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All you need to know about hospital cash benefit
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What is Hospital Cash Benefit?
Hospital cash benefit is a daily lump sum amount the insured can get in case of hospitalization. It is either a part of the base plan or can be purchased as a rider or an option.
In most cases, the hospital cash benefit is only applicable if the insured has been hospitalized for a minimum of 48 hours. The hospital cash benefit is provided for every 24 hours completed during the time of hospitalization for 30-45 days in total under a policy year.
This amount can be used to cover additional expenses during hospitalization, such as , transportation, hiring a caregiver, etc., or to compensate for the loss of income during this time.
What is Covered and Not Covered under Hospital Cash Benefit?
A hospital cash benefit is generally used to pay for additional costs incurred during hospitalization for upto 30-45 days, depending on plan and insurance provider. In case of hospitalization in the ICU (Intensive Care Unit), the cash benefit provided is twice as much as the applicable daily cash benefit for up to 7 days.
Typically, a health insurance plan will pay for expenses such as:
- Inpatient hospitalization
- Pre and post-hospitalization care
- Daycare procedures
- Cost of ambulance service
- COVID-19-related treatment
You can use a hospital cash benefit to take care of hospitalization expenses over and above what is covered under your health insurance plan.
Benefits of Hospital Cash Benefit
There can be many benefits of a hospital cash insurance plan. Some of these are:
- A fixed amount is reimbursed even if the actual daily expense is lesser than that
- You can use this amount to meet hospitalization expenses not covered under your health insurance plan
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AccidentCare provides cover for accidental death and also permanent total or partial disability, and other benefits
This plan offers full COVID-19 cover
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AccidentCare provides cover for accidental death and also permanent total or partial disability, and other benefits
This plan offers full COVID-19 cover
Features of Hospital Cash Benefit
The features of a hospital cash benefit depends from policy to policy. Typically, a hospital cash benefit can have features such as:
- A daily amount is disbursed as a lumpsum to pay for additional hospitalization expenses and is paid for up to 30-45 days depending on plan/insurer
- The disbursed amount doubles in case of ICU admissions and is paid for up to 7 days as per plan/policy
- The policy is only applicable when the insurer is hospitalized forminimum of 48 hours
Frequently Asked Questions
Is hospital cash benefit different from regular hospitalization coverage?
Is hospital cash a rider in health insurance plans?
Is there an upper limit to the amount one can avail under hospital cash benefit?
Is hospital cash benefit available in all health insurance plans?
Will I have to pay an extra premium to avail hospital cash benefit?
Will I have to use the hospital cash benefit to cover the treatment costs?
Yes, it is different. Hospitalization coverage under health insurance plans covers hospitalization costs such as room rent, consultation fees, diagnostic tests, medicines, etc. Unlike basic hospitalization cover, a hospital cash benefit is a fixed amount paid to the insured for certain number of days during hospitalization. You can use this for personal expenses like food, travel, etc.
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