An unexpected medical emergency can give you financial anxiety, and you cannot put it off. This means you do not have the time to sit and plan out your assets. During such times, cashless health insurance comes to the rescue. With cashless health insurance plans, patients do not have to worry about arranging funds during medical emergencies. With the best cashless health insurance, you can focus on your recovery while the insurance company settles the bills directly with the hospital.
In this article, let us discuss what is cashless health insurance, how it works, and its important features.
What is cashless Health Insurance?
Cashless Health Insurance, as the name suggests, is the type of health insurance plan where the insurer directly settles medical bills such as hospitalisation charges, treatment expenses, etc, with the network hospital. In cashless health insurance plans, individuals do not have to bother about paying finances during medical emergencies and then getting reimbursed from the insurance company. Instead, the insurance company directly settles the payments on your behalf with the designated hospitals, as long as the treatment is covered under your plan.
Types of claims that can be made in cashless health insurance plans
With cashless health insurance, beneficiaries do not have to pay out-of-pocket during cashless claims. There are two types of claims that policyholders can make in a health insurance cashless. Listed below are the types:
- Planned claims- Planned claim comes in handy when individuals know about impending hospitalisation at least 3-4 days in advance. In such situations, individuals need to fill out the pre-authorization form before hospitalisation. Once the form is filled out, it is sent to the insurer, and then the insurance company will either approve or dismiss the claim.
- Emergency Claims- During medical emergencies, such as accidents or critical illness, individuals can still claim insurance. In such cases, the insurance company must be notified about the ongoing treatment as soon as possible.
Key Features of Cashless Health Insurance
A cashless health insurance plan can turn out to be beneficial in many ways, especially during medical emergencies wherein huge hospitalisation bills can financially disturb you. When you choose cashless health insurance, you do not need to worry about arranging funds for medical costs. The insurer will directly pay your hospital bills. Here are the key Features of the best cashless health insurance:
- Hassle-Free and Quick Claim Process: Unlike reimbursement claims that require you to pay first and claim later, cashless health insurance plans simplify the process. You must inform the insurer before hospitalisation, submit all the necessary documents. After that, the insurer verifies and approves the claim process, allowing you to avail yourself of cashless treatment.
- Wide Network of Hospitals: One of the biggest advantages of the best cashless health insurance policies is their wide network of hospitals. This means you have several choices to choose from, making sure that you receive quality healthcare wherever you are. It is recommended that before buying a policy, always check the insurer’s network hospitals in your area to ensure seamless cashless claims.
- Provides a Financial Relief: This feature of cashless health insurance is a lifesaver during emergencies, ensuring quick medical attention. It provides individuals with a financial safety net during unforeseen medical emergencies.
- Coverage for Pre- and Post-Hospitalisation: Most of the cashless health insurance plans for family cover hospital stay, along with the expenses incurred before hospitalisation (such as diagnostic tests, follow-up check-ups, doctor consultations, and medications) and after hospitalisation (such as follow-ups, medicines, and recovery treatments).
- Quality Treatment without any financial worry: Health insurance cashless allows policyholders to focus only on recovery without worrying about medical bills.
- Daycare Procedures Coverage: Modern treatments such as chemotherapy, dialysis, and cataract surgery do not always require 24-hour hospitalisation. The best cashless health insurance policies provide coverage for these daycare treatments, making sure that individuals do not pay out of pocket for essential treatments.
- Family-Focused Plans: Cashless health insurance plans for family provide coverage for all family members (yourself, spouse, children, and elderly parents) under a single policy. Family-Focused cashless health insurance plans key benefits include one premium for all family members, individual sum insured, or floater options.
- Lifelong Renewability Option: There is no specific age for medical emergencies. They can arise at any age. The best cashless health insurance in India provides lifelong renewability, ensuring continuous coverage even as you grow older.
Some other features offered by cashless health insurance plans are:
- Organ donor expenses
- Daily hospital cash allowance
- Annually health check-ups
- Domiciliary treatments
- Ambulance Services
- Value-added facilities
- Pre-existing medical Conditions
- No claim bonus
- Additional Benefits like wellness programs
- Ease of Access and Support
Things to Keep in Mind While Choosing the Best Cashless Health Insurance
Some features that define the best cashless health insurance include:
- High claim settlement ratio
- Wide hospital network
- Transparent terms and conditions
- Very few exclusions
- 24*7 customer support
Types of Cashless Health Insurance
- Cashless individual health insurance: As the name suggests, a cashless health insurance plan provides coverage for a single person. It includes medical costs with hospitalisation benefits.
- Cashless family health insurance: It is perfect for families; it covers all members under a single policy. However, the sum insured is higher as compared to an individual plan.
- Cashless senior citizen health insurance: This plan is specially designed for senior citizens as it covers numerous expenses such as hospitalisation, ambulance, pre-existing diseases, and more.
Documents Required for Cashless Health Insurance
- Health insurance policy document.
- Identity proof like Aadhar card, driving licence, etc.
- Address Proof
- Doctor’s advice for hospitalisation
- Discharge summary of the hospital
- Doctors’ prescriptions, treatment details, plus original medical bills, and receipts
- Additional Documents, if required
Final Words
Cashless health insurance provides peace of mind and financial relief, eliminating the need to arrange funds during admission. It is crucial financial protection in a crisis. The best cashless health insurance in India guarantees quick medical access and financial security during health issues. You might be wondering, What is Mediclaim? It’s a specific type of health insurance covering hospitalization expenses.
