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Cashless Health Insurance in India - Its Importance

Updated On Feb 15, 2021

The sky-rocketing medical costs have made it necessary for every individual to invest in a reliable health insurance. After all, health insurance policies help one secure their financial stability, in case of medical emergencies. 

Have you been looking for one of the best health insurance policies for the past few days? 

Have you shortlisted a few plans by reputable health insurance companies

If you are ready with a long list of health insurance policies to choose from, know that it would be a wise decision to invest in cashless health insurance. 

New to the concept of cashless health insurance? Here’s what you need to know about it.

Cashless Health Insurance - What is it?

Cashless health insurance is a health insurance policy that allows the policyholder to avail the facility of cashless claim. True to its name, cashless health insurance promotes cashless treatment, thereby eliminating the hassle of making cash payment. In other words, when a policyholder opts for cashless claim facility, they are not required to pay cash during medical emergency situations and then getting it reimbursed afterwards from their health insurance company

The biggest advantage of cashless health insurance or cashless facility is that the health insurer directly settle the medical bills to the network hospital where treatment is availed. 

To make of the most of the cashless claim settlement feature, one should possess an ideal health insurance policy with the facility of cashless treatment. 

Cashless Health Insurance - Features 

We live in a day and age where unlimited of health insurance policy options are available. What’s even better is that health insurance policies come with a vast series of features suiting the specific requirements of individuals, families, women, senior citizen, children, etc. Most of the health insurers at the present time are offering a wide array of features under their cashless health insurance policy. Some of the standard features of cashless health insurance include - 

  • In-patient hospitalisation expenses
  • Pre & post hospitalisation expenses
  • Free health check-ups
  • Domiciliary treatments
  • Day care procedures
  • Emergency ambulance cost cover
  • Pre-existing illness cover
  • Daily hospital cash allowance]
  • Organ donor cover
  • Critical illness cover
  • No claim bonus
  • Value added services and more.

Cashless Health Insurance - Major Benefits

There is no doubt that cashless health insurance policy is nothing less than a boon. A pack of multiple benefits, cashless health insurance not only introduces a policyholder to financial stability, but also peace of mind. 

If considering an investment in an ideal cashless health insurance policy, learn that you are welcoming a string of benefits, including - 

  • Vast coverage : Cashless health insurance policies are comprehensive in cover. As mentioned in the feature section, cashless policy allows basic coverage to the insured. Moreover, one can also opt for additional benefits like parental care, maternity expenses, new born child cover, and others to make the cover even more wide. 
  • Quick cashless treatment : A convenience that every insured would want to avail, quick cashless treatment is the base for such policies. Undergoing immediate treatment at network hospitals without the requirement of cash payment is the best health insurance service one can expect, and that too, even during their travel. 
  • Freedom from financial concerns : When having a cashless health insurance by their side, one is aromatically relieved from worrying about arranging funds at the last moment. Cashless treatment or cashless facility saves one from spending their hard-earned savings in a short span, thereby eliminating the chances of financial distress.
  • Tax Benefits : Cashless health insurance plans come with the facility of tax benefit. Learn that premium paid towards health insurance policies purchased for self, spouse, children and parents can be claimed under Section 80D of the Income Tax Act for tax deduction. 

Cashless Health Insurance - Types 

  • Cashless individual health insurance: Coverage to an individual 
  • Cashless family health insurance: Coverage to an entire family in a single policy 
  • Cashless senior citizen health insurance: Coverage to senior citizens. Exclusive features available include pre-existing illness, day care, critical illness and other covers.
  • Cashless mediclaim or group health insurance: Coverage to group members under employee sponsored health insurance plans

Cashless Health Insurance - Plan Choices 

Though there is a long list of health insurance policies offering cashless claim settlement facility, here are a few options of the best cashless health insurance policies for you.

Also Read

Private Hospitals Annoyed Over Unpaid Dues, Threaten to Stop Cashless Services

All You Need to Know About Cashless Claim Policy

To learn more, feel free to contact InsuranceDekho experts at 18001205698. 

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