Considering the rising medical expenses, it is important to obtain health insurance for yourself and your family. However, to secure your finances during medical emergencies, one prefers cashless health insurance policies rather than a reimbursement plan.
In this regard, you might want to consider the best cashless health insurance policies available in India. As there are several reputed insurance companies offering a variety of health plans, choosing the right option can seem to be a daunting task.
To combat this issue, individuals can consider the following list of best mediclaim policies for families.
|Cashless health insurance plans||Features|
|Navi Health Insurance||Network hospitals: 10,000+|
Processing time: 20 minutes
Claim settlement ratio: 97%
|Niva Bupa Health Insurance||Network hospitals: 7600+|
Processing time: 30 minutes
Claim settlement ratio: 89.46%
|Apollo Munich Optima Restore Health Insurance||Network hospitals: 10,000+|
Processing time: NA
Claim settlement ratio: 91%
|Care Health Plan||Network hospitals: 16,500+|
Processing time: 2 hours
Claim settlement ratio: 95.2%
|ICICI Lombard Health Care Plus||Network hospitals: 5,000+|
Processing time: NA
Claim settlement ratio: 78.67%
|Bajaj Allianz Health Insurance Family Floater||Network hospitals: 6,500+|
Processing time: NA
Claim settlement ratio: 93.68%
|Reliance Cashless Health Insurance Policies||Network hospitals: 8000+|
Processing time: NA
Claim settlement ratio: 94%
|New India Assurance Cashless Health Insurance Policies||Network hospitals: 1500+|
Processing time: NA
Claim settlement ratio: 92.68%
|HDFC Cashless Health Insurance Policies||Network hospitals: 10,000+|
Processing time: 20 minutes
Claim settlement ratio: 86.52%
|Aditya Birla Cashless Health Insurance Policies||Network hospitals: 8,000+|
Processing time: NA
Claim settlement ratio: 70.81%
Medical emergencies can drain your savings in case you don’t have a proper financial plan. However, if you opt for a cashless insurance policy, you need not pay anything out of your pocket for the treatment costs. Note that a cashless facility is available only when you get treatments from network hospitals.
In case of medical emergencies and hospitalization, arranging funds can become difficult for some. To avoid such a situation, one can opt for a cashless health insurance policy.
These insurance policies provide coverage for pre and post hospitalization charges, ambulance costs, expenses incurred for in-patient care, health check-ups, diagnostic tests and more.
There might be medical emergencies when you are travelling. In such cases, you might need to part with a significant portion of your savings. However, if you obtain the best cashless health insurance plans, you can get trusted services in case of medical emergencies from any network hospital and need not pay anything for the treatment costs.
As per provisions of the Income Tax Act, one can seek tax deductions against the premium paid towards health insurance policies.
The table below provides the tax benefits that one can seek for different situations:
|Section||Deduction On||Maximum Amount of Tax Deduction|
|Section 80D||Premiums of health insurance policies||Rs. 1,00,000|
|Section 80DD||Medical expenses incurred for a dependent disabled relative||Rs. 1,00,000|
|Section 80DDB||Medical expenses incurred for the treatment of specified diseases||Rs. 1,00,000|
|Section 80U||Healthcare expenses for a disabled taxpayer||Rs. 1,25,000|
The premium you pay for cashless health insurance plans is eligible for tax benefits as per Section 80D, Income Tax Act. One can obtain benefits up to Rs. 25,000 if they are below 60 years, and for senior citizens, the amount is Rs. 50,000
In order to avail of the benefits of cashless health insurance, the insured person has to notify the insurer or the Third Party Administrator (TPA). However, one must remember that insurance providers provide cashless facilities only at network hospitals.
Follow these steps to get cashless claims at network hospitals:
The sum insured on your cashless health insurance plans varies across several insurance companies based on your location. For instance, the sum insured for small cities is less compared to that of metro cities.
You might expect a hassle-free and seamless claim process when it comes to health insurance policies. In this regard, you might want to check the insurance company’s claim settlement ratio before choosing a plan.
You can raise a claim against your cashless health insurance policy from network hospitals. Hence, you might want to consider an insurer with a wide range of network hospitals.
Generally, you need to renew your health insurance policies to continue being a beneficiary, and the renewability is subject to certain restrictions. However, some of the best cashless health insurance schemes come with lifetime renewability.
You might want to ensure that your cashless health insurance policy includes essential coverage such as pre and post hospitalization charges, maternity benefits, daycare costs, etc.
Given below are the advantages of purchasing cashless health insurance policies online:
The inclusions of some of the best cashless health insurance policies are as follows:
Given below are the factors affecting the premium of a cashless health insurance policy:
If you opt for the best cashless mediclaim policy for a family in India, you usually have to follow these steps for a successful claim process:
In this regard, you might want to consider the Navi Health insurance policy from the insurance company Navi as they approve claims within 20 minutes. Moreover, owing to their app-based processes, you can raise claims in a hassle-free manner. To avail of such benefits, you just have to download the Navi App and enjoy a seamless cashless facility with regard to health insurance plans.
Given below is a list of all the documents required for the cashless claim settlement process:
Cashless health insurance plans allow you to avail of medical services from network hospitals without paying for the treatment costs upfront. This facility enables you to safeguard your savings and avoid financial instability. While you are in your quest for the best cashless health insurance plans in India, you might want to consider the plans in the aforementioned list.
Ans: Generally, cashless hospitalizations are perceived to be more convenient. One can get cashless claims at any network hospital. The insured person doesn’t have to run around arranging for cash or doesn’t have to go through the tedious process associated with reimbursement claims.
Ans: Generally, cashless health insurance policies come with a tenure of 1 year. This is the standard policy tenure. It needs to be renewed annually. However, some insurance providers offer a policy tenure of 2 years or 3 years, as well.
Ans: Investors can use a health insurance premium calculator which is an online tool to calculate the premium for a mediclaim policy. You have to insert your age, sum insured, policy tenure, and the number of family members to be insured to get the premium amount.
Ans: You can visit the official website of the insurance provider and check the list of network hospitals offering cashless treatment. You can also search for information related to network hospitals online.
Ans: You can choose from a number of health insurance plans in India, such as:
• Cashless health insurance for a family: You can get your family members insured under a single policy.
• Individual cashless health insurance: Only a single individual can benefit from this insurance plan.
• Cashless health insurance for senior citizens: Under this insurance plan, senior citizens can raise a cashless claim to cover hospitalization expenses, ambulance charges and more.
Ans: Yes, if you manage to maintain a claim-free year within your policy term, your insurer might offer you a No Claim Bonus. Under this bonus, you can get discounts on policy premiums. Alternatively, insurers might decide to increase your sum insured for a claim-free year.
Ans: Some insurers can offer insurance policies with a co-payment option. Here, the individuals might need to pay a certain percentage of the claim amount, and the insurance company will pay the rest. While choosing the best cashless health insurance policies, you might want to consider this factor.
Ans: Individuals can benefit from traditional health insurance policies only after 24 hours of hospitalization. However, with the advancement in technology, some treatments might require less than a day of hospitalization. Such treatments fall under daycare procedures. A cashless health insurance policy covers the costs associated with this kind of procedure.
Ans: A typical cashless insurance policy includes the following in-patient hospitalization expenses:
– Room rent
– Pre and post hospitalization expenses
– Costs of daycare procedures
– Ambulance charges
– Expenses related to domiciliary hospitalization
– Organ donation costs
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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