Cashless Hospitalization: Important Things to Know

Most of us have been in a position where a loved one falls ill and requires emergency hospitalization immediately. The first thought that comes into our mind is whether we have sufficient cash in hand to begin the treatment. And then begin the frequent trips to ATMs in the middle of the night, and calls to friends and relatives to borrow cash so that you can get the hospital to start proceedings immediately.All these hassles are now a thing of the past with the benefit of cashless claim settlement. Read on to know more about this highly convenient mode of settlement.

Cashless benefit is provided by your insurer for supported hospitals in its network. You essentially do not have to pay any cash to the hospital during or after the treatment. Your insurer will deal with the hospital via third party administrators (TPA), find out your medical details and bills, approve them and directly pay the hospital.

Planned hospitalization.

In case you have decided to undergo treatment or surgery that is non-emergency in nature and has been planned right from the start, then you need to inform your insurer about the same and go through the following steps:- Ask for a pre-authorization form at the insurance desk of the network hospital you have chosen. The form can also be downloaded from your insurer’s website.- Duly fill the form and submit it back to the insurance desk, where it will be verified for authenticity.- The form is submitted to the TPA by the hospital, who analyze it and give their go ahead.- An authorization is then received by the hospital giving the details about the sanctioned amount.

Emergency hospitalization

If the hospitalization is not planned, then the following steps have to be taken to avail cashless settlement.- Show your health card at the insurance desk.- Fill the insurance authorization form and submit it to the hospital.- Wait for approval. If you’re unable to wait for the approval, you pay the medical expenses and claim for reimbursement.

How does cashless hospitalization work?

- It must be remembered that the cashless facility is only available at network hospitals. You can contact your insurer to get a list of network hospitals with cashless facilities.- For planned claims, the insurer must be informed well in advance.- Emergency hospitalization also needs to be notified to the insurer as soon as possible and it must be within the specified stipulated time.

Benefits of cashless hospitalization

- Cashless settlement lets you get medical treatment without paying a single penny.- With cashless settlements, you can avoid the hassles of paying expenses and waiting for reimbursement later.

Thus, the cashless settlement system is of great convenience and keeps one assured that even when an unfortunate hospitalization is required, treatment can be availed quickly and readily without having to worry about finances.

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.