Key Things to Know About Cashless Health Insurance

Medical emergencies can occur at any time, and to anyone. Such situations can not only be emotionally stressful but also it can have a significant impact on your savings. With the medical costs rising, the treatment for some of the diseases can run into lakhs and deplete your hard-earned savings. 

While it is impossible to predict an emergency, you can prepare yourself to meet the financial expenses by purchasing health insurance for you and your family members. While most people in India invest in a life insurance policy, they don't realise the importance of health insurance. The health plan provides you with full protection against the various illnesses and pays for the hospitalisation charges and related expenses.

Most insurance companies in India offer two types of health insurance plans - reimbursement plan and cashless health insurance plan. 

What is cashless Health Insurance plan?

Cashless Health Insurance policy, as the term suggests, is a type of Health Insurance plan where you need not pay cash for the treatment. The insurance company directly settles the bill with the hospital. However, the important thing to know about this plan is that you can avail the cashless facility only if you seek treatment at the network of hospitals that have a contract in the insurer. 

While buying a health insurance plan, it is paramount that you ask the insurance agent about the list of network hospital. You can also easily get the information on the insurance company’s website and the policy document. Knowing the list of network hospitals in your locality will help you save the last-minute hassles in an emergency.

You can avail cashless facility for Family Health insurance, Senior Citizens & Individual Health insurance.

Key Features of Cashless Health Insurance

  • Network of hospitals:

When you purchase a health insurance plan, the insurance company offers you an option to opt for a cashless plan. This means that, that expenditure on hospitalisation and treatments done in the insurance company’s network hospitals will not require any hard cash to pay the incurred costs. These expenditures are handled directly by the insurance company.

  • Hospitalization:

The cashless health policy takes care of pre & post-hospitalization expenses.

  • Surgery procedure:

Health insurance companies provide a cashless claim for surgical procedure to both self and family

What are the advantages of taking Cashless Health Insurance?

  • Financial relief:

Not every individual has liquid cash handy with them. In times of emergency, cashless health insurance proves to be a boon to people as the insurance company directly settles the bills.

  • Medical emergencies:

If any of your family or you have to undergo urgent medical treatment, you can rely on cashless health insurance. It saves you valuable time and lets you seek treatment basis your health insurance card. The cashless facility keeps your savings intact.

  • Less documentation:

In case of cashless health insurance, you need not submit the documents, reports, discharge sheets to claim the sum assured. 

  • Quick settlement:

Unlike the reimbursement policies, the amount is paid directly to the hospital by the insurance company. Therefore, there is no waiting for claim settlement.

  • Emergency Assistance:

There may be instances where you may have to travel away from the city alone for work purpose, and you may fall seriously ill. In such cases, you may be required to seek proper treatment by undergoing hospitalization. Under such circumstances, cashless health insurance will come to your rescue, thus providing emergency assistance at empanelled hospitals.

The cashless health insurance plan offers many benefits. Make sure that you thoroughly research the different plans before deciding. The easiest way to research, compare and buy a cashless health insurance plan is to ‘go online’.