In present times of rising medical ailments, a health insurance policy is not only a must-have investment, but also something that you should pay attention to when selecting. These tough times are not only challenging mentally, but also have a strain on financial resources considering the soaring cost of healthcare amenities. This is when having health insurance
plans with a cashless feature helps.
Using the cashless mediclaim facility, you need not worry about paying the hospital bills. The only caveat is the treatment needs to be availed at a network hospital. A network hospital is one that is affiliated with the insurance company. Thus, the payments for treatment at this medical facility are directly settled by the insurer on your behalf.
Health insurance payouts are paid by the insurer in one of two ways - reimbursement or cashless. You can purchase online health insurance plans for any of the two methods. Let us understand the differences between reimbursement versus cashless health insurance.
The key points of difference between reimbursement and cashless hospitalization
Under the reimbursement method, the pay-out is made only after the insured individual pays for the expenses of hospitalization. On the other hand, cashless health insurance policy
claims are directly settled by the insurance company to the medical facility.
You need not worry about arranging funds in case of cashless hospitalization whereas reimbursement policy requires you to repay the bills first and then make a claim from your insurance company.
The reimbursement method involves paperwork where you need to submit invoices and copies of all medical reports for the treatment. Cashless hospitalization does not require you to submit these documents to the insurance company.
Process of cashless hospitalization in India
Cashless hospitalization may be done in either of the two ways - planned or emergency hospitalization. During a planned cashless hospitalization, a pre-authorization form is required to be submitted to the insurance company. Once it is filled by you and the concerned medical practitioner, the insurance company verifies it. On successful verification, approval is issued mentioning the details of sanction for coverage.
On the other hand, the emergency cashless mediclaim process slightly differs. You are required to present your health insurance card at the network hospital and fill out the authorization form. This process is expedited. After the approval from your insurer, you shall be required to pay for the balance amount over and above your sanctioned amount.
Benefits of cashless hospitalization in India
When purchasing a cashless mediclaim cover, you need not worry about repaying the medical bills. All admissible expenses are directly settled by the insurer with the medical facility thus giving you mental peace. Further, you can be assured to receive medical treatment knowing that your insurance policy offers adequate coverage.
How does a cashless health insurance plan work?
If your health insurance plan has the facility of cashless insurance, you can avail of it at any of the network hospitals. The list of network hospitals is changed periodically, and it is advisable to visit the insurer’s website to know the updated network hospitals before your treatment.
So, take advantage of the cashless hospitalization feature of your health insurance plan and insure your health without having to worry about the finances.