Daily Hospital Cash Insurance Policy

Daily hospital cash is a type of insurance plan that provides a specified amount of cash for hospitalisation expenses on a daily basis. This daily cash entitlement you receive under the hospital cash benefit is fixed, irrespective of the medical expenses that you incur. This daily cash entitlement is decided at the time of commencement of the policy, there are many hospital cash insurance plans you can choose from that offer a wide range of daily cash covers, starting from 500 to 5000 every day. This hospital cash benefit assures you of prompt financial assistance exactly when you need it the most and it is paid directly to you.

Hospital Cash Insurance, in simple words, is an insurance policy that provides a fixed sum insured for each day of hospitalization of more than 24-hours. It is a fixed daily amount that is paid to the policyholder as allowance to meet miscellaneous expenses during the period of hospitalization.

The daily hospital cash benefit is usually provided in a basic plan or can be purchased as an additional cover. Some health insurers also provide a separate hospital cash insurance plan. Moreover, the daily hospital cash benefit is doubled in case of ICU admissions.

With Daily hospital cash benefit the insured can pay for the medical expenses that are not covered under a comprehensive health insurance plan, and meet the extra expenses incurred during the hospitalization.

The daily hospital cash benefit amount is a fixed amount paid to the policyholder. If the actual cost is lesser than the daily benefit limit, then the insurer will not ask for any extra amount.

For instance, the coverage limit in a hospital cash plan is Rs. 800, and the actual expense is Rs 500 then also the insurer will pay the amount equal to Rs. 800. So, the daily hospital cash rider works as a cushion for the policyholder during the hospitalization.

Although your regular health plan covers your most of your expenses when you are hospitalized, some expenses are not covered by your health plan. These uncovered expenses are called inadmissible expenses and include things like surgical accessories, X-Ray charges, expenses incurred by accompanying family members, etc. Here the daily hospital cash benefit will kick in without asking for any supporting bills. The only proof required to avail this benefit is a valid hospitalization of at least 24 to 48 hours. However, this benefit gets decline, if the hospitalization becomes inadmissible,

A daily hospital cash benefit provides a lump sum amount daily in case of hospitalization and this amount can be used as per the insured’s need. The allowance can be used for meeting additional expenses that are not covered by regular health plan or for even compensating the loss of income during the period of hospitalization.

Though Daily Hospital Cash policy helps you with a wide range of benefits associated with daily hospital cash policy, there are a few things that are not included in this hospital cash plan.

• In the case of diagnosis of HIV/AIDS of any severity and its complications, this daily hospital cash benefit will not offer any amount towards the expenses occurred due to the same illness.
• The pregnancy-related complications and treatment will not be covered under a hospital cash plan.
• You are not entitled to receive daily hospital cash in any case of suicide or drug abuse.

Following documents are required for the daily hospital cash:

• Proof of admission/hospitalization with the duration of stay
• Discharge summary for the hospital, for admissibility of claim

The coverage limit under the daily hospital cash benefit policy can be a minimum of Rs 100 and goes up to a maximum of Rs 10,000. However, this will vary on your health insurance plan and also the health insurance company, as there is no fixed limit.

Daily hospital cash insurance is a health insurance benefit that offers a daily lump sum allowance to the insured during the hospitalization. The money can be utilized to meet the additional expenses that regular health plan does not cover for compensating any loss of income during the hospitalization period. These uncovered expenses are called inadmissible expenses and include things like surgical accessories, X-Ray charges, expenses incurred by accompanying family members, etc.

Cashless claims

At the time of discharge, you will be required to pay only the deductible amount and the remainder amount will be settled between the hospital and insurance company.

The tenure or admissible days under Hospital Daily Cash policy varies from one insurer to the another and on type of plan you have opted for. It generally ranges from 15 days to 180 days depending on the plan, premium paid and terms agreed with the insurer. Below table shows some of the best hospital cash insurance plans from the top insurers in India: