Buying a comprehensive health insurance policy is a pragmatic decision that gives you financial security in the event of adversity. While basic health insurance covers multiple things, when it comes to health and medical treatments, there is a vast array of possibilities or nitty-gritty that might get missed in it. In such a situation, you can always make your health insurance policy more valuable by opting for add-on benefits that cover things that, usually, a comprehensive health insurance policy is unable to cover independently. One such benefit that you can add to your basic insurance policy is the hospital cash benefit.
What is a hospital daily cash cover ?
Under hospital daily cash cover, you are allotted a fixed amount of daily allowance in case you are hospitalized for your medical condition. You can buy this as an optional cover to your existing basic health insurance policy, or you can buy it as a standalone insurance policy.
You are eligible to receive the hospital cash benefit if you are hospitalized for more than 24 hours. The cash amount is decided at the time of buying the policy. This cover is for min 3 days and max 10 days in a policy yea. You are eligible to receive the predecided amount irrespective of whether your bill is less or more than that amount.
What does hospital daily cash insurance cover?
1. ICU expenses
When you buy a health insurance policy, you expect it to cover your emergencies. The hospital cash benefit provides you with that facility. In addition to that, in the case of ICU admission, the insurer doubles the daily cash benefit. Hence, if your fixed amount for each day of hospitalization is Rs. 2000, in the case of ICU admission, the amount will be doubled and you will receive a total of Rs. 4000.
2. Travelling Expenses
Hospital daily cash insurance also covers your travel expenses. Besides the ambulance service, in case of hospitalization, there are other travelling needs that might occur that could require a lot of back and forth from and to the hospital. The same is covered under this daily cash insurance cover. This benefit can be utilized by your family members or caretakers who would be travelling to the hospital to attend to you.
3. Expenses for diagnostic procedures
In the case of hospitalization, many diagnostic processes are bound to occur. They are included in your hospital cash insurance cover. Hence, the daily cash benefit can be used to pay for blood tests, scans, sonography, X-rays, etc.
4. Medicinal expenses
The hospital daily cash policy allows you to use the money to pay for all your medicinal expenses. Besides medicines, this cover also pays for expenses like the cost of syringes and other small bills that have been issued during the hospitalization process.
What are the benefits of the hospital daily cash policy?
1. Eligible for No Bonus Claim
A No Bonus Claim is a benefit that no insurance policy would prefer to miss. With hospital cash insurance cover, you can pay for your hospitalization expenses without filing a claim. Hence, since you are prevented from filing a claim, you remain eligible to get the No Bonus Claim at the time of renewal of your policy.
2. Valid for multiple days
The benefit of daily cash is valid for up to 30 to 45 days of hospitalization. However, this time period differs from one insurer to another. Similarly, the minimum number of days of hospitalization to avail of the benefits of daily cash insurance also depends on your insurer.
3. Eligible to use the excess amount
If your daily expenses are less than the assigned amount under your hospital cash insurance, you will receive the entire amount. Hence, if you are assigned an amount of Rs. 1000 but your expenses were of Rs. 1200, you get to keep the remaining amount and use it for your other expenses.
4. Less documentation
To submit a claim under daily cash benefit health insurance, all you need are two document proofs, which are the documents of your hospital admission and another one to prove your number of days of hospitalization and discharge.
Hospital cash insurance is an important aspect of your health insurance as it provides benefits that are more than what a regular health insurance policy offers. It provides you with more financial security and, hence, acts as your safety net during difficult times.
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.