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.

Six Important Lessons For Term Life Insurance buyers

Term Insurance Policy

In today’s times, it has become important to take care of the finances and make an effective financial plan. For meeting all the financial requirements, you need to be very careful about your savings and earnings. This is one of the reasons that have made people look for some sort of financial instruments through which they can get good returns. Term insurance is the best financial instrument that will help you with this. Saying wouldn’t be wrong that life is so uncertain and no one knows what will happen to the next second. Therefore, it is always advised to buy a term life insurance no matter the financial fit you are. It will keep your loved ones financially protected even after you are not there with them.

What term insurance is all about?

Term plans not only offer the benefits of financial protection but also provide a tax benefit. With a Term life insurance, you can help your family to stay financially independent in case of the demise of the insured person. Always remember that buying a term plan is the best financial strategy for the future financial requirements of your family and loved ones.  The best part is that this sort of insurance can be considered as a supplement income after retirement. So, there are several reasons for which you should buy a term plan for yourself. 

There is no doubt that every person is not an insurance expert. So, you need to learn a few lessons as an insurance buyer. These lessons will help you to get the right Term insurance policy. 

6 lessons to consider before buying a term plan

Choice of the perfect plan

If you don’t have any idea of the term policies then you might seem confusing because of various options. The availability of wide options is of course good for the insurance buyers. Are you looking for a solo earner plan? Do you want to cover your spouse in the insurance? Apart from these, several things will come to your mind whenever you are buying a term plan. The thing that you need to do is to choose an ideal plan that fulfills all your requirements. In short, the insurance buyer of term life policy needs to analyze every bit and aspect carefully. 

Besides this, you must also decide the cover amount for the insurance. For this, you will need to estimate your annual income, current expenses, and future expenses to take care of the financial needs of the family.

Focus on the right reason for buying

Why we tend to buy the best term insurance plan? Every insurance buyer will have different reasons for buying it. But, you need to look at the options and then buy for the right reason. The important thing is that you are buying a term policy for a specific purpose of covering your family. Everyone wants to cover the family protected after the policyholder is gone. Buying this insurance policy for just tax benefits cannot be the main reason for your decision. 

Consider the tenure of Policy

Many times, policy buyers ask about the tenure of the policy. The policy period of the term insurance should be enough to give the family some time to become financially independent. In practical ways, the tenure needs to be a difference in the retirement age and your current age. If you will look at the terms’ plans of the different insurer, you will see that they offer high life insurance cover up to the age of 75.

Selection of add-ons wisely

There is the availability of some add-ons with the best term insurance plan. You should not just buy it because it is appearing good to you. As a term plan buyer, you need to go for some research and find out about the benefits. Some of the add-ons that you will get are:

  • A premium waiver on disability: If the insured person becomes permanently disabled in the policy tenure then the policy premiums for future would be waived off.
  • Additional cover for accidental death: If the policyholder met with an accident and there is demise during the policy tenure then the amount would be paid to the beneficiary in addition to the basic sum assured. 
  • A premium waiver on critical illness: The future premiums for the policy would be waived off if the insured person is diagnosed with any critical illnesses. The critical illnesses that are mentioned in the policy will only be considered for waiving off.
  • Critical illness cover: If the policyholder is having any critical illness then a lump sum amount will be paid to the policyholder.
Seek expert’s advice and suggestions

Sometimes, without proper knowledge of term policies, we end up buying a plan that is meaningless for us. What is term insurance? How to know about the benefits? What should be the cover amount? These are a few questions that can confuse you. Therefore, you must seek expert’s guidance and suggestions. If anyone in your relatives or friends has bought a term plan then consult with them. Asking an insurance agent about the term plans will also help you with this. 

Always check the insurer online and make a comparison

One of the lessons that you must keep in mind is checking about the insurers of term insurance. The best way of doing so is by going online and checking the credentials of the insurer. In addition to this, you must focus on the solvency ratio and assets under management. Various insurance companies provide the feature of an online term insurance calculator. With this, the policy buyer can accurately calculate and compare the term plans.

I hope this term insurance guide is helpful for you. Stay in touch with us to get the best deals on various insurance policies.

What is Insurance policy?

Insurance policy

Every person works hard to earn money so that he can arrange a house, feed his family, start a business, buy a car or other costly items for use. After spending so much money on a costly thing, if it gets damaged then your whole earned money will go in vain. To save yourself from this financial risk you can take an Insurance Policy. The insurance policy will provide compensation for your loss. You have to deposit a small amount of money in the company and at the time of loss it will handle your expenses or provide compensation for the expenditures. You can ensure your shops, house, building, car, bike, mobile phone and all other things that you have purchased for money. All the movable and non-movable things available on the earth can be insured.

How many types of insurance policies are there?

You can find insurance policy for each and every item you are seeing near you whether it is any living thing or non-living thing. There are mainly two types of insurance  

Life insurance policy: Under this policy, the insurance company will insure your life by taking a small amount of money annually. As you all must have heard the proverb “If there’s life, then there’s the world”. So according to this, life is the most important thing anyone can have whether it is the life of your parents, wife, children or yours. Death is uncertain and having life insurance will provide financial security to the family of the policyholder after his demise. These are two types of life insurance:

  1. Term Life Insurance Policy: In this you will get coverage for a specific period of time. If the insured person dies when the policy is in active state, then only you will get the benefit of term life insurance.
  2. Whole Life Insurance Policy: In this you have to pay a premium till your death and after your demise, your family can claim for the benefits of the policy.

Whole life insurance policy is much better and costly than the term life insurance policy. The premium of the policy depends on the age, health and gender of the person. For females the premium amount is low and they can afford to pay that easily. 

Non-life insurance policy: All the non-living things are covered under this policy. Non-life insurance policy includes health insurance, car insurance, shop insurance, liability insurance, travel insurance, business insurance, social insurance and the list is too long. This insurance will provide the coverage for damaged property, reimbursement of hospital expenses or the cost of repairing charges.

What are the common non-life insurance policies available in the market?

  • Health Insurance: Medial emergence can happen with anyone as it is not predefined. Health insurance will take care of your medical expenses if you fell ill or go through a serious disease. It will pay the bills of your hospital, medicines, room rent, ambulance charges and surgery charges. Health insurance also covers your critical illness and long-term diseases, such as diabetes, cancer and Tuberculosis. Many companies also provide the facility of cashless treatment in-network hospitals.
  • Auto Insurance: This insurance basically provides security to your car, bike, scooter or any other vehicle from damage. The damage may be caused due to any natural disaster, accident, riot or burglary, it will protect you from the expenses of repairing. Apart from this, auto insurance will also pay for the medical bills if someone gets injured due to that accident. It will also protect you from litigations and penalties.
  • Accidental Insurance: You are walking on the road and suddenly a car hits you, then you should have to go to the hospital for taking first aid in case you get some minor injuries. But it might be possible that any serious injury can happen. So, at that time accidental insurance will help you in paying the hospital bills. As it is insurance with a low premium, so it has its limitations and clauses which the policyholder has to follow. Certain types of major accidents are excluded from this insurance, as it will cost too much according to the premium.
  • Home Insurance: Home is among the most vital things that a person could need for shelter. If something will happen to your house then it will create a major problem for you to search for a shelter for too long. This insurance will provide you financial security if your home is damaged due to burglary, fire or any natural disaster like flood, cyclone and hailstorm. The insurance company will also provide the expenses for the interiors and electronics items as per the availed coverage.
  • Business Insurance: This insurance is taken by the people who are running a business and provide employment to others. In this insurance you can insure your property, machinery, employees related risks, fall in business due to the operating environment of the business or factory.

What is the procedure for insurance to work?

The insurance company is just like a bucket where people can put their money on a regular basis. So that if any mishap happens with anyone then they can withdraw a limited amount of money to manage their financial loss.

The mishap can be with your home, shop, business, car or any other thing. You can only take money from the bucket for the predefined cause that is mentioned in the contract and not for any personal cause.

The insured person has to claim the reimbursement with the images of damaged property or death certificate in case of life insurance and other related documents that are mentioned in the clause. The insurance company will also investigate the claims whether they are genuine or not.

In what cases you will not be able to take successful claims?

At the time of purchasing any insurance policy you have to provide correct information to the company. It will help you with successful and hassle-free claim settlements. If you will provide the wrong information and it further gets detected by the insurance company at the time of investigation then it may cause a problem for you. The insurance company can also take a legal step on you for forgery and providing bogus information.