Hospital Cash Insurance Plan-The pandemic has accelerated an already exponential rate of rise in medical expenses. Having a valid health insurance plan is one of the best ways to ensure a financial cushion in the event of a medical emergency. You won’t have to use your savings to pay for medical care because a health insurance plan will cover it. It is prudent to have health insurance in place in light of the country’s exponentially rising medical costs. You can choose from a variety of health insurance plans, one of which is a hospital cash insurance plan.
A hospital cash insurance plan gives you a lump sum every day while you’re in the hospital to cover costs that aren’t covered by your health insurance or cover any income loss you might have because of your illness. However, you must have comprehensive health insurance in place before you choose hospital cash insurance.
Hospital Cash Insurance Plan
Daily hospital cash insurance is a benefit of health insurance that provides the insured with a daily lump sum while they are in the hospital for a set amount of time. The money can be used to make up for any income loss that occurs while a patient is in the hospital by covering any additional costs that health insurance does not cover. Hospital cash insurance can be included as an optional coverage in some health insurance plans or as part of the basic plan in some cases. Hospital daily cash insurance can also be purchased separately from some businesses.
If you find yourself in an unfortunate situation where you need to be hospitalized, it’s important to know about hospital cash insurance plans. These plans cover the cost of medical expenses that exceed a certain limit, and can help you get the care you need without worry. In this article, we’ll outline the different types of hospital cash insurance plans available, and explain how they work. We also provide a few tips on how to choose the right plan for your needs.
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What is Hospital Cash Insurance?
If the hospital stay lasts longer than 24 hours, the hospital cash insurance plan covers a predetermined daily sum insured. Depending on the requirements of the policyholder, the insured sum can be used for a variety of expenses.
Hospital cash insurance can be included as an optional coverage in some health insurance plans or as part of the basic plan in some cases. Hospital daily cash insurance can also be purchased separately from some businesses.
Best Hospital Cash Insurance Plans in 2024
Looking to protect yourself and your loved ones in the event of a medical emergency? Look no further than hospital cash insurance plans! These plans provide coverage for all sorts of emergencies, from unexpected health problems to major surgery. In fact, many people find them to be a valuable addition to their overall insurance plan. Here are the best hospital cash insurance plans in 2024.
The following table lists some of the best hospital cash insurance plans offered by India’s leading insurers:
Daily Hospital Cash Insurance | Amount (Rs.) | Number of Days | |
Aditya Birla Activ Assure Diamond Health Insurance Plan ( in-built benefit) | Rs 500 | For consecutive 5 days | |
Bajaj Allianz Hospital Cash Benefit Policy | Rs 500 to Rs 2500 | 30 days & 60 days | |
Bharti AXA Health Insurance Plans (Optional Cover) | Rs 500 to Rs 25000 | up to 45 days | |
Cholamandalam Hospital Cash Insurance Plan | Rs 1000 to Rs 3000 | 20-25 days | |
Care Health Insurance Plans ( Add-on cover) | N/A | Up to 30 days | |
Digit Health Insurance Plans | N/A | up to 30 days | |
Edelweiss Health Insurance | N/A | N/A | |
Future Generali Hospital Cash Plan | Rs 500- Rs 9000 | 30, 60, 90, & 180 days | |
Iffco Tokio Hospital Daily Cash Policy | Rs 250 to Rs 5000 | 15, 30, 60, 90, & 180 days | |
Kotak Mahindra Hospital Cash Optional Cover | N/A | 3 days onwards | |
Liberty Health Insurance Plans | Rs 500 to Rs 1000 | N/A | |
Manipal Cigna Health Insurance Plans | Rs 1000 to Rs 3000 | N/A | |
Niva Bupa (Formerly known as Max Bupa) Health Assurance Plan | Rs 1000 to Rs 4000 | up to 45 days | |
National Health Insurance | N/A | N/A | |
Oriental Happy Cash Policy | 30/60 days | ||
Raheja QBE Hospital Daily Cash- Group | Up to Rs 15,000 | 7-15 days | |
Reliance Health Insurance | N/A | N/A | |
Royal Sundaram Lifeline Insurance Plan ( Optional Hospital Cash Insurance) | Rs 1000, Rs 2000, Rs 5000 | 30 days | |
Star Health Insurance | Basic Plan: Rs 1000, Rs 2000, & Rs 3000 Enhanced Plan: Rs 3000, Rs 4000, & Rs 5000 | Basic Plan: 30, 60, 90, 120, & 180 days Enhanced Plan: 90, 120, & 180 days | |
SBI Hospital Daily Cash Insurance Policy | Sickness: Rs 500 to Rs 2000 Accident: Rs 1000 to Rs 4000 | 30/60 days | |
Tata AIG Health Insurance | Rs 500 onwards | up to 180 days | |
Universal Sompo Health Insurance | 0.25% of the Sum Insured or Rs 2000 | N/A | |
United India Health Insurance | Rs 250 to Rs 2500 Rs 500 to Rs 5000 | N/A |
Benefits of Hospital Cash Policy
You can pay for medical expenses that are not covered by your base health insurance policy and cover any additional costs you incur while in the hospital with a hospital daily cash policy.
This plan gives you a fixed amount of cash every day, so you don’t have to give the insurer the money back even if your expenses are lower. For instance, the insurer will pay you 900 yen if you have daily expenses of 600 yen and the daily cash limit is 900 yen. As a result, it serves as a financial cushion when you need money to pay for everyday expenses while you are in the hospital.
In addition, because of the insured’s higher costs, insurers typically provide twice the hospital cash benefit if the insured is admitted to the intensive care unit (ICU). If, for instance, your daily cash limit is 1200 yen, the insurer will reimburse you for 2400 yen if you are admitted to the intensive care unit.
Also Read-SBI General Health Plan Benefits
Coverage Provided Under Daily Hospital Cash Policy
In the event that you are hospitalized, the majority of the costs will be covered by your health insurance plan; however, there are some costs that the plan does not cover. Inadmissible costs like surgical supplies and family visits are covered by the daily hospital cash benefit insurance plan. Additionally, the daily hospital cash policy does not require you to submit any bills as proof if you are hospitalized for more than 24 hours. However, the daily cash insurance plan is only activated if hospitalization is allowed. The insurer will provide the daily cash as a benefit if you are hospitalized for a specific medical treatment. The insurer can use the money as they see fit. In addition, if hospitalization results in a loss of income, you will be able to make up for it with the plan’s daily cash benefit.
Limit of Coverage Provided by the Hospital Daily Cash Insurance Plan
The plan’s daily cash benefit for hospitals typically ranges from 100 to 1,000, but it varies from insurer to insurer. As a result, it’s a good idea to check the policy document to find out how much cash the plan gives out every day.
Your coverage will be limited to a predetermined percentage of the total amount insured if the hospital cash policy is not included as part of your primary health insurance policy. This is also dependent on the insurer; to learn more, you must read the policy language.
Tenure of Benefit Under the Daily Hospital Cash Benefit Plan
Depending on the insurer, the daily hospital cash benefit is typically available for 15 to 45 days. The information is mentioned in the policy, so it’s important to read it carefully to know exactly how long you can use the benefit if you’re in the hospital for more than 24 hours.
Conclusion
The daily hospital cash policy information that you require can be found here. It is advantageous to have the plan cover your daily expenses if you are hospitalized for more than 24 hours. As a result, in order to fully comprehend the plan’s benefits, you must carefully read the policy.
In addition, purchasing comprehensive health insurance in addition to this plan is essential because it can assist you in covering significant medical expenses incurred in the event of a medical emergency. Given the looming threat of the pandemic, medical insurance is more important than ever.
You will have access to a network of more than 7200 hospitals, where you can claim cashless health insurance, and a selection of policies, such as Covid-19 insurance, with the Tata AIG health insurance plan. Therefore, evaluate your requirements, compare health insurance plans, and select one that best meets all of your requirements.
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