As the name implies, cashless health insurance allows policyholders to receive cashless medical care in the insurer's network hospitals. In the event of an emergency, insurance holders may be grateful for their decision to invest in cashless medical insurance because it spares them from having to arrange funds for hospitalizations.
What if there is an emergency & you have incurred a huge amount of Medical Bills? At that point of time, you might need to rush to arrange for cash for the medical treatments. Medical Emergencies come announced and can put a severe financial burden on the necessary treatments.
In such cases, Cashless Mediclaim Policy proves to be quite beneficial. It is a great way to protect yourself from skyrocketing medical expenses in the case of an illness or accident, without having to pay any out-of-pocket expenses.
To provide a Cashless facility, Insurance Companies have partnered with several hospitals across the country which are termed as 'Network Hospitals'. Under this particular feature, if you're availing of treatment at Network Hospitals, the Insurance Company directly settles the bills without you worrying about the exorbitant expenses.
In case of a medical emergency, 'Cashless Mediclaim' turns out to be a blessing, as it provides comprehensive coverage, financial support & peace of mind.
A cashless health insurance policy is an essential investment because it protects you and your family from all minor and major health problems, whether planned or unplanned. Medical care is costly and can deplete your life savings in the event of a severe critical illness. Even a minor procedure may cost several thousand rupees.
Medical emergencies can strike without warning, so people must be prepared. As the name implies, cashless health insurance is a health insurance plan that allows insured people to receive cashless treatments at select network hospitals through medical practitioners. To receive cashless treatment, the insurance holder must contact their insurance provider within 24 hours of being admitted to the hospital, after which the insurance provider settles the medical expenses directly with the hospital, allowing the insurance holder to focus on their health.
Individuals must research and select the best cashless mediclaim policy for themselves based on the sum insured provided, features and benefits, cashless network hospitals, claim settlement statistics of the insurance provider, and customer support.
Cashless Health Insurance benefits the policyholder by eliminating the requirement for cash payments at hospitals during medical care. The plan is activated at the insured person's request and pays hospital fees for treatments received by the insurance holder. Cashless health insurance plans operate at network hospitals designated by insurance providers and are responsible for claim settlement without involving the individual in question. As soon as an individual is admitted to the hospital, they may concentrate on receiving the best medical care possible without having to worry about settling debts with hospitals because the insurance providers or TPAs linked with the insurance providers will handle this procedure. Most cashless medical insurance policies now cover OPD charges that do not need a person to be hospitalized for 24 hours.
It is necessary to check the list of network hospitals associated with the health insurance plan you opt for as it will be easier to avail of the cashless medical insurance in times of an emergency. Once the patient is admitted to the network hospital you need to notify the insurance provider. The insurance provider will then take the process of fulfilling all the formalities and may only contact you if any documents related to the hospitalization are required. The cashless health insurance commences once the information of your insurance has been verified.
You can financially protect yourself & your family by investing in different types of cashless medical insurance available in India
Individual Cashless Health Insurance Policy
An individual is offered a certain amount of medical coverage for a specific period of time under an Individual Cashless Medical Insurance. The coverage provided can be used to cover hospitalization costs whenever the Insured person gets treatment at the company-affiliated Network Hospital.
Family Floater Cashless Health Insurance Policy
All the family members are covered in a single policy with one fixed sum insured under Family Floater Cashless Mediclaim Policy. This policy usually covers self, spouse, and dependent children.
In case of any emergency situation when you do not have the required cash on hand and need to rush to a hospital, cashless medical insurance is your reliable partner. Cashless Health Insurance is designed to cater to individuals without letting them worry about funds to avail the best medical care.
There are a plethora of benefits of cashless health insurance that allow insurance holders to seek medical treatments without any financial stress.
Coverage of Pre- Hospitalisation (before hospitalisation) and Post Hospitalization (after hospitalisation) Expenses
Availability of 'No Claim Bonus'
Availability of 'Hospital Daily Cash'
Coverage for Emergency expenses i.e. Ambulance Expenses, etc
Coverage of Domiciliary Treatment
No amount to be paid at the Network Hospital
Lifelong renewability feature available under cashless medical insurance
A vast network of cashless network hospitals is available 24/7 that can be availed by insurance holders
Access to 24/7 customer support
Discounts at network pharmacies
Tax Benefits under Section 80D
When you opt for a Cashless Mediclaim Policy, you don't have to worry about arranging for funds in the case of a medical emergency.
You can choose the nearest Network Hospital of your Insurance Provider and avail of the benefits of the Cashless Mediclaim facility to avoid financial pressure.
There is an Insurance desk in every Network Hospital to help policyholders or their families in initiating Cashless Claims.
Cashless Mediclaim Services can be availed in both the cases-Planned & Emergency Hospitalisation:
Cashless Claims for Planned Hospitalization
In case of planned hospitalization, you have enough time to select the most appropriate hospital from the list of your Insurer's Network Hospitals. The procedure for receiving Cashless Treatment in the case of planned hospitalization is as follows:
Cashless Claims for Emergency Hospitalization
After being admitted to the nearest network hospital in case of a medical emergency that requires immediate medical attention, you need to follow the below-mentioned steps for filing a claim.
Cashless Insurance Claims can also be rejected for various reasons. However, with a little caution, some of these can be avoided.
Let's look at some of the reasons why Cashless Claims can get rejected.
Choosing the best Cashless Health Insurance Policy can be difficult due the plethora of health plans available in the market. Mentioned below are a few points points to remember for your benefit
When purchasing cashless medical insurance it is necessary to keep a few pointers in mind
Generally, the following things are not covered under Cashless Mediclaim Policy:
Cashless Mediclaim Policy protects your finances in case of a Medical Emergency. Cashless facility enables you to get quality medical care at the right time without worrying about finances.
At PolicyX.com, you can buy a Cashless Mediclaim Policy by evaluating different policies side by side based on various parameters and choose the best one for yourself.