Hospital Cash insurance plan

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What is a hospital daily cash plan?

The hospital daily cash plan is a health plan which provides a fixed amount for each day the insured is hospitalized. The amount paid is fixed based on the plan and is decided at the time of purchasing the plan and remain fixed. The plan is a fixed benefit plan which means that that it pays a fixed amount irrespective of the actual amount of expenses. This benefit is essentially paid towards incidental expenses, not covered under the indemnity health insurance plan, incurred by the insured while hospitalised. Hospital cash plans can reduce treatment costs as they cover certain expenses that health insurance or mediclaim does not. Health insurance is a medical indemnity plan, but a hospital cash product is a defined-benefit plan. Fixed Daily Allowance shall be paid for each completed 24 hours of hospitalization which takes care of your miscellaneous expenses during hospitalization.
hospital cash insurance
Some insurers offer a double cash benefit in case of hospitalization in the Intensive Care Unit for the duration of ICU confinement apart from a lump-sum convalescence benefit will be paid in case of hospitalisation exceeding a continuous period of 20 days. This plan essentially is a supplement your normal health insurance cover, and covers expensed not covered in the Indemnity Health plan. Consistently rising medical inflation and increasing hospitalization expenses make health care a challenge financially for an average Indian. There are incidental expenses which are surgical accessories, x-ray charges, expenses incurred by accompanying family members, etc. are offered under the Hospital Cash. Sometimes, despite having a comprehensive cover, there are some expenses which will be required to be covered over and above what’s covered under the indemnity plan and this is what the Hospital Cash plan takes care off… In such cases, the best solution is to avail health insurance policies that offer a daily cash allowance for each day that you are in the hospital.

Under the Daily Hospital Cash Plan, a person is covered when he/she is hospitalized. The insured gets a specified amount of money on each day that he/she is in the hospital. The pay out of this allowance from the insurance provider is not only for hospitalization expenses - the policyholder can use it in any way he/ she deems necessary. Since it is unrelated to mediclaim policy, the policyholder can claim both the mediclaim policy and well as the daily hospitalization cash.

What is the coverage under the plan?

Some of the Basic Plan Covers include:
Sickness Hospital Cash Benefit: If the Insured Person is Hospitalized during the Policy Period for Medically Necessary treatment of an Illness that occurred during the Policy Period, the insurer will pay the Daily Cash Benefit specified in the Policy Schedule for each continuous and completed period of 24 hours of Hospitalisation.

Accident Hospital Cash Benefit: If the Insured Person is Hospitalized during the Policy Period for Medically Necessary treatment due to an Injury, following an accident that occurred during the Policy Period, the insurer will pay the Daily Cash Benefit (benefit is equal / double the sickness HC benefit) amount specified in the Policy Schedule for each continuous and completed period of 24 hours of Hospitalisation.

ICU Cash Benefit: If the Insured Person is Hospitalized in an Intensive Care Unit (ICU) during the Policy Period for Medically Necessary treatment of an Illness Or an Injury that occurred during the Policy Period, the insurer will pay the Daily Cash benefit (benefit ranges from 1 -3 times the Daily Cash Benefit) amount specified in the Policy Schedule for each continuous and completed period of 24 hours of Hospitalisation. Coverage under this benefit is limited to a maximum of 15 days per Insured Person per Policy Year.

Convalescence Benefit: If the Insured Person is Hospitalized during the Policy Period for Medically Necessary treatment of an Illness Or an Injury that occurred during the Policy Period and the continuation of such Hospitalisation is Medically Necessary for at least 10 consecutive days, then the insurer will pay a lump sum amount equal the Daily Cash benefit (benefit ranges from 1 to 5 times the Daily Cash Benefit amount specified in the Policy Schedule for each continuous and completed period of 24 hours of Hospitalisation. This benefit is available only once per Insured Person, per Policy Year.

A daily hospital cash plan would determine coverage based on the daily allowance you choose under the plan. The range of daily cash available is from ₹500 to ₹5,000. if the insured is admitted in the ICU, the daily cash allowance generally increases twofold or by any other factor as specified in the policy. Some plans also allow additional multiple of the cash allowance in case a surgery is undertaken by the insured.

What are the other conditions in the plan?

Like standard health insurance plans, these Hospital Cash plans also come with a waiting period clause. However, the waiting period in these plans are of shorter tenures. Another condition that the plan specifies is that the hospitalization must be for a minimum period of 24 hours to avail the allowance payable.

Thus, Day Care Procedures are not covered under the scope of this plan. There is also a maximum ceiling on the number of hospitalization days in a policy year for which the allowance is payable. This maximum limit ranges from 30, 60 , 90 or 180 days.

If one is hospitalized for a minor treatments and the bill for which is not very high, he/she can utilize your daily cash plan to pay for the hospital bills instead of filing a claim under your health plan. This would help you in preserving the No Claim Bonus of your health insurance plan which would have been lost otherwise.

Buying a hospital daily cash plan makes a lot of sense if we take the above benefits of the plan into consideration especially since it deals with much of the incidental expenses that one incurs when in hospital. However, it is strongly recommended that Hospital Cash plans be considered complimentary to your existing health insurance plan and not its substitute. Hospital cash plans only provide a daily allowance in case of hospitalization while a health plan provides a more comprehensive coverage and cannot be foregone.

Features of Hospital Cash Plans

Fixed Benefit Plan – Hospital Cash
Pays a lumpsum upto Sum Insured on the occurrence of the covered event – hospitalisation atleast for 24 hours of the insured for an admissible illness. Payment is made as a daily benefit for exactly the number of days the insured was hospitalised (less deductible, normally 1 day).
These plans cover only a limited / fixed set of benefits which are defined in the plan – and easy to understand and implement.
Daily Hospital Cash plans have waiting periods – both mandatory waiting period of 30 days and other ailments including pre existing conditions, which is for 24 months and above.
Hospital Cash is a Fixed Benefit plan and normally does not have a co-pay or deductible. Full Sum Insured settled to the insured.
Complimentary to Indemnity based Health insurance plan and hence must be bough along with the same.

Some of the Daily Hospital Cash plans available in the market are below:

star bajaj-allianz future-generali cholamandalam sbi-general ManipalCigna tata-aig
Star Hospital Cash Insurance Bajaj Allianz Hospital cash daily allowance Future Generali Hospital Cash Insurance Plan Cholamandalam Hospital Cash Healthline Insurance SBI Hospital Daily Cash Policy ManipalCigna ProHealth Hospital Cash TATA AIG Individual Accident & Sickness Hospital Cash Policy
BUY NOW BUY NOW BUY NOW BUY NOW BUY NOW BUY NOW BUY NOW
Policy period
1/2/3 years 1 year 1 year 1/2/3 years 1/2/3 years 1 year
Eligibility criteria
  • 18 years to 65 years
  • Children between age of 91 days to 25 years
  • 18 years to 65 years
  • Children between age of 3 months to 21 years
  • 18 years to 65 years
  • 18 years to 65 years
  • Children between age of 3 months to 26 years
  • 18 years to 65 years
  • Children from age of 3 months can be covered
  • 18 years to 65 years
  • Children from age of 91 days to 17 years
Entry age is 6 months up to 65 years for the proposer.
Coverage
Family - Self, spouse and upto to 3 dependent children. For you, your spouse as well as children. For individual or on family floater basis, covering self, spouse, and two dependent children (up to 25 years). Self, Spouse, Parents and Parents in law, Children, Siblings Cover yourself, your spouse, kids and even your parents Coverage on Individual basis covering the following relationships - Self, lawfully wedded spouse, children, parents, siblings, parent in laws, grandparents and grandchildren. Individual and/or family
Plans offered
Basic & Enhanced Plan A, B, C, D Plan A, B, C, D, E, F 30 days & 60 days Coverage Basic & Enhanced Flexibility in choosing options - 5 different levels .
Renewal
Lifelong renewal Lifelong renewal Lifelong renewal Lifelong renewal Lifelong renewal
Hospital cash Amount per day
  • Basic plan – 1,000, 2,000, 3,000
  • Enhanced plan -3,000, 4,000, 5000
Rs 500, 1000, 2000, 2500 per day Click Here » Click Here » Click Here » The Daily
  • Cash Benefit ranges from Rs. 500 to Rs. 5000
  • The Sum Insured available under Personal Accident and Permanent Total Disability ranges from Rs. 50,000 to Rs. 25 Lacs
Click Here »
Number of hospital cash days per policy year
  • Basic plan – 30 / 60 / 90 / 120 / 180 days
  • Enhanced plan - 90 / 120 / 180 days
Cover is available for 30 days and 60 days per policy period 30 days / 60 days / 90 days / 180 days
  • Plan A, B, C - 20 days
  • Plan D, E, F - 25 days
30 & 60 days Hospitalisation Cash upto 180 days in case of Accidents or Sickness
Income tax benefits
Covered Covered Covered Covered Covered

India health insurance companies offering hospital cash coverage
travel insurance bajaj allianz Cholamandalam Insurance Plans SBI Travel Insurance Plans Future Generali Insurance plans Universal sompo Insurance Plans ManipalCigna Insurance Plans Star Health Travel Insurance Plans

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