Cashless mediclaim provides much-needed financial aid during medical emergencies. Policyholders, when faced with such a circumstance, can bear their hospitalisation expenses without any upfront payment. They can directly settle the bill with their insurer’s network hospital and receive the best quality treatment without any delay.
Currently, a number of insurance companies in India offer such health insurance plans with a cashless claim settlement facility. It is imperative to have the details in place so that one can make the best pick.
Individuals turn to cashless health insurance plans for numerous reasons, some of which are discussed below:
Protection against emergencies
Medical emergencies, coupled with the rising cost of healthcare, can burn a hole in one’s pocket. So, it is necessary to plan for contingencies beforehand by purchasing a comprehensive health insurance policy.
Moreover, a cashless mediclaim policy is all the more beneficial as it saves time, thereby streamlining the hospital admission process. An insured can avail of the required treatment by simply furnishing his/her health card to authorities.
Cashless health insurance plans usually account for multiple expenses, such as pre and post hospitalisation charges, in-patient care, ambulance cost, and domiciliary treatment, among others. As a result, they offer comprehensive coverage to policyholders. In addition, some plans also cover diagnostic tests and health check-ups.
Safeguards one’s health during travels
Let’s say an individual faces a health emergency while travelling. Here, being in a new and unknown location can hinder him/her from availing of the best treatment. This is where health insurance policies with a cashless claim facility can come in handy. Insurance providers assure policyholders of reliable medical services that can be availed from any of their network hospitals. This reduces the hassle of arranging for hospitalisation and helps secure timely treatment in case of a medical emergency during travel.
Holders of cashless mediclaim can also enjoy tax benefits on the premium paid towards their plan under section 80D of the Income Tax Act, 1961. Premium payments up to Rs. 50,000 for individuals and Rs.25,000 for individuals aged below 60 years are eligible for tax benefits.
Also Read – https://navi.com/blog/cashless-health-insurance/
The salient features of these plans are decided by insurers and, therefore, vary among providers. That said, most cashless mediclaim plans come with some standard features and have many associated benefits, such as the following:
There are several types of cashless mediclaim plans, which can be broadly classified into these categories:
This kind of plan financially covers only the policyholder against medical charges arising during hospitalisation.
This plan offers financial coverage against medical expenses to individuals aged 60 years or above.
Under this plan, one can cover himself/herself as well as the entire family.
Insurance companies operate in collaboration with hospitals across India. As a result, they maintain a wide network of hospitals, wherein policyholders can receive treatment, and if eligible, avail of the associated benefits of a cashless claim process.
Typically, an insurer pays for medical expenses up to one’s sum insured directly to the hospital and in the following manner:
Usually, having a health insurance policy from a provider that follows a simple claim process allows the insured to access the required treatment without any delay. For example, Navi Health Insurance Policy follows an entire digital claim process, which facilitates cashless claim settlement in 20 minutes. This simplifies the claim process significantly.
Although cashless mediclaim protects you from several financial blows arising out of hospitalisation, it comes with certain limitations. Therefore, certain health conditions are not claimable under these plans, including the ones listed below:
Before purchasing a plan, we recommend that you pay heed to the following factors:
The suitability of a plan’s sum insured depends on your location. For instance, if you reside in a smaller city, a sum insured of up to Rs.3 lakh should suffice. However, if you live in a metropolitan city, a sum of at least Rs.5 lakh will be essential.
Claim Settlement Ratio
This is one of the most critical factors to check before opting for an insurance company. Most leading insurers in India have a high claim settlement ratio. For example, Navi Insurance has a claim settlement ratio of 97% for cashless claims in India.
It is imperative for individuals to check the waiting period before they can claim maternity expenses. Moreover, a plan with maternity benefits provides financial coverage to women against pregnancy-related expenses, thereby allowing them to tide over the same easily.
In today’s age and time, several treatments do not call for 24-hour hospitalisation. Therefore, some insurance companies that offer cashless mediclaim cover such expenses under the heading ‘day-care treatment’.
One can make a cashless claim settlement at a network hospital of his/her insurer. Therefore, before buying a plan, you must assess your insurer’s list of network hospitals and ensure that it includes one in or around your vicinity.
Furthermore, you should keep the following points in mind:
Today, most insurance companies are lining up cashless mediclaim plans. However, given the variety of plans available, it can be tough to choose a plan. So, we suggest you take the above-mentioned points into account and select an insurance policy that fulfils your requirements. Or, you can rely on notable names like Navi Insurance for comprehensive health coverage.
Navi has a wide range of 10,000 plus network hospitals and has premium options starting as low as INR 241 per month. If you are planning to buy health insurance, just download the Navi App now!
Ans: You can make a claim as soon as the waiting period of your mediclaim plan is over.
Ans: A group medical policy provides coverage to the insured employees of an organisation or company for domiciliary care or hospitalisation during their policy period.
Ans: Policyholders can check their mediclaim status by visiting the official website of their insurance company.
Ans: A health insurance plan should cover at least 50% of your annual income. In addition, experts in personal finance recommend a minimum mediclaim of Rs. 5 lakh.
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