What is Daily Hospital Expense Insurance?

Are you insured under a group health insurance plan? If so, you may be entitled to receive daily hospital cash benefits. A daily hospital cash benefit is a benefit that health insurance policies typically offer policyholders in the form of cash payments that they can use to pay for expenses related to hospitalisation. Daily hospital expense insurance is often provided for specific days of individual hospitalisation.

Note: Not all group insurance plans come with daily hospicash benefits. Please check with your HR department for this add-on. Make sure to read your group policy carefully to understand the details of this reimbursable expense coverage. Knowing how much daily hospital cash benefit you're eligible for could save you a lot of money on medical bills in the future.

What is daily hospital expense insurance?

Many group health insurance plans offer a daily hospital cash benefit to members in order to help cover out-of-pocket expenses, such as doctor visits and tests. This benefit can be used to reimburse the costs incurred between the time you are sent a claim form and when your insurer processes it.

The plan is ideal if you are hospitalised for an extended period of time. It will help you and your family members meet the daily expenses during their stay in the nursing home with you. In addition, extra costs such as loss of regularly paid income, travel to the hospital daily, basic food and medicines, etc. are covered.

Who is entitled to receive a daily hospital cash benefit?

You will be entitled to receive this benefit if you are covered under a corporate health insurance policy that comes with daily hospital expense insurance.

Many policyholders are not aware of the daily hospital cash benefit. This benefit entitles you to receive a cash amount each day, regardless of whether you use the hospital or not. The amount you're eligible for will also depend on how much your policy costs and which type of group health insurance you have. If you're not sure whether you're entitled to this benefit, talk to your policyholder representative or review your policy documentation. In the meantime, ensure you're always prepared by having medical expenses covered in an emergency.

Additionally, you can purchase daily hospicash cover as a rider option to your group insurance policy if it's not included in the same.

How much is the daily hospital cash benefit?

Group health insurance can be a great benefit for those who need it. In addition to covering out-of-pocket costs like doctor visits and prescriptions, specific group health insurance policies also offer a daily hospital cash benefit. This benefit can be used to cover incidental expenses, such as food and phone charges, while in the hospital. Contact your group health insurance provider to find out how much your daily hospital cash benefit would be. The daily hospital cash benefit is a set amount which varies based on the person's health plan.

So, whether your employer insures you or not, GMC insurance can be a great way to protect yourself and your kin in case of an emergency.

How much can be claimed as a daily hospital cash benefit?

By default, employees can avail of an amount of up to INR 1500 to INR 2000 per day for the number of days an employee spends for medical treatment in a hospital. Depending on the group policy structure, the number of hospitalisation days can vary from 15-20. This rider also covers an employee's spouse and children.

Keep in mind that the value of this benefit may change from year to year, so be sure to check with your insurer annually! If you're ever in a bind and need to cash in on this benefit, be sure to speak with your group insurance company or HR about claiming it. They should be able to help you figure out the amount that you're eligible for and the process of claiming it.

Daily hospital expense insurance - what to do if they expire

Hospital cash expense insurance is an essential component of your group mediclaim policy. If the rider expires, it's crucial to ensure you take action to continue receiving coverage.

If it's by default covered within your group plan, you need not worry about renewal as your company will do the needful. Suppose you have purchased a separate rider option individually as an add-on to the employer-employee insurance plan. In that case, you need to be mindful about renewing it annually.

Most of the daily hospital expense insurance plans in India cost around INR 329/yr or INR 549/yr for a daily cash cover of INR 1000/500/day.

Often, the benefits can be extended and added to your policy at year-end. In the event that your hospicash benefits are set to expire, it's important to contact your group health insurance provider as soon as possible. Do not hesitate to ask your HR about the group policy document. It is better to know what is included in your hospicash plan to take advantage of all its benefits.

Frequently Asked Questions

Does the daily hospital expense insurance increase with each health condition that I have?

No, the daily hospital cash benefit is not based on a person's health condition. It is based on the no. of days of hospitalisation as accepted/recognised/provided by the insurance plan. If you have group health insurance that includes hospital cash benefits, then you may be eligible for the benefit.

What are some tips for taking advantage of the daily hospital cash benefit while hospitalised?

When it comes to taking advantage of hospital cash benefits, there are a few things that you should keep in mind. For one, make sure that you understand all the conditions and eligibility requirements for claiming the benefit so that you don't miss out on any chances. Secondly, claim the benefit in one go - it could save you some hassle in the long run. And finally, take advantage of any special offers or discounts given by your insurer that are available at the time of your hospitalisation.

How does the daily hospital cash benefit work in group health insurance plans?

The daily hospital cash benefit works in group health insurance plans by providing policyholders with a certain cash amount paid out to them daily. This amount varies from plan to plan, but on average, it ranges from INR 500 - INR 1500. The benefit is capped at the rate of daily cash amount for a specific number of days spent in the hospital, meaning INR 1500/day for 15 days of hospitalisation.

How can I find out if my group health insurance plan offers daily hospital expense insurance?

You can find out three ways if your group health insurance plan offers a daily hospital cash benefit.

Ask your HR if daily hospital expense insurance is included in your corporate health insurance plan. If not, you can always get it separately as an add-on (rider option)
If your employer insurance comes with a hospicash benefit, make sure to share this information with your friends and family so that they know the potential financial support available. This can help them in case of an emergency or unexpected medical expenses.
Check the amount of cash benefit that will be available and the number of days of hospitalisation. At last, ensure that you can raise your claims online.

Conclusion

Group policies that provide daily hospital expense insurance to insured individuals in the event of hospitalisation are a beneficial output for both employers and employees. Ensure that you are 100 percent aware of your policy's daily hospital cash benefit eligibility and claim policies to maximise your benefits.