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Wondering why the hospital daily cash benefit is so important in health insurance? READ THIS!

Health insurance companies keep adding various benefits to their insurance plans. By developing their products, they are able to attract customers and boost sales. This works out well on both ends, as policyholders are then able to enjoy the great features of their insurance plans.

One such benefit that insurers include in their health insurance plans is the hospital daily cash. This is a benefit that has many advantages, which is why policyholders should make sure to look for this benefit when they search for health insurance policies online. Let us understand more about this policy in detail:

What is the hospital daily cash benefit?

The hospital daily cash is a benefit that offers a set amount for every day of your hospitalisation. This amount is decided at the time you buy the health insurance policy. No matter what your expenses add up to, this is a fixed amount that you will get.

So, let us say you have a health insurance policy with a fixed daily cash benefit of Rs.1,000. Now whether your expenses amount to Rs.600 or Rs.1,400, you would receive Rs.1,000 per day of your hospitalisation.

Coverage of the daily cash benefit

Your health insurance plan would include a daily cash benefit based on the daily allowance that you opt for. This could range from anywhere between Rs.250 to Rs.5000. If you are admitted to the ICU, the daily cash allowance will mostly double as per the terms and conditions mentioned in your health insurance policy. This will however depend upon your plan and the insurer that you have bought it from. So, discuss the exact coverage of the daily cash benefit with your insurance company before buying your policy.

Waiting period of this benefit

There are various waiting periods in a health insurance plan. There is one for the daily cash benefit too, although the waiting period for this benefit is much shorter than the rest. This waiting period again depends on the insurer that you choose to go with. A good plan would not have a waiting period for more than 30 days when it comes to the hospital daily cash benefit.

Why is the hospital daily cash benefit important?

  1. Takes care of the additional hospital bills

It is not always necessary that your health insurance policy will cover the entire amount of your hospital expenses. The coverage of your policy might fall short of the amount that you require. This is where your daily cash benefit will help you in getting an additional amount for coverage.

  1. Provides a blanket cover

There are certain expenses that are going to be incurred by your family members while you are in the hospital. The hospital daily cash benefit can be used to get coverage for all these expenses to compensate for the loss of income during your hospitalisation.

  1. Helps save your No-Claim Bonus

If you are hospitalised for a minor complication, the medical bill is most likely not going to add up to a very high amount. So, instead of raising a claim and forgoing your No-Claim Bonus, you can use your hospital daily cash to cover the medical bill.

After reading these advantages, we are sure you have understood the importance of the hospital daily cash benefit. Remember that you can easily buy health insurance online these days. Simply search for words like ‘health insurance best’ or ‘health insurance’ to find suggestions and buy coverage in minutes.

All the best!

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