These Questions Can Help You Select a Health Insurance Policy With Daily Cash Benefit

How to find the best health insurance plan for you and your family : Shots  - Health News : NPR

Financial advisors often advise individuals to boost their portfolio with a health insurance policy. Such a policy provides much-needed financial protection in the event of adverse events such as emergency hospitalization. The insurance provider will have to pay for the hospitalization costs, thereby reducing the financial burden. Therefore, you can focus on getting quality treatment without having to worry about making financial arrangements.

Health insurance in India is crossing an innovative stage with insurance providers offering new and innovative products. The Daily cash benefit of health insurance is one such innovation that is taking the insurance industry by storm.

What is Daily Hospital Cash Benefit?

The Daily Hospital Cash Benefit provides a fixed amount for each day of hospitalization. The amount paid is fixed at the time of taking the policy. This benefit cover can also be obtained as a rider or independent cover for your regular health insurance policy.

What is covered under the Daily Hospital Cash Benefit?

Even though your health insurance policy be it individual, family health insurance or any other policy will cover most of your expenses when you are admitted to your hospital, some expenses will not be covered by your health plan. Such expenses are referred to as inadmissible expenses and include surgery equipment, X-ray charges, expenses incurred by family members, etc. Also, daily hospital cash benefit can be availed without any bills to support your claim. It is sufficient to be admitted to a valid hospital for at least 24 to 48 hours to avail this benefit. However, if hospitalization is inadmissible, this benefit is denied.

In case of hospitalization the daily hospital cash benefit provides a lump sum per day and this amount can be used as per the requirement of the insured person. The money can also be used to cover additional expenses that are not covered by health insurance or to cover loss of income at the time of hospitalization. * Standard T&C Apply

What if someone is in the ICU?

Because costs are high in the ICU, health insurance companies usually double the daily cash benefit amount if the insured person is included in the ICU. For example, the daily hospital cash in a common room under your policy is ₹ 1000, however, on ICU admission it would be ₹ 2000. * Standard T&C Apply

How long is the Daily Hospital Cash Benefit available?

The daily hospital cash benefit is available for an average of 30 to 45 days. Therefore, if you are hospitalized for a medical condition for 30 days, you are entitled to receive daily hospital cash for 30 days. However, this varies from one insurance company to another and one has to choose when taking out a policy. * Standard T&C Apply

How Much Can I Get Under the Daily Hospital Cash Benefit?

This amount can range from ₹ 100 to ₹ 10,000 on average. Also, some insurance companies that offer this benefit built into the health insurance plan have a percentage of the sum insured. A certain percentage of the sum insured is allotted as the Daily Hospital Cash Benefit. * Standard T&C Apply However, this varies from one insurance company to another, so make sure you compare health insurance plans and then choose your policy. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.