Daily Hospital Cash Benefits in Group Health Insurance

Daily hospital cash insurance is essentially a lump-sum benefit offered by insurance companies either as a supplementary rider to your existing group health insurance or as standalone coverage. Under this policy, the insurer provides a predetermined fixed amount to the policyholder for each day spent in the hospital. This lump-sum amount is established at the time of purchasing the daily hospital cash policy.

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For instance, if your daily hospital cash policy offers a benefit of Rs 2000 per day, you will receive this amount regardless of your actual hospital expenses. Whether your expenses amount to Rs 1500 or Rs 2500, you will be assured of receiving Rs 1500 per day during your hospitalization.

Advantages of Daily Hospital Cash Insurance

Daily hospital cash insurance offers several advantages, including:

  1. Supplementary Coverage for Additional Expenses

    Hospitalization can often lead to unforeseen expenses that may not be covered by your regular group health insurance plan. These expenses could include costs related to accompanying family members, elective medical procedures or tests, and the purchase of external durable items. Daily hospital cash insurance provides a cushion to cover these extra bills.

  2. Compensation for Loss of Income:

    Hospitalization can result in a loss of income, especially if you are on unpaid leave during your recovery. Daily hospital cash insurance helps offset this income loss during your hospital stay.

  3. Support for Household Expenses

    The loss of income during hospitalization can create financial strain when it comes to meeting household expenditures. Daily hospital cash allowance can be used to cover essential household expenses, such as groceries or tuition fees for children.

  4. Preservation of No Claim Bonus (NCB):

    Even minor medical treatments can sometimes require hospitalization, but the associated treatment costs may be relatively low compared to major medical procedures. In such cases, you can use your daily hospital cash benefit to pay for the bills instead of making a claim on your regular health insurance plan. This helps preserve your no-claim bonus.

Coverage Limit under the Daily Hospital Cash Plan

Coverage limits for daily hospital cash plans in India could range anywhere from around Rs. 500 to Rs. 5000 per day or more, depending on the plan. However, the policyholder must keep in mind that insurance products can change over time.

Therefore, it is important to check with specific insurance providers or consult their latest policy documents for the most accurate and up-to-date information on coverage limits and other details.

For How Long can a Daily Hospital Cash Cover be Availed?

The number of days covered can vary widely depending on the insurance provider and the specific policy. Some policies might offer coverage for a fixed number of days (e.g., 30 days per hospitalization), while others might have a longer duration (e.g., 60 or 90 days per hospitalization).

Conclusion

Daily hospital cash insurance provides valuable financial support during hospitalization, offering a fixed amount per day, regardless of actual expenses. It eases the burden of additional costs, compensates for income loss, and helps cover household expenses, all while preserving your no-claim bonus. Policy terms may vary, so it's essential to check with your insurance provider for specific details. This supplementary coverage ensures financial readiness for unexpected medical situations, allowing you to focus on recovery without financial worries.

Written By: PolicyBazaar - Updated: 15 September 2023

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