Should I Add the Daily Hospital Cash Rider To My Health Insurance Policy?

The rising costs of healthcare have made medical insurance providers sit up and take notice of the need for coverage that keeps up with the times. Thus, insurance companies now offer many new types of health insurance products and add-ons to truly give holistic financial protection during a medical emergency. One such product is the daily hospital cash rider that can be added to a health insurance plan. If you are new to the concept of this particular rider, read on to discover why you should definitely consider opting in for it. 

What does the daily hospital cash rider do?

Even though you have a health insurance plan, there are some medical charges that do not get covered during a hospitalization. These can include the costs of certain medical accessories, daily transport of your family members to and fro as they tend to your needs, and even meals ordered apart from what the hospital provides. The daily hospital cash rider helps you in paying for all these surplus – yet essential – expenses by depositing a daily lump sum into your account. 

The best part about the daily hospital cash allowance is that you can use the funds as you deem fit. You only need to provide a one-time proof of hospital admission for the benefits of this rider to kick in. Once the payout starts, you do not need to submit further bills. Furthermore, even if your expenses are lower than the daily hospital cash payout, you do not have to inform the insurance provider of the same nor do you need to return the money. You can use the funds as much needed financial support in dire straits. 

It is also important to note that the daily hospital cash payout is not applicable if the patient is admitted to a hospital for only a few hours for a day care procedure. There needs to be valid proof showing hospital admission for at least 24 hours. Some insurance companies need proof of 48 hours of hospitalization. 

Looking at the amount of coverage

The amount of payout you get will depend and vary between insurance providers. A daily hospital cash allowance amount can start at Rs 500 and even go as high as Rs 10,000. If you are admitted to the Intensive Care Unit (ICU), the payout amount may be even higher. 

Do bear in mind that the daily hospital cash rider has a limit on the number of days for which you receive a payout. This limit can range between 30 to 45 days. It is advisable to check on this particular detail with your insurance provider so that you can budget your hospital expenses as per your capacity and insurance coverage. 

As we can see, a daily hospital cash rider offers much-needed financial assistance during a medical emergency. Therefore, it makes sense to add this rider to your health insurance policy and thereby truly secure holistic coverage. We hope this article has helped you. Take care.