When the time is tough, every small help is a blessing. Especially when you or your loved ones are hospitalized, you leave no stone unturned, so things get better soon. However, when the bills arrive, often you are left in shock to see the expenses and also that there are some which your health insurer will not cover.
In such unfortunate times, one benefit cover in your health insurance policy comes the most handy – Daily Hospital Cash Benefit!
So, what is Daily Hospital Cash Benefit?
The daily hospital cash benefit offers a fixed amount for each day that you are hospitalized. The amount paid is fixed at the time of taking the policy and would remain fixed. This benefit cover can be taken as a rider to your regular health insurance policy or also as a standalone cover.
What are the things that are covered under daily hospital cash benefit in health insurance?
Although your health insurance policy covers your most of your expenses when you are hospitalized, some expenses are not covered by your health plan. Such expenses are called inadmissible expenses and include surgical accessories, X-Ray charges, expenses incurred by accompanying family members, etc. Also, daily hospital cash benefit will kick in without asking for any supporting bills. Only a valid hospitalization of at least 24 to 48 hours, is proof enough to avail this benefit. However, if the hospitalization becomes inadmissible, then this benefit gets declined.
A daily hospital cash benefit provides a lump sum amount daily in case of hospitalization and this amount can be used per the insured’s need. The money can be used for meeting additional expenses that are not covered by health insurance or for even compensating the loss of income during the period of hospitalization.
What happens if someone is in the ICU?
Owing to the fact that in an ICU the expenses are much higher, health insurers usually double the daily cash benefit amount if the insured is admitted in an ICU. For instance, if the daily hospital cash in a regular room under your policy is Rs.1000, when admitted in an ICU that will become Rs. 2000.
For how long is a daily hospital cash benefit available?
On an average a daily hospital cash benefit is available for 30 to 45 days. So, if you are hospitalised for one medical condition, for 30 days, you are eligible to receive daily hospital cash for 30 days. However, this varies from one insurer to the other and has to be opted for while taking the policy.
How much can be availed under a daily hospital cash benefit?
The amount ranges from Rs. 100 to Rs. 10,000, on an average. Also, some insurers who offer this benefit inbuilt in the health insurance plan, have a % of it linked with the Sum Insured. X% of the Sum Insured is offered as a daily hospital cash benefit. However, this varies from one insurer to the other and has to be opted for while taking the policy.
Can daily hospital cash benefit be availed over and above the health insurance?
Yes, daily hospital cash benefit caters to those expenses that are not taken care by your health insurance. So, it can be used to cover the expenses that are not generally covered by your health insurance policy.
What is the benefit of taking a daily hospital cash benefit?
Daily hospital cash benefit helps to take care of the expenses that are not covered under the comprehensive health insurance policy, and also can take care of extra expenses that you might incur during hospitalization. Also, the amount is fixed, hence even if the actual expense is lesser than the daily hospital cash, the health insurer doesn’t ask for the extra amount. It is like a cushion you can fall back on in times of need.
Are there any conditions that needs to be kept in mind while opting for a daily hospital cash benefit?
- The insured must be hospitalized for a minimum period of 24 to 48 hours to avail daily hospital cash
- Day Care Procedures are not covered under the scope of this plan
- There is a maximum ceiling on the number of hospitalization days in a policy year for which the allowance is payable. This ceiling is usually of 30, 60 or 90 days
- Like other benefits, there is a waiting period to avail this benefit
What is not covered under daily hospital cash benefit in health insurance?
This will not be paid while you are hospitalized and not once you are released.
What are the documents required to avail this benefit?
- Proof of admission/hospitalization with length of stay
- Discharge summary from the hospital, for admissibility of the claim
So, daily hospital cash benefit is a boon during difficult times when those extra expenses weigh heavy on the pocket!
Want to read more about health insurance? Read this blog!