How Cashless Health Insurance works: Overview and Advantages
There’s nothing as traumatic and emotionally wrecking as watching a loved one getting hospitalised out of the blue. Apart from the mental stress, you have to endure; you also go through acute financial stress during such periods. This is where a health insurance policy acts as a life saviour.
When you have taken a medical insurance plan, the insurer reimburses the amount you spend for medical bills and other expenses incurred during hospitalisation. However, you still have to pay the amount from your pocket and raise a claim later on. This doesn’t work to the advantage of many, especially when the bills are pretty high.
This is where a Cashless health insurance policy comes to your rescue.
What’s a Cashless health policy & how does it work?
When you have a cashless policy, the insurer settles all your medical expenses directly with the healthcare provider. You don’t have to go through the hassles of paying the bills out of your pocket and claiming reimbursement later on.
When you’re admitted to any of the member hospitals in the network supported by your insurance provider, the insurance company uses a TPA (Third-party administrator) to settle your bills directly with the hospital or clinic. It’s applicable for both planned and emergency admissions.
A cashless mediclaim policy saves you from the hassles of raising funds to meet medical expenses in a short-time. All you have to do is contact your insurance agent, and he takes care of the rest.
Let’s take a look at the Key Features of Cashless health policies
While the actual list of features varies from one insurance provider to another, the standard features present in all plans are:
- Coverage for pre & post hospitalisation expenses
- Hospitalisation costs (room charges, ambulance charges, medicines and so on)
- Free annual health check-up for the insured
- Coverage for critical illnesses like stroke, heart attack, cancer and so on
- No claim-bonus, tax benefits
What do you benefit when you opt for this policy?
- One of the biggest advantages of cashless health insurance is that you don’t have to worry about arranging the cash requirements in case of medical emergencies. This gives you peace of mind, and you can focus on helping your loved one recover.
- Some policies are valid outside the country as well. This is of great benefit when you want to go overseas for specialised
- Some insurance providers offer free annual health check-up to the policyholders.
Who can opt for Cashless Medical Insurance?
This policy is suitable for anyone who doesn’t want to face the hassles of arranging for cash during medical emergencies. It’s a great boon especially for self-employed businessmen (who don’t have a steady income month after month), senior citizens (who don’t have/don’t want to dip into their savings during medical emergencies).
What to keep in mind when buying a Cashless health insurance Policy?
- This facility is available in only a particular network of hospitals. The exact list of hospitals depends on your insurance provider. Make sure to check this list before you choose the provider.
- The cashless health insurance cover depends on the premium you pay. While choosing the cover, consider the number of members of your family, their individual health requirements and other specific factors to arrive at the right cover.
- Don’t forget to consider the inclusions and exclusions. As the term implies, inclusions are all the medical facilities that are covered by your policy, while exclusions are those that aren’t included. Make sure to scan through this list to find the right plan that meets your requirements.
Handle Medical Emergencies with Ease with Cashless Plans
While there’s no predicting when a medical emergency will occur, you can be prepared with the help of the right cashless policy by your side. Make use of the internet and compare cashless mediclaim policy to find the right insurance provider who offers you the best coverage at the most affordable price.