Anybody can have medical emergencies at any time. Such circumstances can be emotionally taxing and significantly affect your savings. The escalating expense of healthcare means that some diseases’ treatments might cost thousands of dollars, wiping out all of your hard-earned money.
You never know when an emergency may strike, but you can ensure that you and your family have online health insurance to cover any associated costs. Your health plan offers complete protection against a variety of illnesses and covers hospitalisation costs and other related costs.*
The two main categories of health insurance plans offered by insurance firms in India are reimbursement plans and cashless health insurance plans.
How does a cashless health insurance plan work?
As the name implies, a cashless health insurance policy is a sort of health insurance plan where you are not required to pay out of pocket for treatment. The insurance provider pays the hospital’s invoice directly. The most crucial fact to understand about this plan is that you can only use the cashless facility if you receive treatment at one of the network hospitals with which the insurer has a relationship.*
Asking the insurance agent about the list of network hospitals is crucial when purchasing a health insurance plan. The information is also readily available on the insurance provider’s website and in the policy document. You can save last-minute headaches in an emergency by becoming aware of the network hospitals in your area.
For family health insurance, senior citizen health insurance, and individual health insurance, you can use the cashless option.
Important characteristics of cashless health insurance:
- Network hospitals: The insurance provider gives you the choice of a cashless plan when you buy a health insurance policy. This means that expenses for hospitalisation and treatments received at hospitals connected to the insurance company’s network won’t necessitate the use of hard currency to cover the incurred expenditures. The insurance provider takes care of these costs immediately.*
- Hospitalisation: Pre- and post-hospitalisation costs are covered by the cashless health policy. Health insurance providers offer a cashless claim for surgical procedures to both self and family members.*
What benefits come with cashless health insurance?
The cashless health insurance benefits are as follows:
- Financial relief: Not everyone carries cash that can be easily withdrawn. People find that cashless health insurance is a blessing in times of need because the insurance provider pays the costs directly.*
- Medical emergencies: You can rely on cashless health insurance if you or a member of your household needs immediate medical attention. You can get treatment with your health insurance card, saving you significant time. Your money remains intact thanks to the cashless facility.*
- Less paperwork is required: If you have cashless health insurance, you do not have to submit any reports, records, or discharge notes in order to receive your benefit.
- Quick resolution: The insurance company pays the sum directly to the hospital, unlike reimbursement policies. As a result, there is no need to wait for a claim resolution.*
- Emergency Assistance: There may be times when you must go alone outside of the city for work, and you become dangerously unwell. In such circumstances, you might be obliged to seek appropriate care by being hospitalised. Cashless health insurance can save the day by covering emergency care at affiliated hospitals in these situations.*
The cashless health insurance programme comes with lots of advantages. Be careful to do extensive research on the various plans before making a choice. Buying online health insurance is the quickest and most convenient way to find, evaluate, and purchase a cashless health insurance plan.*
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
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.