About Cashless Health Insurance

As we all know, there is nothing that can be done to avoid life’s uncertainties. However, you can always keep yourself and your loved ones prepared for it financially. When it comes to medical emergencies, it is wise to have a good health insurance plan that takes care of the hospitalisation and treatment expenses.

Moreover, you as well as your family should be well-versed with the health insurance claiming process. That way, everyone is aligned with the process and knows what is to be done for a successful claim. On the other hand, the insurer you choose should have a wide range of network hospitals where you can avail cashless health insurance benefits.

Let us understand in detail what cashless health insurance is.

Important Update (Dated May 30, 2024) – Good news for Health Insurance policyholders! According to the Master Circular on Health Insurance Business 29052024 rolled out on May 29, 2024 by IRDAI, insurers are to decide on the request for cashless claims within 1 hour of receiving the request. Also, the final claim is to be granted within 3 hours after the policyholder’s discharge from the hospital. Insurers have been directed by IRDAI to establish necessary systems and procedures for this process by July 31, 2024.

 

The Master Circular on Health Insurance Business 29052024 circular is available here - https://irdai.gov.in/document-detail?documentId=4942918

What is Cashless Health Insurance?

At the time of a medical emergency, everyone is occupied with fulfilling hospital formalities so that the patient receives immediate care. In fact, some people can be short on funds in such challenging times. This is when a cashless health insurance plan comes in handy.

Ideally, a cashless health insurance plan eliminates the need for the insured to make cash payments for the treatment availed. The insurer takes care of the expenses incurred and pays the amount directly to the hospital.

However, make a note that the hospital in which you (the insured/patient) seek treatment is enlisted as a network hospital by your insurer. Only then, you will be able to avail the cashless health insurance benefits under your plan.

Features of Cashless Health Insurance

A few salient features of cashless medical insurance plans available in the market are as follows -

• The insured does not have to pay any money when availing treatment at the network hospitals.
• The policy covers pre- and post- hospitalisation expenses.
• The policy also covers the expenses related to in-patient hospitalisation for more than 24 hours.
• The policy provides daily cash benefits to cover additional expenses.
• The policy covers costs for the ambulance, domiciliary treatment, organ transplant, etc.

Things You Should Know Before Buying Cashless Health Insurance Plan

Before you buy the cashless health policy in India, consider the following pointers -

1.Sum Assured

The sum assured amount you choose should be sufficient to cover yours and your family’s medical expenses in times of need. Having enough coverage will ensure that your entire hospital bill will be taken care of by the insurer, and you do not have to pay any money from your pocket.

2.Network Hospitals

The insurer you choose should have a wide range of network hospitals across the country. The cashless health insurance benefits can be availed when you (the insured) seeks treatment at any of the network hospitals. Hence, assess the list of network hospitals under different insurers before buying the health insurance policy.

3.Co-Payment

Co-payment is nothing but a percentage of the claim amount that you (the insured) need to bear from your pocket. The insurer will pay the remaining claim amount. Most health insurance plans in India have a co-payment clause mentioned in the terms and conditions. As per your affordability, you can choose to co-pay the claim amount percentage, which will also lower your health insurance premiums.

How to Choose Cashless Health Insurance

When choosing a cashless health insurance plan to cover yours and your family’s medical needs, consider the following tips -

1.Compare different plans online

When buying cashless health insurance in India, it is wise to compare policies offered by different insurers. You can compare multiple cashless health insurance plans based on their coverage, exclusions, sum assured, insurer’s claim settlement ratio, etc. You can also use the health insurance calculator to determine the premiums charged on the chosen coverage and benefits. Based on the evaluation, you can narrow down your options and choose a policy that best suits your needs.

2.Analyse your needs

Evaluating what yours and your family’s medical needs are will help you choose the right cashless health insurance plan. Moreover, it will also encourage you to determine a sufficient sum assured amount that falls within your budget. In case you are unable to pay the premium for the coverage you want at the moment, you can always opt for health insurance on EMI. Many insurers in India provide this facility so that people can choose a policy that fulfils their needs.

3.Check the network hospital list

As explained earlier, cashless health insurance benefits can be availed at network hospitals only. Therefore, you must assess the list of network hospitals under your chosen insurer. This will allow you to seek top-notch medical treatment/facility at any of the network hospitals near you.

Conclusion

Cashless health insurance is one of the most talked about aspects today. It allows you to seek medical assistance whenever necessary without having to worry about the funds. The health insurance plans available on Finserv MARKETS provide cashless claim settlement at over 6500+ network hospitals across the country. The plans also offer benefits such as multiple sum assured options, bespoke health insurance plans, reinstatement benefits in case you exhaust your existing sum assured, road ambulance cover, and more.

So, don't wait! Get yourself and your family insured with Health Insurance Plans at Finserv MARKETS, today.