The cashless Mediclaim policy is beneficial in emergencies when it’s challenging to arrange money on short notice. It makes the whole process cashless by allowing the insurer to avail of hospitalisation without making any payment.
When you use it, all of your medical bills are directly settled by the insurance company as per your sum insured. So the insurer does not need to worry about money.
How does cashless mediclaim work?
A cashless Mediclaim works when an insured person needs to get medical treatment by hospitalisation, so the mediclaim policy pays on behalf of the insurer for all the expenses.
Insurance companies have tie-ups with network hospitals. With these network hospitals, insurance companies make this process entirely cashless for insurers by paying the amount of the sum insured to the network hospitals.
Types of cashless mediclaim policies
Among all the cashless mediclaim Policies, three major types are as follows:
- Cashless Individual Health Insurance
As per the terms and conditions of the policy, an individual who holds a cashless health insurance policy gets the benefits of this policy. It covers individual costs for hospitalisation as per the sum insured.
- Cashless Family Health Insurance
One health plan can cover all of your family members. If you purchase a cashless family plan, there is no need to buy separate policies for family members. So it is convenient for those who want insurance for all their family members.
- Cashless Health Insurance for Senior Citizens
As mentioned in the name, this policy is designed for senior citizens according to their needs. It can cover hospitalisation, ambulance expenses, and pre-existing diseases, as mentioned in the policy documents.
What is excluded from the cashless mediclaim policy?
It is vital to look for the exclusions in the policy documents. Exclusions are those conditions under which you are not eligible to get a claim under a policy.
Some exclusions common in cashless mediclaim policies are that they do not cover self-inflicted injuries. Except for accidents, during the first 30 days of a policy, any kind of treatment or medical expenses are excluded.
Congenital diseases are excluded from the coverage. Also, treatment related to alcohol or drugs related misuse and consumption is excluded. It also may not cover miscarriage or abortion treatment expenses.
These are some of the common exclusions in cashless mediclaim policy subject to differences according to different insurance companies.
Do cashless mediclaim policies minimise the hassle in our lives?
Unfortunately, emergency medical situations are unforeseen; you may go through a lot of stress while arranging for the expenses incurred due to high medical costs.
Quick treatment and claim settlement
Cashless Mediclaim policy saves time by ensuring claims are settled quickly and the treatment begins immediately.
Convenient and hassle-free
All you need to do is inform the helpdesk at the hospital and customer support team within 24 hours for a medical emergency and within 48 hours if planned hospitalisation. The customer support team of the insurance company then liaises with the hospital administration to accept the claim.
You can focus on your patient
Since the expenses incurred are settled between the insurance company and the network hospital, and you can pay all your attention to the patient instead of worrying about the expenses.
Travel-Friendly
Due to a wide network of hospitals across the country, it is easy to avail of a claim in any state should such a need arise.
Tax Advantages
As per section 80D of the income tax act of India, the premium paid for the cashless mediclaim policy is excluded from tax. So you can also save money on taxes under this policy.
Know these things before buying a cashless mediclaim policy
Among various options available for a cashless mediclaim policy, it is wise to know some essential things before choosing any policy. Niva Bupa health insurance is one of the best insurance policies that provide various health insurance benefits and perks with cashless mediclaim benefits.
Ensure effective coverage
First, you should be aware of the sum insured, the maximum liable amount under the annual policy. Choose a plan with effective coverage.
Check co-payment clause
There might be a small amount a cashless mediclaim policyholder has to pay for a portion of medical expenses. It is called co-payment. The insurance company pays the remaining amount, so get to know the co-payment clauses.
There is a waiting period between the activation of the policy and when you get eligible to claim the benefits of the policy. Choose a policy with a smaller waiting period.
In conclusion,
Only network hospitals offer the benefits of a cashless Mediclaim policy, so ensure that you go for a policy with the widest hospital network. Cashless Health Insurance makes securing healthcare easy and hassle-free.