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Cashless Mediclaim Policy Explained

Published On Oct 28, 2020, Updated On Dec 04, 2020

What is a Cashless Mediclaim Policy?

A Cashless Mediclaim Policy gives you the freedom to get yourself treated at a Network Hospital, without having to take stress about the arrangement of money. You just have to visit a network hospital and give your insurance health card number and the insurance company would take care of your treatment expenses. Now let us understand what a network hospital is.

What is a Network Hospital?

A ‘network hospital’ is a hospital that the insurance company has tied up with for a cashless claim settlement facility. Network hospitals allow a policyholder to get their claim settled in a cashless-basis. On opting for treatment at a ‘network hospital’, the medical bills are directly paid by the insurance company to the concerned hospital. 

Benefits Cashless Mediclaim Policy

Cashless Mediclaim policies stand out when compared to the traditional reimbursement policy because of the ease of operation and peace of mind. The reimbursement policy ensures that you pay the medical bills first and then get the money back from the insurance company, whereas, the cashless policy ensures that the amount liable is paid directly by the insurance company to the hospital (eliminating the need to collect funds). 

Key Points to Know About a Cashless Mediclaim Policy

The key points that need to be known in the cashless mediclaim policy include the following: 

1. Coverage: Coverage of cashless mediclaim is a prime factor at the time of purchase. The coverage should include all the major diseases with features and benefits that could help in any medical situation. Consider wider coverage policies to ensure the utmost safety and peace of mind.

2. Strength of Network Hospitals: As mentioned earlier cashless mediclaim is only available at network hospitals. Thus, it is important to choose an insurance company with a wide network of hospitals.

3. Claim Settlement Ratio: The claim settlement ratio is an important factor to be considered before purchasing any potential health insurance. One should always go for cashless basis insurance with a company high claim settlement ratio. It is the ratio of settled claims to the total number of claims raised in a financial year. 

4. Waiting Period: A cashless mediclaim policy always comes along with a waiting period. After the waiting period one can claim the financial benefits of illnesses, procedures, etc. A policy with a small waiting window will make an ideal mediclaim policy.  

5. No Claim Bonus: A no claim benefit is a common feature in cashless health insurance. Basically, an individual can avail of this benefit for being healthy and not making any claims throughout the policy period. Benefit for each claim-free year can be accumulated up to 50% depending upon the number of claim-free years.

Conclusion 

Choosing a cashless mediclaim policy will add value and security to your life in more than one way. Before purchasing any cashless mediclaim policy, ensure that you read, research well, and compare various policies from companies before you settle for something that suits you. This is your key to enjoying a safe, secure and healthy future.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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