Hospitalisation disrupts our routine. The experience is more often than not, emotionally draining as one deals with the health discussions, treatment planning, logistics and care protocols. It is also a time when the stresses of financial costs of healthcare and hospitalisation can hit us. While standard health insurance policies cover major medical expenses, they often leave out the smaller, yet significant, costs associated with a hospital stay. Daily hospital cash insurance steps in to fill this gap, providing a fixed daily allowance to cover these additional expenses. In this blog, we at Chola MS Health Insurance explore the various aspects of hospital cash benefits.
What is Hospital Cash Insurance?
Hospital Cash Insurance is an insurance policy that pays cash for each day of hospitalisation over 24 hours of a sum insured. It is a fixed daily amount paid to the policyholder for incidental expenses while admitted to the hospital. These costs may include the cost of transporting the patient to the hospital, the attendant’s accommodation, feeding, and all other expenses outside the medical field that may be incurred during the time of hospitalisation. The daily cash benefit is usually available in any basic package or can be taken as an additional feature. Some of the health insurance companies also provide another plan known as the hospital cash insurance plan.
Conditions under which a Claim can be Filed for the Hospital Daily Cash Benefit
To avail hospital’s daily cash benefit, the following documents are required:
Proof of Hospitalisation and Duration of Stay:
This includes documents that explain why the patient was admitted to the hospital and the number of days to be spent in the hospital. It also makes sure that the period of hospitalisation is adequate as provided by the policy.
Discharge Certificate/Summary from the Hospital:
This document certifies the discharge from the hospital the treatment that was offered and the date when the patient was discharged.
Ways of Reaping the Most Out of Your Hospital Cash Insurance
To fully reap the benefits of your hospital cash insurance, you need to be well informed on your policy and also be willing to go the extra mile to get the best out of your insurance.
Understand Your Policy:
It is, therefore, advisable that you go through the policy documents of the hospital cash insurance policy you are subscribing to to see what it covers and what it does not cover. Know the daily cash benefit, the maximum number of days it can be paid, and the conditions that are not covered or when it will not be paid.
Choose the Right Plan:
Choose a plan that you require for your business. If you have a high risk of being hospitalised due to chronic illnesses or your job description, then it is advisable to go for a plan with higher daily benefits and limited exclusion. Compare the various plans based on the amount of benefits offered, the premiums to be paid, and the claim settlement ratios.
Update Your Insurer:
It is recommended to notify your insurer at the time of hospitalisation so that there is no delay in the claim process. Early communication is beneficial in maximising the benefits of your hospital cash insurance. Some policies may also specify a time frame within which notification has to be made, so ensure that you follow this.
Know the Exclusions:
Be aware of any exclusions in your policy to avoid claim rejections. Common exclusions might include pre-existing conditions, hospitalisations for specific non-covered illnesses, or hospitalisations that do not meet the minimum duration requirement. Understanding these exclusions can help you plan better and avoid surprises during the claim process.
Utilise the Benefits Wisely:
Spend the daily cash benefit wisely for the needs that cannot be met without it. Focus on expenditures on items and services that are likely to enhance recovery and comfort if one is hospitalized.
Thus, by following these steps, you can get the most out of your hospital cash insurance and be ready to cover any other expenses that might occur when you are in the hospital.
