Looking at 4 Benefits of Cashless Health Insurance

 

One of the biggest difficulties one suffers during medical emergencies is the worry of arranging high amounts of cash to pay for the treatment of the patient. This pressure of paying heavy treatment costs often leads to more stress for the patient as well as the caretakers. Nowadays, there is one solution to this problem that is fast catching up - cashless health insurance. In this type of health insurance plan, the payment is handled directly between the insurer and the hospital. In this article, we look at 4 benefits a cashless health insurance plan can bring to you. 

 

1. You do not have to pay cash upfront

 

Cashless health insurance eliminates the need to pay cash upfront for the treatment of the insured members. When the insured is admitted to a hospital or undergoes any procedure included in the policy, all they have to do is contact their insurer. Hospitals often have a desk where they accept requests for cashless treatment. All you would have to do is fill a form and provide important details. The payment will then be handled between the insurer and the hospital. It is to be pointed out that you will have to pay any deductibles, co-pay or other out-of-pocket expenses as mentioned in the policy. 

 

2. Makes you eligible for treatment at quality hospitals 

 

One can avail cashless treatment at a medical facility only if its affiliated with the insurance company in this regard. Insurers keep updating the list of their affiliated hospitals at regular intervals to ensure that their policyholders have access to the best hospitals only. With a cashless health insurance plan in your name, you and your loved ones can avail treatment at these top-rated hospitals without having to pay large amounts of cash. 

 

3. Covers you when you are travelling

 

When you are choosing a health insurance plan, make sure to choose an insurer that is affiliated with a large number of hospitals all around the country. This would benefit you highly when you are travelling. If you are on the road and suddenly require urgent medical treatment, you can go to the nearest network hospital and get quality treatment without worrying about cash.

 

4. Faster claim settlement process

 

When you raise a claim on your regular health insurance plan, you have to wait for several days before the reimbursement happens. The duration may differ from insurer to insurer, but usually there is waiting involved. Now, in a cashless health insurance plan, the waiting period is waived off as the payment is made by the insurer to the hospital as per their discussions. 

 

Things to keep in mind when choosing a cashless health insurance plan

 

1. Select an insurer with a high claim settlement ratio. When coupled with a large number of network hospitals, it will make your entire claim process easy and fast. 

 

2. Be informed about your TPA. They will be the one you will have to contact when you want to raise claims or have any problems during settlement. 

 

3. The insurer you choose should have excellent customer service. If you have any problems with your cashless health insurance plan, you should be able to reach out to your insurer immediately. A good insurer will address and resolve your issue on due time. 

 

Not all health plans offer cashless treatment. Benefit-based policies which provide the insurer a lump sum payment may not be eligible for this facility. For instance, a critical illness policy will not go along with cashless treatment as the payment is made in lump sum at the diagnosis of the illness. 

 

The features of various cashless health insurance plans may differ from insurer to insurer.