With rising medical expenses, buying a health insurance policy has become a need of the hour. The rise in the popularity of health insurance plans has prompted the insurance providers to come up with lucrative and appealing policies for the customers. One such contemporary insurance service provided by most of the insurers is the cashless health insurance policy.
Under the Cashless Mediclaim Policy, the medical expenses of the insured are directly settled by the insurance company. The insured is relieved from the hassles of paying cash at the hospital during the treatment. As cashless insurance is devised to eliminate payment through cash, the reimbursement part is successfully avoided. Cashless health insurance is extremely helpful at times of emergency when there’s no immediate access to cash.
How to avail cashless health insurance?
Make sure that the hospital where you undergo your treatment is present in the network of hospitals covered by the insurance company. A policy card is made available to all those who are covered under cashless health insurance. You are required to display this policy card at the hospital in order to avail the cashless facility. After presenting the policy card, you will have to fill a pre-authorization form. This form is then sent to the Third Party Administrators (TPA) for the verification of authenticity and eligibility. Following the validation from the TPA, the hospital receives a letter approving the treatment. The TPA processes the request within 6 hours, hence during emergency cases, the amount can be paid in cash. This amount is later reimbursed by the insurance company.
Make sure that you have a complete understanding of cashless health insurance before you buy this policy. Certain things that you must take note of before purchasing this policy are mentioned below:
- Read the documents carefully to be well-versed with the terms and conditions of the policy.
- In case the total medical expense does not fall with the limits of sum assured, you will have to pay for the remaining amount.
- It is advisable that you keep a copy of hospital bills for future reference.
- While you fill the pre-authorization form, make sure all the details are correct. Failing to which, your claim request would be at risk of getting rejected by the TPA.
- The cashless health insurance policy does not cover documentation and service charges.
- Other charges such as equipment charges are also not covered by the insurance provider.
Cashless health insurance can be categorized into two main categories, i.e cashless family health insurance and cashless health insurance for senior citizens. One of the most important advantages of cashless health insurance is that it offers complete peace of mind to the insured who is seeking treatment. It allows individuals to focus on their recovery rather than being worried about paying the hospital bills.
Cashless health insurance plays a significant role in reducing the financial burden due to rising medical expenses. Moreover, in emergency situations, it can become extremely difficult for patients or their family members to arrange funds on an immediate basis. This is where cashless health insurance can act as savior. Customized by keeping the consumers in mind, the cashless health insurance also offers a wide coverage that includes pre and posts hospitalization expenses and inpatient care. Some of the insurance providers also cover the ambulance charges. Hence, it is recommended that you must always compare various plans and then choose the one that matches your expectation. Now that you know the benefits of cashless health insurance, it’s time that you safeguard yourself and your family from the uncertainties of life by buying a health insurance policy that suits your needs in the best possible way.