Know Everything About Cashless Mediclaim Insurance

Medical emergencies may occur at any time, leading to the need for hospitalisation. Sudden hospitalisation can incur heavy expenses, draining your savings and finances. In such situations, having cashless medical insurance plans can provide financial assistance against unpredictable healthcare expenses, saving the policyholders from any out-of-pocket expenses.

Here’s more on it!

What is cashless Mediclaim insurance?

Cashless medical insurance, as the name suggests, allows policyholders to avail treatment without bearing any out-of-pocket expenses. However, to avail this benefit, you need to get the treatment from any of the network hospitals empanelled with your insurance company. In this type of mediclaim insurance, the insurance company directly settles your medical bills with the hospital.

However, with the introduction of Cashless Everywhere, policyholders can now claim cashless mediclaim insurance even after getting treatment at non-network hospitals. However, you need to check whether your insurer includes such a facility or not and make sure you notify the insurer about getting treatment at a non-network hospital.

What are the benefits of cashless Mediclaim insurance?

Here are some of the notable benefits of cashless medical insurance:

• Convenience

Cashless hospitalisation involves a hassle-free claim process, as you don’t need to go through loads of paperwork and documentation. The medical bill is settled by your insurer while taking care of the documentation procedure.

• Access to best healthcare facilities

With cashless medical insurance plans, you can get the best treatment from the top hospitals of the city, without being worried about the bill, as it will be paid by the insurance company.

• No out-of-pocket expenses

Policyholders do not need to bear any upfront costs with a cashless medical insurance. So, you don’t need to arrange a huge sum of money amidst medical emergencies.

• Removes financial stress

As you don’t need to worry about arranging funds, you can focus on your or your family member’s health during the medical emergency without any financial stress.

• Tax advantages

You can avail tax deductions under Section 80D of the Income Tax Act against the premiums paid for a cashless health insurance plan.

How does cashless Mediclaim insurance work?

Here’s how the cashless medical insurance plans work in India:

• Inform the insurer

First, you need to inform the insurance company at least 48 hours before admission in case of planned hospitalisation. However, for emergency hospitalisation, you can inform within 48 hours of admission.

• Complete the pre-authorisation form

You need to have a valid health card issued by the insurance company. Provide your identity card and health card to the hospital, then submit the pre-authorisation form after completing it.

• Submit documents

Along with the pre-authorisation form, you need to submit all the necessary documents that your insurance company will require for approving cashless treatment.

• Documents review

The insurer will review your document and approve for the cashless treatment accordingly.

• Get cashless treatment

You can get the treatment without paying any upfront charges. However, if any expenses are incurred that are not covered under your policy, you may need to pay for them.

• Bill settlement

The hospital authority will send your medical bill to the insurance company, and they will settle it directly after cross-checking the documents.

Conclusion

Cashless medical insurance has eliminated the need for the insured to pay upfront expenses. It allows you to access better healthcare facilities without worrying about any additional expenses.