For the patient and his or her family, being hospitalised can be a very stressful period. Medical bills’ financial strain just makes the concern worse. Many health insurance companies offer Hospital Cash Insurance to at least lessen the financial burden of hospitalisation. To assist policyholders in covering any costs associated with their hospital stay, this form of insurance coverage offers a fixed daily cash benefit during hospitalisation. This is so that during lengthy treatments, a patient may have to choose “leave without pay” or even take a sabbatical that will have an impact on his or her income.
What Is Daily Cash Insurance For Hospitals?
The majority of the medical costs incurred when you are hospitalised are covered by your mediclaim policy. Some other costs, however, are not covered and are your responsibility to cover. Your savings may be depleted, putting you in dire straits.
Hospital daily cash insurance is a policy that pays the policyholder a set lump sum amount each day in the event of hospitalisation to cover any additional costs not covered by a Mediclaim policy.
What must be submitted to submit a claim for the hospital’s daily cash benefit?
The following paperwork is needed to use the hospital’s daily cash policy:
- Documentation of hospitalisation and length of stay
- A statement or discharge certificate from the medical facility where you were admitted.
What Prerequisites Must Be Met In Order To Qualify For Hospital Daily Cash Insurance?
The following prerequisites must be satisfied to submit a claim under the hospital’s daily cash policy:
- The policyholder should spend at least 24 to 48 hours in the hospital.
- The maximum number of hospitalisation days allowed throughout an insurance year is often 30, 60, or 90 days.
- Because not all pre-existing conditions are covered, it is best to speak with the insurer before purchasing a policy.
- This benefit has a waiting period before it may be used. One cannot submit any claims prior to the expiration of the waiting period.
Hospital Daily Cash Policy Advantages
- The fact that the daily hospital cash benefit amount is fixed and unaffected by the bill amount is one of the most important advantages. The insurance will still cover the fixed amount even if your costs are less than the daily allotment. The extra money can be used for whichever best suits your needs.
- Hospital daily cash policies might pay any uncovered medical charges and other costs not included in your health insurance plans.
- If you don’t file any claims during the policy year, the insurer will give you a cumulative bonus, a concession on your senior citizen health insurance plan’s cost. If the cost is manageable, you may use your hospital daily cash policy and take advantage of the cumulative bonus of your Mediclaim insurance. *
A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
