Process and Benefits of Cashless Health Insurance
A cashless health policy is of great advantage during medical emergencies. It reduces your financial burden and ensures that you recover with peace of mind.
How does a cashless mediclaim plan work?
When you avail of a cashless health insurance, all your medical bills will be covered by the insurance provider, thereby eliminating the need for you to pay from your pocket. The insurance company enters into direct negotiations with the hospitals in their network and settles the incurred expenses.
Process of cashless policies
It is imperative to know whether the concerned hospital is present in the network of hospitals of the health health insurance company. For this purpose, you may check the list of Third Party Administrators (TPA) present in your cashless mediclaim policy. Once you have identified whether the hospital is present in the insurance company’s network, you may visit the healthcare provider.
You are then required to display your health insurance card and fill a pre-authorization form. Your doctor will also fill certain details to verify whether all the provided facts are true. The form is then sent to the TPA for sanctioning. Upon successful verification, the hospital receives an approval for treatment. You may then get complete medical treatment without making any payment towards the same.
Benefits of cashless policies
Cashless policies are becoming a popular insurance option due to the numerous benefits they offer. Following are the five major advantages of such policies.
- Reduces financial burden
Cashless health insurance plans are useful in emergency situations as an ailing patient being brought to a hospital may not be able to arrange for the necessary funds at that particular time. Hence, you do not have to frantically run around trying to meet your healthcare expenses.
- Provides coverage during travel
There may be an occurrence of a medical emergency while traveling. Being in an unfamiliar place, you may not have acquaintances to help you out. Instead, you may simply visit any of the wide range of hospitals and avail of the benefit of the cashless insurance facility.
- Peace of mind
A major benefit of cashless insurance is that it offers peace of mind. You may receive quality treatment and focus on speedy recovery instead of having to worry about paying medical bills.
- Wide coverage
Most cashless insurance plans offer coverage for pre- and post-hospitalization expenses, ambulance charges, domiciliary treatment, and inpatient care, besides many others. Some insurance plans also provide medical check-ups at regular intervals. The coverage, however, varies from provider to provider. You may, therefore, compare numerous plans and opt for one that is best-suitable for your needs.
- Tax benefits
The premium paid towards the policy is eligible for tax benefits under Section 80D of the Income Tax Act 1961, up to a limit of INR 10,000 for individuals and INR 15,000 for senior citizens.
You may keep the aforementioned benefits in mind and opt for cashless insurance. This ensures that you receive complete health care without worrying about making cash arrangements.