Cashless Health Insurance - Process and Benefits

What is cashless insurance?

Cashless facility is a feature of health insurance plans where the policyholder can avail treatment without paying any money from his pocket for treatment or surgery. This facility is offered to policyholders by insurers, in return for regular and monthly premiums paid towards the policy.

Insurers have tie-ups with hospitals called ‘network hospitals’. When the insured is hospitalized at a network hospital, the insurer directly settles the hospital bill. This facility helps the policyholder stay stress free and prepared for any medical emergencies. It reduces the financial burden on the policy holder’s family, at the time of hospitalization.

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Cashless Health Insurance - Process and Benefits

How does cashless health insurance work?

The insurer has tie-ups with leading network hospitals, where cashless facility is offered. The insurer directly settles bills with hospitals on behalf of the insured. When the insured is hospitalized and receives treatment from these hospitals, the medical bills are forwarded to the health insurance company. The company then scrutinizes the claim and settles the bill by clearing dues on behalf of the insured.

Features of Cashless Health Insurance:

Different health insurance policies have different features. The features vary across insurers. Listed below are some of the common features that are included in most cashless health insurance plans:

• No claim bonus
• In patient care
• Pre and post hospitalization expenditure
• Critical illness cover
• Covers ambulance charges
• Complementary Medical check up
• Covers bills of diagnosis and tests
• Tax benefits under income tax act

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Advantages of Cashless Health Insurance:

The cashless health insurance policy provides a host of benefits. Listed below are a few:

• Provides the money necessary for treatment: medical emergencies arrive at your doorstep without calling. Cashless claims are more helpful in these critical moments as it saves time and reduces the financial burden on family members.
• Helps to stay stress free: You can rely on a health insurance policy and stay prepared for any unforeseen medical emergency. It helps the patient get admitted and start necessary treatment without delay.
• Extensive range of coverage: Cashless health insurance policy is a comprehensive health cover that offers benefits like pre and post hospitalization expenses, ambulance expenses, inpatient care, and domiciliary treatment and also offers health check up and diagnostic tests at regular intervals.
• Provides tax benefits: The premiums paid towards the cashless health insurance policy are eligible for tax deduction under Section 80D of the Income Tax Act.

Importance of cashless health insurance:

Outlined below are the key reasons to avail a health insurance plan:

• Protection of plan: Health insurance plan helps people cover cost of hospitalization, medical bills, medical check-ups and tests.
• Protection against rising healthcare cost: A health insurance policy comes to the rescue in emergency medical situations. Insurers also offer cashless facility that helps reduce out of pocket expenses.
• Financial protection against emergencies: During emergencies, cashless treatment helps in getting adequate and timely treatment, without having to worry about money.
• Productive utilization of money: By paying premiums towards health insurance plans, we make indirect savings that comes to our aid in times of emergencies, helping us avail best healthcare facilities.         

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Types of cashless health Insurance in India:

• Cashless individual health insurance: As the name suggests, this is a cashless health insurance policy that provides cover to a single person i.e. the policyholder and takes care of the medical bills, cost of treatment and expenditures incurred in case of hospitalization.
• Cashless family health insurance: this plan provides cashless health insurance cover to more than a single member. This plan generally includes 4 to 6 members and provides coverage in case of emergency medical conditions.
• Cashless senior citizen health insurance: this cashless health insurance plan provides cover that is specifically designed to suit the needs of senior citizens. This plan provides a host of benefits for senior citizens like ambulance cost, hospitalization expenditure, and cover for pre-existing diseases as mentioned in the terms of the policy.

5 Best Cashless Health Insurance Policy in India 2019:

Apollo Munich optima restore health insurance:

Optima Restore is a health insurance plan offered by Apollo Munich Health Insurance Company. It is one of the best health insurance policies that offers features like lifelong renewal, cover for critical illness, cover for organ donors, includes wide range of network hospitals as well as provides features like restore benefit, multiplier benefit, and covers cost of ayurvedic treatment.

ICICI Lombard health care plus:

Health care plus from ICICI Lombard health is one of the best cashless health insurance policies that offer cashless facility in over 5,000 network hospitals with approval within 4 hours, quick cash settlement process, add on benefits like maternity benefit and outpatient treatments, includes flexible and deductibles and lifetime renewal option for the policy.

Religare health care:

This is one of the best cashless health insurance policies that provides comprehensive cover for policyholders and offers benefits like lifetime renewal facility, daily allowances, pre and post hospitalization charges, 4,600 network hospitals as well as covers cost for alternative treatment like Ayurveda, Unani and homeopathy.

Max Bupa health insurance:

This is one of the best cashless health insurance policies in India that offers facilities that include cashless facility on wide range of hospitals, lifelong renewal option, free health check up every 3 years, increased sum assured for no claim years.

Bajaj Allianz Health Insurance Family Floater:

Bajaj Allianz health insurance policy is one of the best health insurance policies that offer highest coverage that includes coverage for up to 6 members along with benefits like cashless facility in over 6000+ hospitals, 10% co- payment on network hospitals and so on. 

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