Hospital Daily Cash Insurance

Daily hospital cash insurance is one of the health insurance coverage benefits that provides a lump sum amount each day to the insured for the duration of their hospitalization. This cash amount can be used to pay for additional expenses that health insurance does not cover or to compensate for any loss of income while the patient is in the hospital.

What is Hospital Daily Cash Insurance?

Hospital daily cash insurance is a health insurance policy that offers a set amount for each day of hospitalization lasting more than 24 hours. It is a fixed daily allowance given to the policyholder to cover miscellaneous expenses during hospitalization.

For example, if you are hospitalized and have a health plan, you will get INR 1K as Hospital Daily Cash for each day of hospitalization. It makes no difference if you spend 1200 INR or 800 INR on other medical expenses. The health insurance company will give you a pre-determined benefit of INR 1000 for each day of hospitalization.

Eligibility Conditions Under Hospital Daily Cash Insurance

Hospicash insurance also comes as a separate health insurance plan. Below mentioned are some of the conditions under these hospital daily cash policies to get coverage benefits:

• Shorter waiting period
• Hospitalization should be more than 24hrs
• Daycare treatments are not covered
• The days for which allowance is payable in a year is 30, 60, or 90 days.

Availability Under Health Insurance Plan

You can avail of this coverage benefit of hospicash in the below-mentioned form:

• Comes as a coverage benefit in your standard health plan
• Comes as a separate hospital daily cash policy
• Available as an optional add-on rider

Features of Hospicash Insurance

Below mentioned are the features of hospicash insurance:

• Available Option of Daily Cash: INR 250 to INR 8K
• Hospicash Insurance Policy Tenure: 1 to 3 Years
• Maximum Benefit Period Under Hospicash Insurance: 15/30/60/90/180 days per Year
• Pre-Existing Period Waiting Period: 2 to 4 Years

Benefits of Hospital Daily Cash Policy

Below mentioned are some of the benefits of the hospital daily cash policy:

• Coverage for Attendant Expenses
• Coverage for Uncovered Expenses
• Avail No Claim Bonus
• Convalescence Benefit

1. Coverage for Attendant Expenses: The patient is usually cared for by an attendant (family member, relative, spouse, etc.). Additional costs such as transportation, attendant food costs, and other contingencies put financial pressure on the budget. The policyholder and family can use the hospital daily cash to make necessary purchases. Overall, Hospicash provides financial assistance for miscellaneous expenses incurred while receiving treatment.
2. Coverage for Uncovered Expenses: The health insurance companies do not pay for certain costs associated with hospitalization, which are referred to as inadmissible expenses, such as diagnostic tests and surgical supplies. The health insurance company pays the insured hospital daily cash regardless of these inclusions and exclusions. It can be used to pay for incidental charges such as travel, utility bills, transportation, food for the attendant, etc. You can use these funds to pay for expenses that are not covered under a standard health plan.
3. Avail of No Claim Bonus: Hospital Daily Cash enables you to keep your no-claim bonus and helps you pay your hospital bills without submitting a claim to your health insurance.
4. Convalescence Benefit: The amount is paid only once per policy Year if you are hospitalized for at least 10 consecutive days due to illness or injury. For example, if you are hospitalized for a few weeks and are unable to work during that time, you may suffer financial loss. The convalescence benefit provides a lump sum payment to help compensate for this loss of income.

Best Hospital Cash Insurance Plans in 2022

Below mentioned are some of the best hospital daily cash insurance plans in India:

Exclusions Under Hospital Daily Cash Insurance

Below mentioned are some of the significant exclusions under hospicash insurance:

• Hazardous or Adventurous Sports
• Change of Gender
• Maternity Treatment
• Dental Treatment
• Self Injury or Suicide attempt
• Nuclear, chemical, or biological attacks or weapons
• Treatment of Alcoholism & Drugs
• Eyesight due to refractive error
• Sleep disorder, Parkinson and Alzheimer
• Gestational Surrogacy

Hospital Daily Cash Policy Claim Process

Reimbursement is the only option to submit a claim under Daily Hospital Cash Policy. You are responsible for paying the hospital bills out of pocket first and will receive reimbursement or payment from the health insurance company later. Below are the steps to file a reimbursement claim under the hospital daily cash policy:

• Claim Intimation: Intimate your insurance company within 48hrs of hospitalization.
• Document Submission: Submit the required document within 15 to 30 days of discharge.
• Claim Settlement: The health insurance company will settle your claim within 15 to 30 working days.

Documents Required For Claim Settlement

Below mentioned are the required documents that you should submit for filing a claim under hospicash insurance:

• Duly Signed Claim Form
• Xerox of the Discharge Summary or Discharge Certificate
• Xerox of Hospital Bills
• Xerox of your identity card