Everything You Need To Know About Cashless Health Insurance Policy

Arranging finance to meet emergency medical needs may turn out to be a cumbersome task. Some may not have liquid cash available at your disposal, while some may not have any savings fund to pay their hospital bills. In order to avoid such a situation, you may opt for cashless health care plans. Such plans provide relief from the burden of seeking financial help during medical emergencies and allow you to focus on your health instead.

Everything You Need To Know About Cashless Health Insurance Policy

Understanding cashless health plans

As the name suggests, cashless health insurance plans indicate that the insurance provider settles the medical bills directly with the hospital. You do not have to make any out-of-pocket expenses towards your surgery, treatment, or any other hospital-related expenses. This includes costs such as ambulance charges, domiciliary treatment expenses, in-patient care charges, pre-hospitalization costs, and post-hospitalization expenses, among others.

Benefits of cashless health plans

Cashless medical insurance has gained widespread popularity due to the numerous benefits it has to offer. It provides relief from financial strain, thus allowing you to receive quality treatment. Besides, you do not have to seek financial aid from your social circle of friends and family. Additionally, you need not think any 10 minute ideas quickly or mortgage your assets or borrow a loan.  By opting for a cashless health care plan, investments like fixed deposits or mutual funds need not be liquidated. Such benefits go a long way in ensuring that you are not subjected to financial strain. Another valuable advantage of a cashless health plan is that you enjoy tax benefits of health insurance according to Section 80D of the Income Tax Act, 1961, on the premiums paid towards your health insurance plan. You may avail of INR 20,000 if you are a senior citizen and INR 15,000 otherwise.

Procedure to avail of the benefits of cashless insurance

Quite contrary to the popular belief, the procedure making a claim towards your cashless medical insurance plan is quite simple. The following is a step-by-guide to avail of the benefits of the cashless mediclaim facility.

  1. View the list of network hospitals: An important aspect to keep in mind is that insurance providers provide cashless benefit only if you are admitted at any of their network hospitals. For this purpose, you may look up the list of Third Party Administrators (TPAs) from the company’s website or by calling their support number. You may view various hospitals and select the one that is nearest and the most convenient to you.
  1. Visit the hospital: In the case of either planned or emergency hospitalization, you have to display your health insurance card. You are also required to fill a pre-authorization form, which may be obtained at the hospital or through the website of the TPA. It is imperative to provide correct and complete details so as to avoid the risk of rejection of your claim.
  1. Know the exclusions: While most cashless health insurance plans cover the basic hospitalization expenses, there are certain expenses that are not covered. This includes dental procedure, pre-existing medical problems, and experimental treatments, among others. Other expenses, which are not covered, include service charges, toiletries, disposables like syringes, and, admission and registration fees, besides others.
  1. Seek approval of your claim: The concerned medical practitioner will fill the remaining part of the pre-authorization form, and will then forward it to the TPA for processing. Upon successful approval, the hospital receives a go-ahead for your treatment. You may then avail of the best quality treatment without having to make any out-of-pocket expenses towards the same.

Investing in a cashless medical insurance is a smart financial decision. It ensures that you are not left financially crippled in case a medical emergency were to occur. You may also enjoy the benefit of a cashless facility in the case of planned hospitalization. You may, therefore, purchase such a policy and enjoy the numerous benefits it has to offer. You may either buy cashless health insurance online or visit your nearest branch, and enjoy the manifold benefits of a cashless health insurance facility.