Hospital Cash Insurance
Hospital Cash Insurance
With escalating health problems, sometimes it becomes necessary to get hospitalised for appropriate treatment and care. In such a situation, the hospital expenses may be more than the coverage of your health insurance policy, which can lead to out-of-pocket expenses, creating an extra financial burden for you.
To help you deal with the daily hospital expenses, a daily cash benefit in health insurance is provided by TATA AIG as a part of different health insurance plans. It provides for the extra expenses and also helps you deal with lost income during hospitalisation. Here is a detailed guide for you on hospital cash insurance.
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What is Hospital Cash Insurance?
The hospital cash plan insurance is a cash benefit provided for each day of hospitalisation, if you are admitted for more than 24 hours. The amount may either be a percentage of the sum insured or a fixed amount as per the policy terms. The hospital cash provided can be utilised towards miscellaneous expenses as per the needs of the policyholder.
Sometimes, the hospital cash insurance can be a part of the basic health insurance plan, and at times, you can include it as an optional cover to your base insurance plans. In any case, you can utilise the cash benefit to pay for the expenses that you may incur during hospitalisation.
TATA AIG Hospital Cash Insurance Plan
| TATA AIG Insurance Plan | Hospital Cash Benefit Details |
|---|---|
| TATA AIG Medicare Premier |
|
| TATA AIG Criticare Medicare |
Hospital cash for each 24 hours of completed hospitalisation. 50% daily cash benefit if the completed hours are between 12-24 hours on the day of discharge. Cash benefit of ₹10,000 if hospitalisation exceeds 10 continuous days. For hospitalisation in the ICU, you get twice the inpatient daily cash amount as per the policy for each completed 24 hours. If the hospitalisation is due to an accident, you get twice the inpatient daily cash benefit for each completed 24 hours. For admission into the ICU due to an accident, you get paid twice the ICU cash benefit for each completed 24 hours. |
| TATA AIG Flexishield (Rider) |
Inpatient hospital cash rider- For continuous and completed 24 hours at the hospital Worldwide hospital cash rider- For hospitalisation to get treatment outside India. (The claim must be admissible under global cover for planned hospitalisation) ICU cash benefit rider- Provides a cash benefit to the policyholder if the policyholder gets admitted to the ICU and completes a continuous 24 hours. Accidental hospital cash benefit rider- For hospitalisation due to injury in an accident, the policyholder receives the cash benefit. Accidental hospitalisation ICU cash benefit rider- Cash benefit is provided to the insured if he gets admitted to the ICU after an accidental injury. Prolonged hospital cash benefit rider- If the hospitalisation exceeds 10 days, the policyholder gets a cash benefit under this rider as per the policy. |
| TATA AIG Medicare Select |
|
How is Daily Cash Health Insurance Beneficial?
The benefits of the TATA AIG hospital cash policy are as follows:
Financial Support- Hospital cash benefit provides financial support during medical emergencies. Using the daily cash amount, you can pay for various miscellaneous expenses without draining your savings.
Unrestricted Usage- There is no restriction on how you can use the hospital daily cash. Thus, you can take care of any expenditure, whether related or unrelated to hospitalisation.
Serves as an Income- You may be unable to work while being hospitalised. Hence, the daily cash benefit serves as your income replacement, enabling you to meet the day-to-day expenses without any worry.
Also Read: Pre- and Post-Hospitalisation Expenses in Health Insurance
Hospital Daily Cash Policy Coverage
The main purpose of hospital daily cash allowance in health insurance is to cover the expenses that remain uncovered under the health insurance policy. The daily hospital cash plan provides coverage for inadmissible expenses like surgical accessories, family expenses, hiring a personal attendant, food, transportation expenses of visiting family members, etc.
Under any circumstances, you are entitled to receive the daily cash benefit without submitting any proof, provided your hospitalisation is admissible under the insurance policy.
Under some circumstances, the daily cash coverage may be reduced to 50%. For example, under TATA AIG plans, if on the day of discharge, you complete less than 24 hours but more than 12 hours, you will receive 50% of the daily cash benefit for that particular day.
You can enjoy the benefits of a daily cash allowance as part of some of our insurance plans, such as Criti Medicare, Medicare Premier, etc. And if your insurance plan does not have a provision for the same, you can include it as a separate rider, available under the name of TATA AIG Flexi Shield.
A notable feature/coverage of the TATA AIG hospital cash benefit rider is that it covers global treatment, too (Worldwide Hospital Cash Benefit Rider). Thus, if you are going abroad for treatment, you are still eligible to receive the daily cash benefit as an inpatient as per the terms of the policy. You can also opt for the rider to receive in-patient hospital cash, ICU hospital cash, accidental hospital cash benefit, accidental ICU hospitalisation cash and prolonged cash benefit.
Also Read: Daily Hospital Cash benefit in Group Health Insurance
Tenure of Hospital Cash Plan Insurance
On average, the daily hospital cash benefit is available for 15 to 45 days, depending upon the terms of the policy. The information is mentioned in the policy, and it is essential to read the policy carefully so that you know the exact tenure for which the benefit can be availed if you are hospitalised for more than 24 hours.
Limitations of Daily Cash Allowance Benefit
Just like any other insurance plan, the daily cash allowance benefit also comes with an upper limit, as specified in the terms of the plan that you choose. Thus, you must check the policy documents to find out the exact limit and amounts.
Secondly, the hospital cash benefit is available only if you get admitted after the waiting period of your policy is over, if applicable to your health condition. Thus, if you get admitted to a hospital for a disease whose waiting period is not over, you will not receive the cash benefit.
Another limitation of this cash allowance is that you must complete 24 hours to be eligible to receive it. So, if you are discharged from the hospital within 24 hours or get admitted for day procedures, this benefit is lost.
Summary
Medical emergencies bring along various expenses, which may or may not be covered under your health insurance. In such a case, you may have to spend money out of your pocket to meet the extra expenses.
However, with TATA AIG health insurance plans, you get a hospital daily cash allowance, which acts as an extra cushion for you. Using the cash benefit, you can take care of miscellaneous expenses that you incur, such as hiring a personal attendant, food expenses, traveling charges and so on.
Most of our plans come with a hospital daily cash allowance, such as the TATA AIG Medicare Premier, TATA AIG Criti Medicare, etc. Additionally, we offer a hospital cash benefit rider, which provides support in various circumstances.
Apart from the hospital cash benefit, you can also avail of a cashless health insurance facility to your benefit. By using the cashless claim method, you can get treated in any hospital of your choice, and we settle the bill directly with the hospital.
If you wish to buy health insurance from TATA AIG, you can utilise our online platform to make the purchase in a hassle-free manner without visiting any of our offices. To get further information on our insurance plans, you can contact our customer care team!
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.
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