Cashless Claims - Worry-free Health Insurance

This procedure is known as the 'reimbursement route' to insurance.

While it works well, it certainly is not the ideal mode of settlement since it is a long process and might strain your finances until the time you receive the claim proceeds. This is where 'cashless claim settlement' helps.

What is Cashless Health Insurance?

As the name suggests, cashless health insurance means that an insurance company directly settles the claim amount with the hospital and the patient does not have to bear the inconvenience. This is indeed a boon for patients and their caretakers.

Cashless Claims Benefits - Avoid the Avoidable

Few patients have the financial liquidity to afford all the medical bills including pre and post treatment expenses. Having funds might be possible but arranging the money at a short notice could be difficult. The main benefit of cashless claim is that you need not pay money from your pocket.

This means peace of mind because:

What happens when you sell Investments in medical emergency?

All investments have an opportunity cost. If you sell your shares, you might miss out on a raging bull market. Liquidating your bank Fixed Deposit means you lose valuable interest.

- No need to scamper for funds at the time of treatment

- You save on credit card debt that charge a high rate of interest

- You don't need to depend on friends, relatives and other acquaintances for money

- Long-term investments like fixed deposits or mutual funds do not have to liquidated

- You are saved the inconvenience of mortgaging precious family assets for loans

Things to keep in your mind while availing cashless insurance:

- Opt for Networked Hospitals:You get cashless settlement only if your hospital is on the insurance company's list of networked hospitals.

- Inform the Insurance Company: In case of a planned hospitalization, inform your health insurance company well in advance.

- Pre-Authorization Form: Fill the pre-authorization form carefully. This will ensure that your case sails through easily.

- Exclusions: Certain illnesses are not covered under cashless hospitalization. Read the insurance policy carefully to understand these exclusions.

- Cashless Health Card: When the policy is issued, you receive a Cashless Health Card that carries all the information about your policy. A copy of this should be kept handy.

- Obtain and Maintain the required documents: This might seem like a tedious thing to do while you and your caretakers are busy with the treatment and recuperation. However, having the documents is the first step to start the claim process. Once you complete the basic formalities, your health insurance service provider will ensure hassle-free cashless settlement travel policy online.