital solution for term life insurance. A fuss-free plan, iFAST Digital Term is designed in collaboration with Raffles Health Insurance (RHI), and tailored to prioritise your needs. A term insurance, iFAST Digital Term provides coverage for death and terminal illness insurance coverage, with four optional riders available should you wish to enhance your coverage:

Read more about iFAST Digital Term here

Getting hospital cash benefit with iFAST Digital Term

iFAST Digital Term offers 4 optional riders, with Hospital Cash rider as one of the riders available to add-on. Purchasing this rider will allow you to receive a daily cash benefit for each complete day that you are hospitalised as an inpatient in a hospital for medically necessary reasons.

Hospital Cash rider offers a benefit of $100, $200, or $300 daily hospital cash and will pay for up to 180 days of hospitalisation a year. This benefit is doubled if the hospitalisation occurs in Intensive care units (ICUs).

An illustration:

To get covered with iFAST Digital Term,

Step 1: Click on the button below to check your price:

Step 2: Fill in your personal details or log in to have these details pre-populated for you.

Step 3: Choose your coverage type, and amount.

Step 4: Answer 3 to 4 health questions.

Step 5: Proceed to review your application and make payment to get covered! It’s that simple.

Upon a successful purchase, you may view your policy details under Account Summary > Protection > View Policy Detail.

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^Disclaimer:

^{*Profile: Age 30 (birthdate: 01/01/1994), non-smoker male}

^{This article is not a contract of insurance. Insurance products are underwritten by the respective insurance partners and distributed by iFAST.}

^{All materials and content found in this article are strictly for information purposes only and should not be considered as an offer or solicitation to transact in any product.}

^{iFAST Digital Term and its riders are issued and underwritten by Raffles Health Insurance Pte Ltd and distributed by iFAST Financial Pte Ltd (“iFAST”). You are advised to read the precise terms, conditions and exclusions specified in the policy contract.}

^{You are advised to read the key product documents, including (but not limited to) the product summary, before deciding whether the product is suitable for you. You should consider carefully if the products you are purchasing are suitable for your financial objectives, experience, risk tolerance and other personal circumstances. If you are uncertain about the suitability of a product, please seek advice from a financial adviser before making a decision to purchase the product.}

^{As buying a life insurance policy is a long term-commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.}

^{While iFAST and/or any of its third-party providers has/have tried to provide accurate and timely information, there may be inadvertent omissions, inaccuracies, and typographical errors. Opinions expressed herein are subjected to change without notice.}

^{More information on iFAST Digital Term can be found here.}

^{This advertisement has not been reviewed by the Monetary Authority of Singapore.}