Want to know about the cashless health insurance claim process? Read here!
How many times have you run out of money while paying the hospital bills?
And how many times you couldn’t arrange money in case of a medical emergency?
How many times have you avoided necessary treatment for an illness because of high medical expense?
The answer would be quite a several times. So, here health insurance plays a crucial role.
While purchasing a health plan, you ensure to opt for the best policy with comprehensive coverage that adequately shields your family’s clinical prerequisites. There are a number of benefits of buying a health insurance policy. And cashless health insurance claim process is one of the prime factors of purchasing health insurance as it saves your hard-earned money from draining into medical costs.
What is a Cashless claim?
With ever-increasing medical expenses, health care treatments are becoming costlier day by day. It doesn’t matter how much money you have; there is always a financial burden to survive through a medical emergency expense. A cashless health insurance claim process offers you financial assistance to manage any treatment costs. Under the cashless health insurance claim process, you do not need to pay medical bills from your pocket as it directly gets settled between the health insurance provider and the hospital.
All you need to do is inform your insurer about the treatment you are having, which must be covered under your health policy. Once the health insurance provider receives all the information, it will directly settle the bill with the hospital authority. You do not require to pay a single rupee and not even wait for reimbursing the bills.
Now let’s understand the difference between cashless health insurance claim process and reimbursement.
In the case of reimbursement policy, the policyholder is needed to pay the medical bills from his pocket, during and after the treatment or at the time of discharge. To claim the reimbursement for the money spent on the medical treatment, the policyholder needs to submit all medical bills, reports and other related bills with the TPA. When approved, the insurance provider deposits the claim amount to the policyholder’s bank account. In case the policyholder fails to submit necessary paperwork as per the insurer’s requirement, then the claim might get rejected. The claim may likewise get rejected if there is a mistake in completing the formalities.
Whereas under cashless health insurance claim process, you are not needed to pay any medical bills from your pocket. You just need to inform your health insurance provider or the TPA about the treatment you would be availing of. Under a cashless health insurance claim, you don’t need to stress over the cash for medical and hospitalisation needs. However, one thing to note is that health insurance providers offer cashless claim facility only at the network hospitals.
Steps associated with the cashless health insurance claim process:
- In case a medical issue emerges, and there is a need to get hospitalised, check the network hospital list.
- At the hospital, you need to the insurance desk and request a pre-authorisation form. Else, it can also be downloaded from TPA’s (Third Party Administrator) site.
- You need to fill the form and submit it at the insurance desk of the hospital.
- Afterwards, TPA will process the form and send an approval on the sanctioned amount for the treatment.
- The advantage of a cashless health insurance claim process is accessible for both planned and sudden hospitalisations.
Advantages of cashless health insurance claim process
- The policyholder can benefit from emergency medical treatment without stressing over the funds.
- It is a less cumbersome process and does not involve lengthy paperwork or much documentation.
- The health insurance claim process is hassle-free as the medical treatment bills get directly paid to the hospital.
- There is no waiting period as the claim is settled during the hospitalisation only.
- Other advantages include tax benefits, policy transfer and process validity outside India.
Cashless health insurance claim process is beneficial when you have restricted funds and a medical treatment requirement. The cashless health insurance claim process helps you get the best treatment without worrying about the money front. In the health insurance sector, you can discover several insurers offering this advantage. To know about them and also to get clarity on the cashless health insurance claim process, visit BimaKaro today or speak to their insurance advisors.
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