Things to consider while buying a cashless health insurance policy

The direct settlement of hospital bills by the insurer makes cashless health plans a smarter alternative to the traditional reimbursement claim policies. To comply with the growing demands of the customers, top insurers in the country have introduced various cashless insurance plans with an extensive range of features.But the number of options available in the market often makes the selection challenging for someone new to cashless policies. If you are struggling with the decision too, here are 5 factors that can help you buy cashless mediclaim that is packed with valuable features and benefits-

Policyholders can only use the cashless claims facility at one of the network hospitals of the insurer. If you receive medical treatment at a non-network hospital, you can only make a reimbursement claim, thereby destroying the primary reason for purchasing a cashless policy. But you can only reach a network hospital in time when it is located close to you.It is generally recommended that one choose an insurer with an extensive list of network hospitals spread throughout the country. With this, policyholders can rest assured that they can use the cashless facility in case of a medical emergency, no matter in which city they are. Also, give special attention to the number of network hospitals close to your residence and office. You can always ask your shortlisted insurer for a list of network hospitals before you buy the policy.

Knowing what is covered in the policy is also essential for making the right decision. Fortunately, to minimize the out-of-pocket expenses for the policyholders, top insurers in the country now offer comprehensive coverage that includes in-patient hospitalization, daycare treatment, pre and post-hospitalization expenses, road ambulance expenses, and more.Some plans also cover obesity treatment, mental illness hospitalization, health check-ups, domestic/international emergency assistance, and OPD expenses, which are generally excluded in standard plans. The wider the coverage offered by the insurer, the lower the out-of-pocket expenses for the policyholder.Also, make sure you check the extent of each cover. There may be sub-limits based on the plan you select. Some of the sub-limits you should pay close attention to are;

• Room Rent
• ICU Rent
• Sub Limit on specific diseases

Apart from the treatment costs, there can also be several daily expenses throughout the hospital stay. The daily cash benefit facility will make the insurer cover the day-to-day hospital expenses, like room rent, nursing fees, pharmacy bills, etc., apart from the final hospital bill.These daily expenses could easily strain your finances in case of a critical illness or a severe accident. The daily cash benefit will help significantly reduce this burden. It can also help eliminate the need to borrow funds from family or friends or maybe take a personal loan to arrange funds for the emergency treatment.

The domiciliary cover is another critical aspect of any feature-rich cashless mediclaim policy. There can be several reasons due to which a patient might have to receive the treatment at home and not at the hospital. This could be because of the severity of the condition or the unavailability of a bed at the nearest network hospital.In such cases, the domiciliary cover will ensure that the treatment received at home is also covered by the policy. The cover is generally available for medical treatment received within the confines of the house for a period of three days or more, which would have otherwise resulted in hospitalization.

When you buy cashless mediclaim, do check the NCB policy of the insurer. Every year that you do not file a claim, you are entitled to receive a No Claim Bonus or NCB from the insurer. This is generally in the form of additions made to the sum assured without any changes to the policy premiums.For instance, with some of the insurers, policyholders can receive a bonus of up to 50% of their basic sum assured if they do not file a claim and successfully renew the policy without any break. The NCB is an excellent way to get a higher coverage amount for the same premiums calculated as per the basic sum assured.

As medical inflation is consistently rising in the country and is only expected to continue growing, purchasing a health insurance plan is a smart way to safeguard your finances and receive the best medical care.If you are searching for the best cashless health plan, focus on the factors discussed above, as they can help you make an informed decision. You can also consider a family floater plan to ensure that your beloved family members are also covered in the policy.

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.