3 Assured Benefits of Cashless Mediclaim Policy for Family

Medical emergencies often come unannounced. You or your beloved family members might require emergency hospitalization in the middle of the night, while travelling, or maybe during a period when you are between jobs and don’t have a steady source of income. At times like these, arranging funds for hospitalization could be a traumatic experience.

All of this panic and stress can be effectively avoided by investing in a feature-packed cashless mediclaim for family. Take a look at what cashless mediclaim is, how it works, and what are its top benefits-

Traditionally, health insurance plans in India only came with reimbursement claim settlements. With these plans, the policyholder is required to pay the hospital bill from their pocket and get the amount reimbursed from the policy provider at a later stage by submitting the hospital bill and medical records of the patient.But most health plans, individual and family floater, now come with cashless claim settlements. These plans eliminate the need for the policyholder to pay the hospital bill from their pocket. Simply notify the policy provider or the TPA (Third-Party Administrator) about the need for medical treatment, and the insurer will directly settle the bill with the hospital.

The TPA or Third-Party Administrator functions as the link between the insurer and the policyholder when a claim is made. Most TPAs offer 24x7 support to ensure that they are always ready to provide the assistance the policyholders need, be it day or night.It is the responsibility of the TPA to help policyholders with the claims process, documentation, and settle the hospital bills. The health insurance provider chooses the TPA, and it is mandatory for TPAs to be licensed by the IRDAI.

It is also important to know that the cashless claims facility can only be used at one of the network hospitals of the insurance provider. Every health insurance provider that offers cashless claims settlement facility has a list of network hospitals spread across the country. Insurers partner with many top hospitals and healthcare facilities after inspecting their service quality and rates.Once a hospital is added to the list of network hospitals of an insurer, policyholders can visit that hospital to avail cashless claims facility. Note that if you or your family member is admitted to any of the non-network hospitals, you’ll be required to use the reimbursement claim facility as cashless claims cannot be availed at such hospitals.Thus, it is recommended that at the time of purchasing a cashless health plan, check the list of network hospitals of the insurer. Ensures that at least a few hospitals close to your home are included in the list of network hospitals.

Now that you have a brief understanding of what is cashless claims policy and how it works, here are some of their top benefits-

1. Convenience

Needless to say, one of the most significant reasons to invest in a cashless health insurance policy is the convenience it offers. Even in case of an unexpected medical emergency, the policy will ensure that you don’t have to make any payments to the hospital, as your insurer will handle the same on your behalf.Moreover, as network hospitals are spread throughout the country, you or your family members can avail of quality treatment anywhere in India without worrying about the expenses. Some insurers in India have also included top hospitals in foreign countries in their list of network hospitals to ensure that the policyholders can use the cashless treatment facility even while travelling to an international destination.

2. Extensive Coverage

Another top reason to consider a cashless claim health plan is the wide range of cover it offers. Some of the top health plans in India provide coverage for domiciliary hospitalization, in-patient care, health check-ups, day-care procedures, ambulance charges, and more. You can also find cashless health plans that cover post-hospitalization expenses.All of these features and extensive coverage ensure that the policyholder is not burdened with the high costs of quality medical treatment. Moreover, a few insurers offer additional features such as health coaches, chronic management programs, and professional assistance on nutrition, fitness, and lifestyle to help their customers live a more active and healthy life.

3. Coverage Shared Among Family Members

When you purchase a cashless mediclaim for family, the policy coverage is shared among the family members. For instance, if you purchase a plan with a coverage of Rs. 10 lakhs, all the family members can share this coverage amount, even for multiple hospitalizations within the policy tenure.As there will be no need to clear the hospital bills from your pocket, you can provide your family with the best medical care at the top hospitals. With medical inflation consistently rising in the country, a cashless family floater health plan is an intelligent way to protect your finances and ensure that such medical emergencies do not put a dent into your savings and investments.

The emotional turmoil when a family member is suffering from a medical emergency is unavoidable. But you can, and you should eliminate the financial impact of such emergencies with a cashless family floater health plan.Look for a reputed insurer and focus on factors such as policy premium, coverage, features, network hospitals, and claims process to make the right decision. The current health status of the family members should enable you to choose an adequate coverage amount. You can also consult your insurer for all the assistance you need.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.