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.

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