5 Features and Benefits of Cashless Health Insurance

5 Features and Benefits of Cashless Health Insurance

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With the cost of medical facilities sky-rocketing, health insurance plans have become the need of the hour. It is your ‘save-your-savings’ investment which helps in paying for uncalled medical emergencies. The buyers primarily focus on the premium of the policy, whereas other significant benefits are often overlooked.

One such benefit that needs to be evaluated while buying a health insurance policy is the cashless facility.

So what is a cashless health insurancefacility?

The most common troubles of hospitalisation after mental stress is the hassle of arranging funds for repayment of medical bills. While this may seem a minor inconvenience, why not avail a cashless facility if it is available as a part of your existing health insurance policy?

A cashless health insurance facility settles the cost of your medical treatment directly with your hospital. The only condition one needs to keep in mind is to get admitted to one of the partner hospitals. These partner hospitals are referred to as ‘network hospitals’.

A simple four-step procedure needs to be followed for making a claim in case of cashless hospitalisation.

  • As soon as you are recommended treatment by your doctor, intimate your insurer about the treatment.
  • Get admitted to a network hospital listed in your policy document.
  • Don’t forget to carry your health insurance e-card with you. You shall be required to provide it at the time of admission.
  • Now relax and avail the treatment while your insurer takes care of the rest.

The ability to make quick claims can also help during these tense times with COVID-19 looming over your ahead. Cashless claims are available on all existing health insurance policies as well as the all-new Corona Kavach policy and can be availed with the process mentioned above.

While the process of cashless hospitalisation is straightforward, let’s look at a few benefits of cashless health insurance –

1.     Easy on your pocket

Medical emergencies are uncalled and walk-in unannounced. They leave you startled and create panic and worry for your family. At such times, treating the medical condition is more critical than arranging finances. This is when a cashless facility comes handy. Without worrying about managing funds, you can get treated without any worry. All you need to do is inform your insurer about it as soon as you get admitted. No unnecessary preclosure of FD or withdrawing mutual funds to repay those hefty medical bills.

2.     Broad inclusions

A cashless health plan includes a varied list of facilities. Not only hospitalisation but also ancillary treatments like pre and post-hospitalisation is covered under a cashless policy. Moreover, different plans have different inclusions to your cashless health cover. Preventive health check-ups, diagnostics tests, ambulance charges, in-patient care, are some examples of the various inclusions under your cashless health cover.

3.     Peace of mind

Gone are the days where you would end up worrying not only about the treatment but also the ways to pay that heft treatment fees. With a cashless plan, you can be at peace knowing that any unwarranted medical situation will be covered by your insurer under a cashless policy. Also, you can be rest assured about the hospitals where the treatment is sought as your insurer makes sure only reputed and quality healthcare facilities are added on their network list.

4.     Tax Benefits

Whether you buy individual health insurance or a family plan, tax benefits for payment of premium are available under Section 80D of the Income Tax Act. Make sure you consult your financial advisor for the same and take advantage in your return of income too.

5.     Coverage while travelling

With the unexpected nature of health concerns, if you find yourself in a medical situation while travelling, you can make use of the large network of hospitals and avail the best treatment without worrying about finances.

So the next time you buy a health insurance plan, make sure it is a cashless cover so that you can keep financial worries at bay.

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