Health is one of our most valuable assets. It is also one of the most neglected aspects of our lives. It could be due to our modern lifestyles to match the fast-paced and high-functioning world we are living in. With our health being at significant risk, most companies around the world have included health insurance or mediclaim as a part of their salary perks. However, there are people who also invest in health insurance policies in personal/individual capacity.
Though Health Insurance policies have a comprehensive cover to give you an overall cover in terms of medical expenses, there are some additional expenses that are included in the said cover. In order to compensate that, insurance providers have designed the daily cash benefit to help protect your medical and financial at all costs.
Daily Hospital Cash Benefit
A Daily Cash Benefit is a huge lump of a fixed amount that can be availed to pay for the additional inadmissible expenses when you are hospitalized. The huge sum is generally fixed at the time of availing the policy and will remain fixed until the end of the policy tenure. This cover can be added as an add-on to your health insurance policy or can be purchased as a standalone cover.
Extent of Coverage
Most insurance providers design health insurance policies in such a way that they provide an exhaustive cover. However, there are certain specific requirements that are not covered under this said policy. Which is where your daily hospital cash benefit comes into play.
When hospitalised, health insurance policies, despite having an exhaustive coverage does not provide cover some admissible expenses such as X-ray charges, surgical accessories, daily expenses incurred by the family members of the insured or hospitalised member.
Here, you can make use of your daily hospital cash benefit to cover all these inadmissible expenses. Moreover, you do not need to provide medical bills to make use of the daily cash benefit. A valid hospitalisation for a minimum period of 24 hours at the least to 48 hours to avail the daily cash benefit. However, this benefit cannot be availed if the hospitalisation is deemed inadmissible.
The benefit comes with a significant amount that can be spent daily, based on the requirements of the policyholder during hospitalisation. This money will help cover all the additional expenses that are incurred during the hospitalisation of the said policyholder. Further to this, the daily cash benefit can also be seen as compensation to match the loss of income and to meet the needs of the family, while the policyholder is hospitalized. Since the amount is fixed, the insured can avail the whole amount and make use of it, even if the medical expenses are lower than the fixed amount, which can be a huge relief to our pockets.
Tenure and Cash Limit
A daily hospital cash benefit is generally availed for a period of 30 to 45 days maximum. The insured is eligible to avail the benefits of the cover as long as he or she is hospitalised. Also, at the time of purchase of the policy, the tenure of the daily cash benefit is also to be discussed and fixed as per their needs.
There is no fixed amount that the policyholder can choose from, but the regular range for the daily cash benefit starts from Rs. 100 to Rs. 10,000. Some insurance providers that provide daily cash benefit as a part of their health insurance policies, fix a certain percentage of the insured amount that can be availed when the insured is hospitalized, which can also be fixed at the time of purchase of the policy.
A daily hospital cash benefit is undoubtedly a boon to people seeking medical treatments on a regular basis that requires hospitalisation for it helps cover all the additional expenses that are deemed inadmissible under the exhaustive health insurance policy. It can prove to be a valuable pocket-saver when your loved one is hospitalised relieving you of the additional financial stress.