Here Are Some Commonly Asked Questions About Daily Hospital Cash Benefit in Health Insurance
Medical emergencies are uncalled and unexpected. Not only does is it taxing mentally but also financially. While the mental stress is inevitable, a better solution at such times is to ensure some form of backup to manage the finance bit. You might think of a large corpus earmarked for medical needs, but no. We recommend health insurance policy for the smart buyer. With a health insurance cover, you pay a specified amount each period as premium in return the insurance company offers financial coverage for ailments.
Different types of health insurance plans are available that make them a perfect fit for all. From infants or senior citizens, anyone and everyone is covered by one. When you buy health insurance policy, there are various features that are a must-have based on whom the policy covers. However, one feature that is convenient for all is the daily hospital cash benefit.
What is a daily hospital cash plan?
Daily hospital cash plan provides a fixed amount for each day that a person is hospitalised. The amount is pre-decided while buying the plan and remains fixed for the entire tenure of the plan. While this plan can be purchased as an add-on to your existing health insurance policy, it can also be opted as a standalone cover. Thus, in either way, you can avail the benefits offered by a daily hospital cash plan. Since the amount is determined from the start, these plans are defined benefit options.
What are the benefits offered under daily hospital cash plan?
The standard benefits of health insurance include most of the expenses however, a few expenses like that are inadmissible in your base insurance policy can be covered by such hospital cash plan. They include non-medical expenses, surgical accessories, x-ray charges and the like. There is no specific requirement of expenditure to claim daily hospital cash, but only hospitalisation for at least 24 to 48 hours as a precondition depending on the policy terms. * Standard T&C Apply
Do the benefits remain the same if someone is admitted to the ICU?
ICU expenses are generally higher as compared to a general ward. Thus, the health insurance companies generally double the daily cash benefit. However, this is as per the policy terms stipulated at purchase.
For what duration this benefit is available?
Daily hospital cash benefit is generally available for a period that ranges between 30 days to 45 days. So, any hospitalisation that lasts for a period of such specified duration, the insurance company offers a compensation for each day. This period can also be amended based on what your insurance company has to offer. * Standard T&C Apply
Is the hospital cash allowance available over and above the compensation of your health insurance policy?
Yes, the daily hospital cash benefits are over and above the pay-out offered by a standard health insurance plan.
What are the situations when no benefit offered?
Daily hospital cash plans do not offer any pay-out when the treatment does not last longer than 24 or 48 hours as per the policy terms. In addition to that, day-care procedures are not covered for any compensation.
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