April 20, 2024

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Know All About Cashless Health Insurance Plans

Best Cashless Health Insurance Plans : Compare Plans, Benefits & More!

Some people are still perplexed by the concept of health insurance. A health insurance policy is a type of legal contract between a policyholder and an insurance company in which the latter agrees to pay the former for all medical expenses incurred by him or her. The insurance company will either provide cashless treatment or reimburse the amount based on the bills. The insured person will also be entitled to tax breaks on the premium paid for the policy. To obtain the policy, the insurance holder must pay the premium to the insurance company on a regular basis, and the company will pay the insured person when a medical expense must be borne, according to the terms and conditions of the policy. There is also a waiting period during which no claims are accepted for a set period of time. Make sure you keep note of this when you buy health insurance online. Usually, the waiting period is between one to six months. 

It is a common practice for employers to offer health insurance to their staff members, but this coverage is frequently insufficient, and hence it is suggested that employees obtain their own insurance policy. Every family must have family medical insurance coverage in order to maintain a healthy financial situation. This is especially important to keep in mind if you have people of retirement age living in your home. The same holds true for having a history of medical conditions running in one’s family. These expenses out of their health issues can severely burden your finances.

As part of health insurance benefits, there are two ways to file a health insurance claim. If you have a planned hospitalisation, you can choose cashless treatment if the hospital is part of the network. The insurance company must be notified before the treatment. Along with the insurance card and KYC documents, a form must be completed and submitted to the TPA counter. It is also advisable to request a copy of the records. All documents pertaining to pre and post-hospitalisation should also be kept. When the time comes for billing, the hospital will settle the bills with the insurance company directly. In the case of a reimbursement medical insurance claim, all bills, including tests, hospitalisation, and medicines, should be kept and turned over to the insurance company, which will reimburse the insured or the insured’s family.

In health insurance, cashless claims are a type of claim settlement in which the policyholder does not have to pay cash for treatment, and the bill settlement is handled directly between the hospital and the insurance company. To make this work, the health insurance plan provider must be notified before for planned hospitalisation, and within 24 hours of emergency hospitalisation. Bills are settled through the TPA, and the mediclaim card must be presented at the hospital. One thing to keep in mind with cashless settlements is that the treatment must occur in one of the insurer’s network hospitals, or the amount is reimbursed later after the bills are submitted to the insurance provider. All insurance providers will provide a comprehensive list of which hospitals are available for treatment and in which state or city in India. This is something to note when you are shortlisting an insurance policy for purchase. These lists also change from time to time so ensure you are aware of any changes when renewing your medical insurance policy. Cashless claims can be very beneficial in family medical insurance as they allow for a lot of conveniences.

It is important to have all the necessary insurance coverage types to ensure you are protected from all risks.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.