In the event of a medical emergency, you may need large sums of money readily available in your bank accounts or your pocket. If you have the right cashless medical claims policy in place, you do not have to worry about arranging finances. Under this policy, all medical expenses will be settled directly between the insurance company and the network hospital.
In this article, let’s understand what is cashless medical policy and the key benefits provided under this policy.
What is Cashless Mediclaim Policy?
Under a cashless medical claims policy, you do not have to spend a penny in the hospital, as all the transactions will be settled by the insurer. You can only use cashless claims at the insurer’s network hospitals. With this benefit, you can bypass the reimbursement formalities at any network hospital.
The cashless medical claims policy offers the benefit of immediate treatment and a hassle-free experience. It also comes with extensive benefits to help you get the best treatment.
How does it work?
Most medical claims policies offer an option to choose cashless claims. In other words, you do not have to pay any money in advance to the hospital for medical expenses incurred. The transactions are handled directly by the insurance company.
To use the cashless Mediclaim facility, you must admit the patient to one of the network hospitals. These hospitals have a bond with the insurer to provide cashless services. The policyholder can obtain approval to use cashless claims after verifications, subject to the policy terms and conditions.
Benefits of Cashless Mediclaim Policy
Cashless hospitalization is beneficial, especially in emergencies as it can be difficult to arrange money in a short period of time. Cashless medical claims policy helps you deal with medical emergencies by paying your expenses in advance.
Here are some of the key benefits of a cashless medical claims policy:
The right cashless medicine claims policy can help you skip the hassle of arranging cash to pay for the medical expenses incurred. You must notify the hospital help desk and the customer service team at the network hospital within 24 hours during an emergency and within 48 hours in the event of planned hospitalization.
The cashless Mediclaim policy provides hassle-free services at the network hospitals. All medical expenses are settled directly between the insurer and the hospital. Also, since no lengthy paperwork or documentation is required, it makes the process less cumbersome.
Medical emergencies due to injury, illness, etc., can occur during travel. Arranging money in such situations can be a cause for concern. However, if you have a cashless medical claims policy coverage that has a wide network of hospitals across the country, you can take advantage of cashless claims during travel.
The premiums paid for the cashless medical claims policy are exempt from tax in terms of article 80D of the Income Tax Act of India. You can therefore save a reasonable amount of money on taxes under this policy.
The cashless medical claim gives you peace of mind by helping you stand firm during any medical emergency. You can enjoy extensive benefits of ambulance coverage and daily cash allowance under this policy.
Mediclaim policies are the precautions that can protect you from financial stress during a medical emergency. And the cashless medical claims policy can lighten things up where you do not have to worry about arranging money. There are many options available to buy a cashless medical policy.
It can be difficult to find the one that offers you the maximum return according to your needs. You may want to consider buying this policy from a reputable brand such as Care Health Insurance. They offer the cashless medical claims policy with affordable premiums, comprehensive coverage and extensive benefits.