Daily Cash Benefit in Health Insurance


Daily Cash Benefit in Health Insurance

Medical emergencies, especially those that require hospitalisation, may cost heavily on your pocket. Coping with the increasing healthcare costs along with other ongoing financial commitments of life can be made easier with a health insurance plan. Medical expenses encompass many in-hospital as well as non-medical expenses like commuting to and fro the hospital, taking leave from work, staying and eating out, etc. Your regular health plan will typically not cover such expenses, for this purpose, you may want to invest in daily cash health insurance.

Over the past few years, more and more people have acknowledged the importance of having a health insurance plan. Because of the backup it offers during times of need a health insurance plan is indeed a basic necessity in today’s times. Apart from the hospitalisation expenses, with Care Health Insurance, you can choose offer a hospital daily cash policy. Read on to learn all about daily cash allowance in health insurance.

What is the Daily Cash Benefit?

Daily cash benefit in health insurance is one of the add-on covers that an insured can purchase. It is an additional coverage that offers a lump-sum amount to deal with the non-medical expenses that occur during the insured's hospitalisation, for example with Care Health Insurance, you get a daily hospitalisation allowance for up to 30 days in a policy year. Hence, you do not have to carry the burden of non-medical expenses alone.

There are a number of non-medical expenses during hospitalisation. These include the cost of various things and services that are not directly covered under a health insurance policy. However, these expenses may sometimes exceed even the hospital bills and can pose a major threat to your savings. To help deal with these expenses, it is recommended that you invest in hospital daily cash.

Coverage under Daily Cash Benefit

Hospital daily cash insurance can be purchased as an additional cover along with your regular health insurance plans. There is no specific coverage under the daily cash benefit allowance, rather, it is a lump-sum amount fixed at the time of purchasing the plan. The insured and the family members can use the amount to meet any immediate requirements and ongoing non-medical expenses. This lump-sum amount is disbursed to the insured during hospitalisation that exceeds 24 hours.

As the name suggests, it is a daily cash allowance that is offered to help the insured meet expenses other than that of hospitalisation. The amount is decided on a per-day basis, and a maximum of 30 days are covered per policy year. These 30 days need not be under single hospitalisation but can be availed for multiple hospitalisations.

Daily Cash Benefit in ICU

Undoubtedly, medical expenses in an ICU are more than OPD or general treatment ward. Hence, usually, the daily cash benefit is also increased when the insured is being treated in the ICU. Considering the increase in non-medical expenses like x-rays, surgical, etc., due to treatment in the ICU, the daily cash allowance is also increased. The policy papers may better define the adjustments in the daily cash allowance during ICU treatment.

>> Also Read: Do Health Insurance Premiums Increase Every Year?

Benefits of Hospital Daily Cash Insurance Policy

Hospital daily cash allowance benefits the insured in many ways. You may purchase it as an add-on and utilise it as and when required. Here are some of the striking benefits of the best hospital daily cash policy:

1. Lump-sum Cover

Hospital daily cash insurance offers a lump-sum amount, as decided during policy purchase when the insured is hospitalised for over 24 hours. This lump-sum amount can help cover the non-medical expenses.

2. No Fixed Expense

During hospitalisation, there are many side expenses, especially for the caretaker's family members. So, the daily cash allowance is not fixed for any specific expense. The insured and the family can use the amount to meet their various expenses like travelling, hotel stay, etc. How they use the lump-sum amount depends on the insured.

3. Affordable Premiums

At Care Health Insurance, the premiums charged for daily hospital cash insurance are quite affordable. Hence, you need not worry about going heavy on your pockets. You can include this add-on cover at reasonable rates in your existing health insurance policy.

4. 30 Days Coverage

With Care Health Insurance, the daily hospital cash benefit policy covers 30 days of hospitalisation in a policy year. This means you can raise a claim for up to 30 days under the daily cash allowance benefit. It can be utilised for multiple hospitalisations in a policy year.

5. Mental Peace

With hospital daily cash insurance you have peace of mind. You need not worry about the side expenses as you are not alone in it. Your health insurance is there to bear these expenses.

To conclude

Daily cash health insurance can be a huge help if the insured has to get admitted at a far-off place. Getting treatment in another city or at a far distance from home requires additional expenses, especially for stay, travel, and food. These expenses can easily exceed hospitalisation bills at times. Hence, for such times, a daily cash allowance can act as a great backup. You get the lump-sum amount on a daily basis to meet these expenses.

At Care Health Insurance, you can purchase this add-on with a basic health insurance policy and pay only affordable premiums for better medical facilities ahead.

Disclaimers: The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.

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Q. For how long can I avail daily cash allowance benefit?

Daily cash allowance in health insurance can be typically availed for a maximum of 30 days in a policy year. Make sure to check the same with your health insurance provider.

Q. Can I make multiple claims for daily cash benefits?

Yes. Claims for daily cash health insurance can be raised more than once in a policy year. However, you must know that the maximum number of days that can be claimed is generally 30.

Q. When can I not claim a daily cash allowance?

In order to be eligible for daily cash benefits in health insurance, the insured has to be hospitalised for more than 24 hours. Remember day-care treatments usually do not offer a daily cash allowance.

Q. Is the daily cash allowance limit over and above the health insurance sum insured?

Yes. Daily hospital cash insurance offers a lump-sum amount, which is fixed at the time of purchasing the add-on. It is decided on a per-day basis. This lump-sum amount is over and above the base cover and sum insured of the health insurance plan.


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