Healthcare costs are increasing significantly in India. One illness can end up wiping off an entire lifetime’s savings. Thus, it is the need of the hour to take a mediclaim policy for family wellbeing. Such policies offer the crucial financial assistance required in emergency medical situations.
While finding the best mediclaim policy for family needs, you will come across two settlement methods- reimbursement and cashless treatment. This article throws light on the cashless settlement procedure and why it is superior.
Meaning of Cashless Mediclaim Policy for Family
Cashless mediclaim is a policy under which no upfront payment is to be made at the hospital in case of illness. To enjoy this facility, you should seek treatment at a medical facility which is a part of the insurer’s network. On the other hand, in case of reimbursement, you will have to pay out of your pocket. You can then claim a reimbursement from the insurer. The insurer will do so based on documentary evidence.
Reasons to Get a Cashless Mediclaim Policy for Family
A cashless mediclaim policy covers a wide range of pre and post-hospitalisation expenses, including medical checkups, ambulance charges, etc. You also get a cash allowance to meet daily hospital expenses.
Compared to the reimbursement route, cashless policies are more convenient. You can avoid the hassle of arranging funds. They also have relaxed documentation requirements.
You can receive urgent medical assistance. All you need to do is inform the hospital authorities and insurer at the earliest.
Insurance companies evaluate a hospital’s quality before allowing it into their network. As you get treated at these institutions under cashless mediclaim, you receive better care.
In the case of reimbursement, patients might lack funds. As a result, they have to resort to loans or selling their assets. This is avoided in cashless policies. Moreover, senior citizens and frequent travellers both benefit significantly from cashless mediclaim.
Steps to Avail Cashless Treatment
You can take advantage of cashless treatment in case of planned as well as emergency hospitalisation. The steps listed below must be taken.
First, you must choose the network hospital from the list available on the insurer’s website.
You should then submit the pre-authorisation request form and the required documents.
The insurance company will verify the form and documents. Once your request is approved, the hospital will receive a sanction letter.
You will then be able to access cashless treatment. The final claim settlement will occur directly between the insurer and the hospital on the submission of necessary paperwork.
Tips to Consider Before Buying Cashless Mediclaim
If the treatment costs exceed the sum insured amount, you will have to pay from your pocket. Therefore, choose a plan with an adequate sum insured.
Go through the policy’s list of inclusions and exclusions carefully. Also, be informed about the co-payment and waiting period clauses to stay prepared.
Do a thorough investigation of the insurance company, for example, its claim settlement ratio.
Keep note of the fact that cashless treatment is available only at the network hospitals. You should be aware of such hospitals located near you.
Maintain a copy of documents submitted along with the pre-authorisation request form, like, lab reports, medical bills, etc.
Always inform the insurer of the hospitalisation within the specified time. Also, provide sufficient information in the request form, or the claim can get rejected.
The above benefits make it clear that choosing a cashless mediclaim is wise. It offers mental peace as well as better treatment. To buy the best cashless health insurance for family in India, you should do extensive research into the terms and conditions of different insurers. You can also use a mediclaim policy for family premium calculator to compare quotes. Select the most reasonable one according to your payment capacity.