Hospital Daily Cash
- Key Aspects & Importance of Hospital Cash
- Treatments Not Covered under Hospital Daily Cash
- Reimbursement Claim Settlement Procedure
Daily Hospital Cash provides a certain amount of money for each day during the hospitalization. The amount paid is fixed at the moment of purchase and does not change.
For Instance - If you are hospitalized and have a plan that pays Hospital Daily Cash of 1,000 INR each day of hospitalization, it makes no difference whether you spend INR 1200 or INR 800 on other medical expenditures. The Insurer will pay a fixed benefit amount of INR 1000 for each day of your admission to the hospital.
Even if per day hospitalization expenses are lesser than Hospital cash, the Insurer would still pay the fixed amount of money, without any kind of questions or restrictions.
Hospital Daily Cash also comes as a separate Health Insurance Plan. Here are some conditions under such plans:
1
250 INR to 8,000 INR
2
1 to 3 years
3
15/30/60/90/180 days per Year
4
24 months to 48 months
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Hospital Daily Cash offers various benefits such as:
Coverage for Inadmissible/ Uncovered Expenses
During hospitalization, Insurers do not cover certain expenses which are coined as Inadmissible Expenses, for example- expenses incurred on Diagnostic tests, Surgical Accessories, or costs of the patient’s attendant.
Irrespective of these inclusions & exclusions, the Insurance Company pays Hospital Daily Cash to the policyholder. It can be used to cover hospitalization costs as well as other Incidental expenses such as traveling costs, household bills, food expenses, and the cost of attendant’s transportation. You can utilize the money to cover the costs which are otherwise not covered under a standard Health Plan.
Coverage for Attendant’s Expenses
Usually, there is an attendant (family member, relative, spouse, etc) who takes care of the patient. Miscellaneous/ Incidental expenses like transportation cost, food expenses of the attendant, etc also financially burden the pockets. With the help of the Hospital Daily Cash amount, the policyholder & family have the liberty to spend the money wherever it is required.
All in all, Hospital cash helps to pay for incidental expenses which are incurred during the treatment.
Avail No Claim Bonus
The Hospital Daily Cash amount can be utilized to pay small hospital bills for minor ailments or procedures.
For example, Mr. Rajesh was admitted in the hospital for 2-3 days for a minor illness, for which, the hospital bill was not so huge. He paid the bill with his Hospital Daily Cash amount rather than filing a claim underHealth Insurance.
Hospital Daily Cash assists you in paying off your medical expenses, prevents filing a claim under your Health Insurance Policy and allows you to preserveNo-Claim Bonus.
Convalescence Benefit
If you are hospitalized for a minimum of 10 consecutive days due to an injury or illness, a Sum Amount is paid once during each policy year. This amount varies from Insurer to Insurer.
For instance - You are hospitalized for a few weeks and you won't be able to work during that time, which could result in a loss of income. The Convalescence Benefit partially compensates for this loss of income by providing a lump-sum payment.
Any claim caused by, based on, arising out of or attributable to any of the following:
Only Reimbursement option is available for filing a claim under Daily Hospital Cash. Reimbursement means payment at a later stage. Primarily, you have to pay the hospital bills on your own and get them reimbursed/ settled later from the Health Insurance Company.
Below are the steps that you have to follow to file a claim for your Reimbursement:
Notify the company in writing within 48 hours after hospitalization in the case of an emergency, and 48 hours before hospitalization in the case of planned hospitalization.
Provide the necessary documents within 15 to 30 days of discharge from the hospital, one who is filing the claim must provide the necessary documents to the company.
One who is claiming on your behalf must notify the company in writing and submit a copy of the post-mortem report (if any) within 30 days of death.
Following documents are required forClaim Settlement Process:
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1. Can I claim both Health Insurance and Hospital Daily Cash Insurance for the same hospitalization?
Yes, you can claim both at the same time. Health Insurance will pay for the expenses covered under the policy and the other will give you a fixed amount on a daily basis.
2. Is the policy of Daily Cash Benefit applicable for maternity and childbirth?
It depends on the policy you have purchased for yourself & your family. Therefore, it is important to make it clear during the time of buying the policy.
3. Can I avail Hospital Daily Cash if the policyholder is admitted in ICU?
In circumstances where the policyholder is admitted in ICU, he/she needs to pay larger expenses, and hence, the policy also offers higher coverage. Daily Hospital Cash becomes double when an ICU hospitalization is involved.
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Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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