Nowadays, a medical crisis can happen to anyone at any time, and people may end up exhausting their hard-earned savings to cover treatment expenses. This is why the need for cashless health insurance arises.
These kind of plans offers you a financial safety net while ensuring you receive quality healthcare when you need it. Keep reading for a detailed look at cashless health insurance plans and the factors to consider before choosing one.
What is Cashless Health Insurance?
Cashless health insurance is a mediclaim policy wherein the insurance company directly settles your medical bills with the hospital. You do not need to pay anything at the time of admission or during discharge unless the cost exceeds your coverage. This keeps you from the headache of setting up an emergency fund so you can focus entirely on recovery.
While this facility was previously restricted to network hospitals or those tied to your insurer, the new “Cashless Everywhere” feature enables many insurers to permit cashless treatment at any hospital in India, even if it is not part of their network. This is particularly beneficial for critical illnesses such as cancer, where cancer insurance policies often include cashless treatment options to ease the financial burden.
What are the 5 Cashless Health Insurance Policies in India?
The following are the kinds of cashless health insurance plans to opt for:
- Individual Health Insurance
This plan covers only one person. This is ideal for those individuals who want protection solely for themselves. The insurer directly settles all hospitalisation and medical expenses for the insured person.
- Family Health Insurance
In this plan, the entire family is covered under a single floater sum insured. This means the total coverage can be used by any member when needed. It is affordable and ensures that your spouse, children, and, sometimes, even your parents receive cashless treatment without financial stress.
- Senior Citizen Health Insurance
This insurance policy targets individuals aged 60 and above and covers age-related health risks, pre-existing conditions, and hospitalisation expenses.
Medical requirements increase with increased age; hence, cashless facilities at the right time will ensure senior citizens get timely treatment without worrying about immediate funds.
- Maternity Health Insurance
Maternity plans cover women for pregnancy and childbirth. They cover the delivery expenses, the cost of a C-section, the newborn’s care, and vaccinations. As maternity expenses at private hospitals continue to rise, a cashless plan ensures a seamless experience for expecting mothers.
- Group Health Insurance
Group health insurance plans protect a group of people, such as employees of a company or individuals in an organisation. These plans help them get quick medical care during emergencies without worrying about the cost.
Apart from these, you must choose a reliable insurer with a high claim settlement ratio when selecting a plan. Star Health Insurance, for example, has a 97% cashless final approval rate within 3 hours across over 14,000 network hospitals in India. This ensures a hassle-free claim settlement process when you need it most.
What are the Benefits of Buying a Cashless Health Insurance Plan?
The notable advantages of availing a cashless health insurance plan are discussed below:
- Convenience and Ease of Use
Cashless health insurance is quite convenient, as the insurer pays the hospital bills directly to the network hospital, thereby eliminating the need for the insured to make payments and undergo the lengthy reimbursement and documentation process.
- Immediate Access to Medical Care
The policyholder can receive timely medical treatment in emergencies without arranging funds, as the hospital coordinates directly with the insurer for approval and coverage.
- Access to Quality Treatment
The policyholder receives access to quality health check-ups at network hospitals nationwide on a cashless basis, with assurance of hassle-free admission and treatment.
- Pre-Approved Treatment for Planned Hospitalisation
In the case of planned hospitalisation, the insurance policyholder can obtain pre-approval for cashless treatment, thereby being better prepared and avoiding last-minute financial hassles.
- Peace of Mind and Financial Security
Cashless insurance provides peace of mind and financial security by allowing the insured to focus on recovery. At the same time, the insurer handles direct payment to the hospital for all unexpected medical expenses.
Things to Keep in Mind While Opting for a Cashless Health Insurance Plan
Here are some key things to keep in mind for a hassle-free experience while opting for a cashless health insurance plan to avoid last-minute surprises:
- Check Network Hospitals: Generally, cashless hospitalisation is available only at network hospitals listed by the insurer. Always make sure to check whether your hospital is in the network.
- Responsibility of the Hospital: The hospital has to furnish the insurer with a valid and timely justification of the treatment.
- Keep Document Copies: Before leaving the hospital, ensure that you have collected and kept photocopies of all important documents, such as the medical bills, lab reports, claim forms, and discharge papers.
- Read the Policy Carefully: Go through the terms and conditions and exclusions of the policy. Missing out on details may result in claim denial or loss of cashless benefits.
- Verify Information: It is imperative that when completing the pre-authorisation form, information is provided completely and accurately to avoid claim denial.
- Coverage Limit: Understand the coverage limit; if the hospitalisation cost exceeds the sum insured, one has to bear the remaining cost.
- Check the Inclusions: Not all medical expenses are covered under cashless health insurance. Go through your policy to understand which treatments and costs are covered or excluded.
Whether it’s an individual, a parent, or an entire family, cashless policies ensure timely and efficient treatment without the stress of arranging funds.
With wider hospital networks and cashless everywhere benefits, health insurance is now more convenient and dependable than ever. Choosing the right plan will not only keep your family financially secure but also offer peace of mind.
Other Articles
How Commercial Property Tax Services Save Businesses Money
