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Insurance Article

Benefits of cashless health insurance

March 19 2010
Most people have begun to realize the value of having a comprehensive and reliable health insurance policy. This growing interest in health insurance policies can be attributed to multiple advantages that these policies provide. The primary purpose of these policies is to safeguard the insured from any adverse effects of medical emergencies, whether financial or health related.

Types of Health Insurance Policies:

There are a variety of health insurance policies available in the market. In fact, any one insurance company, by itself, has more than one type of health insurance policies in its portfolio or catalogue. A health insurance policy can vary in terms of the company that is providing it and the clauses contained. Furthermore, many insurance policies can be customized according to the prospective customer’s requirement. However, one type of health insurance policy whose demand has grown substantially in the last few years is the cashless health insurance policy.

What is cashless health insurance policy?

Cashless health insurance policies are those policies that allow the insured to be hospitalized without worrying about paying for the treatment and hospitalization charges. When a patient holds a cashless health insurance policy, hospitalization charges and linked bills are directly paid by the insurance company.

However, before the insured can be hospitalized, he needs to attain the approval of the Third Party Administrator (TPA) and make sure that the concerned hospital is a part of the insurance company’s network of hospitals. Cashless health insurance policies are much more advanced than their previous versions. On the one hand, the hospital networks of today’s health insurance companies are very vast, while on the other hand, the TPAs involved have also been made prompt and responsible.

Advantages of having a cashless health insurance policy:

Cashless health insurance policies are very useful in emergency situations as a seriously ailing patient being brought into a hospital may not be able to arrange money before being treated. Notably, these policies take special significance if the insured gets injured or sick while traveling as being in a different city means that he would not know where to arrange for the money, immediately. In addition, it is also very likely that he does not know many people in the new city who can help him in this situation.

A cashless health insurance policy can easily simplify this situation as all the insured needs to do is produce his insurance card or card number before being admitted and treated. These policies are highly useful even in situations less extreme than these, where the patient knows that he will be admitted in a few days. This prior knowledge allows the patient to easily attain the approval of the TPA. Subsequently, the reassured patient can walk into the hospital, get his treatment and then simply walk out.

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