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Cashless Health Insurance – What you should know?

Posted by Royal Sundaram on 09 Aug 2018

Cashless-Health-Insurance-What-you-should-know

What would you do if your family member, relative or friend called you up during mid night regarding an urgent need of cash for an emergency hospitalization? Well, in such a situation, you or anyone would rush to the nearby ATM to withdraw some money so that they can admit their family member or friend in a hospital on time. Therefore, having a cashless health insurance plan acts as a saviour in such tough times. It helps you to tackle such situations without having to worry about finances.

Cashless health insurance is a type of insurance policy that helps you in dealing with medical emergencies by paying all your bills. With the help of this policy, you can avail the benefit of getting medical treatment at one of the best hospitals without burning a hole in your pockets. As per this policy, the insurance company directly pays the amount of the customer’s medical treatment to the hospital. However, ensure the amount doesn’t exceed the sum insured. This insurance policy provides coverage to you as well as your family, thereby ensuring the security of your entire family. It acts as a savior during emergency situations as a seriously unwell patient may not be able to arrange for money before being treated. In simple terms, if you get hospitalized, all the medical bills will be directly settled by the insurance company, given the amount doesn’t exceed the sum insured.

Here’s what you need to know about cashless medical policy –

Types of cashless health insurance

Cashless health insurance can be broadly classified into the following categories –

  • Cashless Health Insurance for Family: In this type of insurance policy, the whole family is covered under the policy. In other words, this is the policy where people covered under it are usually family members.
  • Cashless Health Insurance for Senior Citizen: This type of cashless health insurance policy is basically meant for senior citizens. This policy covers hospitalization expenses, pre-existing diseases, and ambulance charges under it.

Features of cashless medical insurance:

Some of the most common features of a cashless medical insurance policy include –

  • * Pre and post hospitalization medical expenses
  • * No-claim bonus
  • * Tax Benefits
  • * Daily cash benefits
  • * In-patient care
  • * It provides cover for ambulance charges
  • * It provides cover for critical illnesses such as stroke, heart attack, cancer, etc.
  • * It offers cover for domiciliary treatment
  • * It provides complimentary health check-up

 

Benefits of cashless medical insurance:

There are several benefits offered by cashless health policy. Here are some of them –

  • * With cashless medical insurance policy, policyholders don’t need to have ready cash to cover the medical expenses.
  • * Cashless medical insurance provides coverage to you as well as your family, ensuring security for the entire family.
  • * The coverage provides cashless hospitalization to its members. The network hospitals affiliated with the insurance company provide the best treatment to its members for any disease or illness. Also, it takes proper care regarding pre-treatment and post-treatment conditions.
  • * What’s not covered under cashless health insurance?

Mentioned below are some of the things that are not covered under cashless health insurance –

  • * Toiletries
  • * Service charges
  • * Admission or registration fees
  • * Attendant/visitor fees
  • * Expenses related to oxygen masks, syringes, diapers, etc.

Why is it important to take a cashless medical insurance policy?

Suppose you need hospitalization for something but you don’t have enough funds to pay for the medical treatment, in such situation, your option for good medical care would be limited. Thus, with cashless medical insurance policy, you can be assured of getting the right treatment even if you don’t have enough money to pay for it.

Things you need to know before buying a cashless health insurance

Here are the few important things you need to know before buying a cashless health insurance –

  • * This service is available only at network hospitals.
  • * It is important to send a timely intimation to the insurer, if you want to avail the cashless facility.
  • * Keep all the necessary documents, doctor’s prescription, and reports with you, as your doctor may ask about it in future.
  • * You should always share a copy of your health insurance policy and identity card with your family members because it is mandatory to show the health insurance card at the time of your admission in the hospital. This is required to avail cashless service.
  • * If the total cost of your treatment exceeds the amount approved by the insurance company, then the insurance company can request the hospital to increase the amount as per the expenses.

 

How cashless health insurance works?

Cashless insurance service can only be availed in the network hospitals of the insurer. Health insurance companies have tie ups with several hospitals and therefore, to avail the cashless facility, you need to get admitted into any of the hospitals which your company has tie ups with. Basically, there are two ways by which you can avail cashless hospitalization service –

  • Planned Hospitalization: When an insured person is aware of the hospitalization at least 2-3 days in advance, then it’s a planned hospitalization. In such case, a patient is advised to take a pre-authorization before the scheduled treatment. You can easily obtain a pre-authorization form from the hospital desk.
  • Emergency Hospitalization: This is the situation when you need immediate medical care. For example, when a family member or an insured person requires an immediate hospitalization either due to accident or any illness, then it is known as emergency hospitalization. Thus, it is important for you to inform your insurance company at the earliest, i.e. within 24 hours of the hospitalization to avail cashless health insurance.

 

Availing cashless health insurance is like taking a burden off your shoulders. Thus, you must compare and choose your health insurance wisely. Besides, there are several insurance companies such as Royal Sundaram that offer health insurance coverage, including cashless hospitalization. It provides coverage to you and your family and thus, ensures your entire family is safe under one umbrella.

 

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