There are many insurance companies that caters in cashless health insurance in India. (Photo Credit: Stock Image)
Life is unpredictable, we don't know what is waiting for us in the future. But we all want to secure ourselves from any unfortunate situation. While we are running after our goals, it is highly important to be financially ready to deal with any medical emergencies. All these make it necessary to invest in a health insurance plan. But what if you have to deal with medical bills at first and then get reimbursement. For many it won't work that great that's why insurance companies have come out with cashless health insurance policies. Under the same, the insurance company will deal with all the bills and hospitalization charges directly and you don't have to pay a single penny for it.
Cashless Mediclaim Policies To Your Rescue
In order to get rid of such tough scenarios, you should have a knowledge of the cashless policies being offered in the market. It is the base quality of the cashless mediclaim policies to provide financial relief to the insured at the time of emergency.
Under this, the insured is free to approach any of the network hospitals and get the treatment done. The collaboration between the insurance company and the network hospitals does not require the involvement of the insured. The third-party administrator just plays as a bridge between the health insurance company and the network hospitals. All the bills are managed by the insurance company and the insured is relieved of the medical bills. A separate desk is set up by the third party at the network hospitals to tackle all the medical bills of the insured person.
Cashless Mediclaim Policies For Family
Under the cashless mediclaim policies for the family, you can secure all your family members. The sedentary lifestyle of the present time demands a backup for medical expenses and health insurance policies can solve this problem.
There are many insurance companies that caters in cashless health insurance in India. Below mentioned are the few of the health insurance companies offering cashless mediclaim policies for family.
Apollo Munich Optima Restore Health Insurance
● It offers a variety of plans both for individuals and families.
● Cashless benefits, multiplier benefits, and critical illness cover are provided by this health insurance company.
● There is an everyday cashless benefit for shared accommodation.
● Alternative treatment methods like ayurvedic treatment are available.
● Widespread network hospital services are provided by this health insurance company.
● Availability of lifetime policy renewal facility.
● Tax benefits can be availed under section 80D of the Income Tax Act,1961.
ICICI Lombard Health Care Plus
● The policy has plans for both individual and family.
● There are no sub-limits on hospital accommodation, medical test bills, and doctor’s consultancy charges.
● Add on features like maternity benefits and discount on out-patients treatment is available.
● The cashless claim gets the approval within 4 hours.
● Provisions for flexible sum assured and deductibles are available.
● ICICI Lombard Health Care Plus offers a quick claim settlement process.
Max Bupa Health Premia Family First Health Insurance Policies
● Availability of comprehensive individual and family floater plans.
● The family floater plan has a special feature for a nuclear and joint family. It can cover a maximum of up to 19 members in case of a joint family.
● The network hospitals are widespread and make treatment easier wherever you are.
● It offers tax benefits.
● Offers lifetime renewal facility.
● Services like maternity benefits, newborn care, etc are available at the network hospitals.
Reliance Health Gain Health Insurance Policies
● Availability of comprehensive individuals and family floater policies.
● The 4000+ network hospitals provide the cashless hospitalization facility.
● It provides the facility of lifetime renewability.
● The medical claim settlement is fast and hasslefree.
● The process of claim settlement is seamless and easy to understand.
After knowing about a few of the health insurance companies providing cashless mediclaim facilities for the family we will move on to its features.
Cashless Mediclaim Policy Features
Moving on further, we here have the features of the cashless mediclaim policies mentioned below for a better understanding.
● NCB: The no-claim bonus facility function in case the insured has claim-free years within the policy tenure. It might be in the form of a discount on your premium payments.
● Hospitalization Expenses: The health insurance company bears the hospitalization charges. It depends on the policy you have signed for. The plan finalizes the inclusion of the pre-hospitalization and post-hospitalization charges.
● In-Patient Care: The care and facilities provided to the patient admitted in the network hospitals under the health insurance companies are covered under the in-patient care. All the bills are covered by the health insurance company subjected to the terms and conditions.
● Ambulance Service Cover: In the case of an emergency, an ambulance is a great help to both the patient and the family. The health insurance companies have a provision for ‘ambulance service cover’ in the health insurance plans they offer.
● Domiciliary Treatment Cover: In certain cases, the patient could not be taken to the hospital because of:
➔ The patient is not in a condition to travel or,
➔ Instant treatment is required and there is a shortage of time.
Under such circumstances, the health insurance company provides the domiciliary treatment cover.
● Add-on covers: The health insurance company provides add on covers under which one can buy top-up plans according to the base plans they withhold. There are different plans if you smoke or are diabetic. Top-ups including the critical illness also fall in the add on covers provided by the health insurance companies.
● Medical checkups: All the expenses of the medical checkups are covered by the insurance companies depending on the plan you have bought.
● Free Look Period: A free look period is provided by the health insurance companies in case one is not satisfied with the health insurance plan. During the free look period, one is free to choose some other health insurance plan.
● Tax Benefits: Tax benefits under section 80D of the Income Tax, 1961 is provided to the insured. According to this section, the premiums paid by the insured are tax exempted.
The features are helpful in buying a health insurance policy but it's essential to know the benefits you are going to reap. Here are the benefits provided to the insured under a cashless mediclaim policy.
Benefits Of Cashless Mediclaim Policy
The following are the benefits of a cashless mediclaim policy:
★ Saviour Of Savings In Emergency: In the case of a medical emergency if you do not have a health insurance plan then the expenses can badly affect your savings. The health insurance plan acts as a savior to your hard-earned savings.
★ Relief To The Policy Holder: During an illness, all you need is a stress-free mind to heal faster and the health insurance company relieves the insured patient of all the medical and hospital bills. Under cashless mediclaim, everything gets processed without the involvement of the patient. All that a patient needs to do is focus on his getting well soon.
Other than this the hasslefree and quick claim is a relief to the insured.
★ Provides Extended Coverage: An extended coverage like the add on facilities, pre-hospitalization, post-hospitalization charges, in-patient care, domiciliary treatment cover, etc is provided by the insurance companies.
★ Services On Wheels: Network Hospitals: Suppose the insured is on travel and suddenly faces a medical emergency then he can avail the all the medical facilities at any of the network hospitals of that health insurance company.
The policyholder can demand a reliable and right treatment at any of the network hospitals, according to the norms of the health insurance companies.
★Tax Savings: The government has a provision according to which the health insurance is exempted from tax under section 80D of the Income Tax Act,1961.
The cashless claim is always a wiser decision in comparison to reimbursement of medical expenses. You need not worry if in case of an emergency you are running out of money. It is always better to be prepared for upcoming emergencies and it is possible as we have several cashless mediclaim health insurance policies in the market. To choose the best plan for yourself, you must take the help of an IRDAI approved insurance web aggregator such as PolicyX.com. Irdai plays an important role so always go for IRDAI approved website only to compare and buy cashless health insurance in India.
This story has not been edited by News Nation staff and is published from a syndicated feed.