10 Best Cashless Health Insurance Plans in 2023 – Tax Benefits and Coverage
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.
10 Best Cashless Health Insurance Plans in India 2023
| 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% |
Benefits of Cashless Health Insurance Plans
1. Protects Savings in Times of Medical Emergencies
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.
2. No Urgency for the Arrangement of Cash
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.
3. Range of Coverage
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.
4. Covers Medical Emergencies During Travel
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.
Tax Benefits Under Cashless Health Insurance Plans in India
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
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How do Cashless Health Insurance Plans Work?
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:
- Step 1: Visit a network hospital to avail of medical treatment.
- Step 2: Ask for a pre-authorisation form at the hospital desk. You can also download it from the TPA website.
- Step 3: Fill up the pre-authorisation form and submit it at the hospital.
- Step 4: TPA will scrutinize the form and sanction the treatment amount.
Things to Consider Before Buying Cashless Health Insurance Plans
1. Sum Insured
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.
2. Claim Settlement Ratio
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.
3. Network Hospitals
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.
4. Lifetime Renewability
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.
5. Coverage Scope
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.
Advantages of Buying Cashless Health Insurance Plans Online
Given below are the advantages of purchasing cashless health insurance policies online:
- Comparison is Easy
One can easily compare the health insurance policies of different insurers, online. After weighing the pros and cons, individuals can purchase a policy that is best suited for their requirements. - Easy Transaction
Now, all that one has to do to purchase a health insurance policy, is fill up a form, make the requisite payments and click a few buttons. - No Middlemen
Investors can undertake the processes themselves without interference from insurance agents or middlemen. This reduces cost and makes the entire process quick and hassle-free. - Transparent Terms and Conditions
Insurance providers clearly list the terms and conditions of the policies on the official website. Investors can go through them and make informed decisions before purchasing the insurance policy online. - No Geographical Limitation
The online purchase facility of medical insurance policies removes geographical barriers. One doesn’t have to worry about visiting the branch office of the company to buy a health insurance plan. - Pre and Post Sales Services
Investors can avail many pre and post-sales services. They can use premium online calculators provided by insurance companies to compute their premium before the online purchase of a medical insurance policy. Live chat facilities clear doubts of investors. After the purchase, premium receipts and the soft copy of the policy bond are sent to the investor.
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Inclusions Under Best Cashless Health Insurance Plans
The inclusions of some of the best cashless health insurance policies are as follows:
- Pre and post hospitalization expenses
- Emergency ambulance cost expenses
- Organ donor expenses
- In-patient hospitalization expenses
- Domiciliary treatment expenses
- Expenses incurred for daycare procedures
- Value-added services
- No claim bonus
- Pre-existing illness
- Critical illness cover
- Free health check-ups
- Daily hospital cash allowance
Exclusions Under Cashless Health Insurance Plans
- Registration or admission fees
- Toiletries
- Attendant’s charges
- Service fees
- Costs of diapers, oxygen masks, syringes etc.
Factors Influencing Premium of Cashless Mediclaim Insurance Plans
Given below are the factors affecting the premium of a cashless health insurance policy:
- Age – Young investors have to pay a lower premium compared to older people.
- Gender – Premium rate is different for men and women. This is because it is generally believed that women tend to take more precautions and preventive measures than men.
- Profession – Premium charges will be higher if the investor works in an environment where he/she is exposed to hazardous chemicals, dangerous substances, and radiation.
- Body Mass Index (BMI) – The Premium is higher for people who have a high BMI, as the chances of having diabetes, cardiac problems and joint problems are high for these people.
- Co-payment – Health insurance policies with a higher co-pay will come with a lower premium.
- Add-on Covers – Add-on covers or additional coverages are bought at an additional cost over and above the premium of the base insurance policy.
- Family Medical History – Genes play an important role in deciding the function of human bodies. Hence, the premium charged will be higher if family members suffer from specific diseases.
- Pre-existing Medical Conditions – Generally, insurance providers don’t cover pre-existing diseases of an individual. However, if such diseases are covered by the insurer, the premium will be higher.
- Lifestyle – Individuals who have the habit of drinking, smoking, and chewing tobacco have to pay higher premiums. This is because there’s every chance of them developing cancer and cardiac problems.
Eligibility Criteria for Applying for Cashless Health Insurance Plans
- Entry Age – 18 to 65 years (for adults), 90 days to 25 years (for dependent children)
- Pre-medical Screening – Required for individuals above the age of 45 or 55 or 65 years
- Pre-existing Disease Waiting Period – 2 years to 4 years
Steps to File a Claim for Cashless Health Insurance Plans
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:
1. In Case of Planned Hospitalization
- Fill up the claim form by providing necessary details about your or your family member’s hospitalization.
- Submit the form to the insurance company or the Third Party Administration (TPA).
- After approval, the insurer or TPA will notify the hospital regarding the claim amount.
- Finally, the insurance company settles the payment with the hospital post-treatment.
2. In Case of Emergency Hospitalization
- You need to intimate your insurer within 24 hours of hospitalization.
- Send the claim form to the respective TPA or insurer for approval.
- After approval, they will inform the hospital regarding the claim and settle the payment on your behalf.
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.
What are the Documents Required for the Cashless Claim Settlement Process?
Given below is a list of all the documents required for the cashless claim settlement process:
- Duly filled out a claim form
- Diagnosis reports
- Medical certificate
- Discharge certificate
- Valid ID proof
- Copy of FIR
- 10,000+ network hospitals across 400+ locations in India
- Paperless application procedure
- Cashless claims in under 20 minutes
- Subscription-based model
- Comprehensive health coverage
- Low EMI starting from Rs. 240
- 97% claim settlement ratio
Final Word
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.
FAQs
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
– Nursing
– 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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