Hospital Daily Cash in Group Health Insurance

We understand that group health insurance policy policy provides financial support to the employees in case of medical emergencies and hospitalization. The employee can avail of treatment in a good hospital and the amount is reimbursed by the employer through the insurance policy. However, a lot of expenses may not be covered, or prolonged hospitalization may lead to additional costs that are usually borne by the employee. This is when hospitals daily cash-in group health insurance can come to the rescue.

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Hospital Daily Cash in Group Health Insurance

A standard group health insurance policy may cover most of the healthcare expenses but, may overlook the additional costs an employee may incur during hospitalization. For example, non-medical costs, including daily consumables, travel expenses, medicines or money to support a dependent family, etc., or costs that are not included in the policy need to be fulfilled. In such situations, a substitute or compensation for your loss is much needed. Hospital daily cash in group health insurance can fulfil this requirement.

Hospital daily cash in group health insurance pays the insured (employees) a fixed amount for a fixed number of days during their hospitalization. Typically, hospital daily cash benefit does not require bills and is paid regardless of the actual bill amount. The amount of daily hospital cash allowance is pre-determined, that is, decided at the time of purchasing the policy.

Benefits of Hospital Daily Cash in Group Health Insurance

Traditional group insurance schemes can now be topped-up with hospital daily cash benefits. Availing of this add-on cover has multiple benefits.

1. Reimbursement for additional expenses 

As mentioned earlier, employer-funded group health plans may cover almost all healthcare expenses for the ones that are covered, and hospital daily cash benefits can be helpful. This daily lumpsum amount provides additional financial security to the employees and dependents.

2. Coverage above the sum insured

There may be instances where the hospital bills exceed the sum insured. In such cases, this amount can be used to pay the additional hospital expenses.

3. Preserves your No Claim Bonus

If the hospitalization bill is not too high, the employee can avoid taking benefit of the group health plan and preserve the No Claim Bonus (NCB). Simultaneously, the employee can use the cash benefit of this add-on and pay the hospital bill.

4. Tax benefits

Sec 80D allows an individual to claim a deduction for health insurance. If the premium amount is completely or partially paid by the employee, the tax benefit can be availed to that extent.

Frequently Asked Questions for Hospital Daily Cash in Group Health Insurance

  1. Is daily hospital cash benefit available for a fixed number of days?

    Yes. The daily hospital cash benefit is available for a fixed number of days, usually around 15 days of hospitalization.

  2. Are there any general conditions for availing of this benefit?

    Below are a few general conditions for availing of this benefit.

    • The cash benefit is provided only for the specified number of days.
    • Hospitalization should be more than 24 hours.
    • In many cases, pre-existing conditions and maternity benefits are excluded.
  3. Can one avail of this facility for daycare procedures?

    No. Daycare procedures are usually not included.

Conclusion

Employee benefits package keeps evolving, depending on the employee needs. Since group health plans are one of the most common and widely used benefits, providing hospital daily cash in group health insurance makes a lot of sense. Employers can attach it as a rider to the basic group health insurance policy to make it more need-based and proactive.

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Written By: PolicyBazaar - Updated: 07 November 2022

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Policybazaar for Business - Group Health Insurance - Customer Reviews
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3.8 April 09, 2023
Mansi
Excellent Support
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
Pune
4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
Pune