The Key Benefits Of Cashless Health Insurance Plans

Cashless Health Insurance Plans

In this time of inflation, it is impossible to deal with the increasing medical expenses. Your whole life investment will fall less if someone in your family is diagnosed with an unexpected medical emergency. This will protect you and your family from the financial crisis. Insurance companies came up with a cashless insurance facility for the comfort of customers. With cashless health insurance plans, you can take treatment at a network hospital without paying a penny from your pocket. The entire medical expenses including cost of medicine, surgery, room rent, transportation, and many other expenses will be paid by the insurance company. All the prominent insurance companies have their network hospitals spread all over the country.

Generally, hospitals take higher charges from customers who don’t have insurance. Insurance company tie-up with major hospitals to negotiate treatment prices. Then the hospital authorities directly contact the insurance company to provide benefits of health insurance plans to the customers.

  • Optimum coverage options:

    Low immunity and hectic lifestyle have made us more prone to diseases. Health emergencies are mostly unpredicted and misfortunate for a family. Health insurance provides complete support to your financial needs at the time of hospitalization. With a cashless health insurance plan, you can take treatment without thinking of the expenses. A comprehensive health insurance policy will cover all major and minor expenses.

  1. Pre & post hospitalization cost coverage:

    Health insurance plans provide coverage for both pre & post-hospitalization expenses. Every insurance company has their timelines according to which they will cover those expenses.

  2. Transportation expenses:

    If the doctor suggested shifting you from one hospital to another then the ambulance charges will be borne by the insurance company. Similarly, when you take an ambulance to go to the hospital that too will be covered by the insurance provider. 

  3. No Claim Bonus:

    The customer will get an attractive reward from the insurance company in the form of no claim bonus. If the customer does not make a claim in a year then he/she can claim for NCB to reduce his premium. 

  4. Medical Check-up:

    Along with all the hospitalization fees, a health insurance company will also pay for medical check-ups. Apart from this, some insurance companies provide full-body check-ups once a year for their valued customer.

  5. Room rent:

    You can avail of a private room in all hospitals depending on the opted sum insured.

  6. Organ donor expenses:

    A health insurance company will ensure that you don’t have to pay the expenses of organ transplantation. Some insurance policies also cover the donor expenses along with the insured person.

  7. Domiciliary treatment:

    If you are not in the condition to go to the hospital then you can also take treatment at your home. A medical supervisor will always be there with you to treat you while taking domiciliary treatment.

  • More advantages for young buyers:

    Customers can take additional benefits from an insurance policy if they opt for it at a young age. You don’t have to serve for a waiting period at a young age. Also, the risk of claim rejections is null at a young age.

  • Financial safety:

    The cost of medical treatments is increasing with time and our body is getting weaker. If you will take treatment of any disease after 5 years then the expenses will rise 5 times. So, a health insurance policy will protect you from paying high treatment costs. All the unexpected medical expenses will be paid by the insurance company if you purchase a cashless health insurance plan now. Also, your savings will be stored safely and you can use it for some other work.

  • Income tax benefit:

    As per Section 80D of the Income Tax Act, individuals less than 60 years of age can make a claim for insurance premium paid by them. You will also get Income tax benefits on purchasing a health insurance plan for your family. You will get less deduction in income tax bills by purchasing a health insurance policy now.

  • Additional coverage for extra security:

    All the government and non-government organizations provide health insurance benefits for their employees. It is not necessary that you will remain with the same job for your entire life. The sum insured provided by the organizations is not sufficient for a family. So, having a separate cashless health insurance plan for your family will provide extra protection

Apart from this, there are certain hospitals that do not tie-up with the insurance companies hence not provide cashless treatment. In that case, you have to pay the expenses from your pocket but later you can reimburse this with the insurance company.

Process of making claims in the network hospitals

Taking cashless treatment at the network hospitals in not less than a relief. You just have to follow a simple process to make a successful claim.

  • In the case of planned hospitalization, you have to inform the insurance company about a health emergency.
  • You have to contact the third-party administrative after getting admitted to the hospital. They will check your cashless card and verify the details.
  • TPA will provide you an authorization form that will be duly filled and signed by the consulting doctors.
  • Submit that form to the third party administration. He will validate the form and process it further to the insurance company.
  • The insurance company will approve the claim based on the validation and the details provided by the TPA.

Normally, it will take 6 hours to make a cashless claim for planned hospitalization. But in case of an immediate medical emergency, the insurance company will take up to a week to process the claim. In certain cases, the customer has to pay from their pocket first and can reimburse it later. In case of emergency hospitalization, you have to inform the insurance company within 24 hours of getting admitted.

I Hope, it helps you. Stay in touch with us, keep visiting.

What Does A Health Insurance Cover?

Health Insurance Cover

There is an old saying- health is wealth. No one can deny the correctness of this saying. These days, everyone is having a hectic and tight work schedule. If we won’t take care of our health and lifestyle then it might make you sick. But, unexpected medical urgencies can come to you at any time without giving prior notice. These sudden medical urgencies not only hit your health but also your monthly budget and savings. Have you ever thought about how much you will have to pay for treatment and hospitalization expenses? Therefore, you need to prepare yourself financially for medical emergencies by buying a health insurance cover. There are several benefits of health insurance that you will get. 

The main objective of health insurance is to cover the ambulance charges, hospitalization pre & post-treatment and many more. There is the availability of different kinds of health insurance policies such as individual health insurance, group health insurance, family health insurance and many more. So, you can choose the insurance that suits your requirements. 

Family health insurance plan: In this kind of health insurance, a couple and their children can get insured. Many insurance companies are that provide complete family cover including parents. This means that in a single policy you can cover your spouse, two dependent children, and your parents. Family health insurance is again categorized as medical insurance and critical illness insurance.

Individual health insurance plan: From the name itself, it is clear that it will cover only an individual. In this kind of health insurance, the sum insured will cover only one individual who is insured. Only the policyholder will get cover against various illnesses with cashless hospitalization.

Let’s have some of the major benefits of health insurance that one can get in a well detailed manner:

Coverage against serious illnesses: One of the best benefits that the policyholder will get is the coverage against some critical illness insurance. There are several life threatening health conditions treatment of which can make your pocket empty. Health insurance will keep you protected financially during the treatment of kidney failure, heart stroke, and many other illnesses. But, you need to check your list of the policy in which health issues are included in it. Once you diagnosed with such serious health problems, you will receive a lump sum amount for meeting treatment costs and other financial needs.

Cashless Claim: During the unexpected medical urgency, you can avail of the benefit of a cashless claim with a health insurance. Now, you are not needed to arrange cash for the medical costs. Cashless hospitalization means that the insurance company will pay the medical treatment expenses of the insured person direct to the hospital. The hospitalization expenses and other medical costs are settled between the insurance company and the hospital. You just need to show your insurance card to the hospital authorization. But, it is important that you are hospitalized in any of the insurer’s hospitals. 

Tax Benefits: If we are talking about the benefits of health insurance then we cannot overlook the tax advantages. As per Section 80D of the Income Tax Act, the premium paid for the health insurance is eligible for deduction. If the individual or spouse of the insured person is 60 years old or more then the deduction available is Rs 50,000.

Financial protection against medical expenses: The main reason for which people buy health insurance is to get the best treatment without worrying about finances. No matter how big the hospital is, you will be given complete financial support with health insurance. The best thing is that you will also get protection against high medical costs of tests, daily expenses, medicines, hospitalization expenses, domiciliary expenses, and many others. Apart from financial strength, you and your family get complete peace of mind and they can concentrate on health & recovery.

Affordable premiums

One of the most common benefits of health insurance is that premium payable for the health insurance plan is low. Thus, you don’t have to manage your budget for paying the premiums.

An added feature of new members 

With the family floater medical plans, you will get the convenience and benefit of adding the new born babies in the plan. The policy holder can easily avail coverage for the child from the middle of the policy term. This will depend on the terms and conditions of the health policy that you need to know before buying it. If there is a provision in your insurance plan then you just have to make a request to the insurance company to add the new member. For this, you will also have to add some amount to the premium. 

So, choose your health insurance plan accordingly to meet your medical costs.

How To Identify The Best Health Insurance Plan?

choose best health insurance plan

Health insurance is the best way to provide security to your family from unplanned medical expenses. You have to pay your hard-earned money in medical bills when someone in your family has to admit in the hospital due to serious illness or some disease. There are lots of health insurance companies in the market, offering various schemes. With all of them, you have to pay money to buy an insurance plan but its completely depend on your requirement and choice that from which company you want to bur and for how many peoples. To choose the best health insurance plan available in the market you much compare the facilities and advantages online.

The best Health insurance must have these features for sure:

  1. Online process: From the purchasing of the insurance until the claim settlement, the complete process bust be online and hassle-free. No hard copy is required at the time of settlement.
  2. 0% co-payment: Thins verifies that you don’t have to pay a single penny at the time of claim settlement.
  3. No capping on room rent: You can take any private room (having high charges) and the complete bill will pay by the insurer.
  4. Vast hospital network: You can easily find any collaborated hospital near your location so that you don’t have to take to the patient through a long way to reach the network hospital.
  5. Advance cash benefit: You will get a pre-approved claim in cash before the treatment started.
  6. No claim bonus: It will increase somepercentage to yoursum insured if you don’t make any claim for a year and can be increased gradually if not claimed for multiple years.
  7. Complete coverage provided: Insurance plan must provide complete coverage of the hospitalization including, medicines, OPD, maternity benefits, transportation charges, surgery cost, and other things.
  8. Fixed premium cost: Make sure that the insurance company is not increasing the premium every year by applying any extra charges to the premium.

If you think that you don’t need a health insurance plan, then it is wrong. Like everyone, these days must need this to get themselves financially strong when it comes to medical expenses. Here are another few reasons due to which you need it positively:

  • These days we all are living a Sedentary lifestyle and due to this 61% of hospitalizations cases are reported.
  • Medical bills in Heart diseases are too high to bear and can cause instantly.
  • Pollution in metropolitan cities leads to a rise in respiratory disease.
  • Cancer patients are increasing day by day due to their casual lifestyle.
  • Accident rates are too high in India, that also cause medical emergency many times.
  • Medical treatment is unaffordable due to high inflation rate.
  • A medical emergency can happen anytime and health insurance makes sure that it doesn’t hit your savings.

Apart from these private health insurance companies, there are some schemes run by the government of India to provide financial stability to the weaker section of the society. 70% of the population in India are middle-class families and will not be able to pay a high amount of premium yearly. Under these government schemes you have to pay a low amount yearly and can take advantage of Mediclaim at any hospital.

  • Rashtriya Swasthya Bima Yojana (RSBY): For this government charge 30 rupees per person and you can take a medical cover up to Rs. 30,000. Ministry of Labour and Employment launch this scheme for the families below the poverty line. 
  • Pradhan Mantri Suraksha Bima Yojana: Under this scheme, if your family is economically weak and someone dies in your family then you have to pay an affordable premium and can take financial compensation from the government.
  • Central Government Health Scheme (CGHS): This scheme was initiated in 1954 and since then it provides wide-ranging healthcare services to the central government employees, pensioners, and dependents.
  • Aam Aadmi Bima Yojana (AABY): This scheme was launched in 2017 to provide health insurance to rural landless peoples. Under this scheme beneficiary should be of 18 to 59 years of age and the family of the beneficiary will receive Rs.30,000 in natural death, Rs.75,000 in accidental death or permanent disability, and Rs.37,500 on partial disability.
  • Janashree Bima Yojana (JBY): This scheme was launched in 2000 to provide medical insurance for the BPL families to fall under 45 occupational groups.
  • Employment State Insurance Scheme (ESIS): This scheme will pay for the medical expenses of employed individuals and their families from day one. This is a social security initiative featured for providing socio-economic security to the working class.
  • Universal Health Insurance Scheme (UHIS): Under this scheme, you have to pay Rs.200 for individual, Rs.300 for a family of five-member, and Rs.400 for a family of seven-member. Beneficiaries will receive accidental death cover up to Rs.25,000 and medical expenses up to Rs.30,000. This scheme was implemented for underprivileged families to take better and improved medical facilities at low prices.