pays for your hospital bills for diagnostics, surgery etc.
With the elevating medical costs these days, buying a medical Policy is a must. Among the several other Health Insurance policies, the cashless health insurance policy is the most sought after one. Cashless health insurance means that the bills of the treatment or the Hospitalization are directly settled between the insurance company and the hospital. This reduces any kind of financial burden on the insured. Third Party Administrator or TPA is the mediator between an insurance company and the hospital and ensures the settlement of bills smoothly.
When you take cashless health insurance for family the main advantage is that there is no kind of a financial burden on you at the time of any medical emergency. This reduces the stress of the moment and you can recover in peace or concentrate on taking care of the family member.
This avoids the need to have ready cash to be able to pay for hospital bills which today can be huge. You do not need to have liquid money at the time of hospitalization and thus, you can go to the best of hospitals and not care of the bills.
When buying any cashless health insurance policy from any insurance company, you must take care of a few things:
Each insurance company or TPA allows you to avail of the cashless facility in only some hospitals. At the time of issuing your Mediclaim card they provide you with a list of hospitals. Most of the companies today, have a strong network of hospitals in their cashless list, but you must be careful to check before you choose a hospital.
TPAs usually are efficient, but sometimes it might happen that they get delayed in responding and approving the claim. The insurance companies do not handle this function internally and have a tie up with a TPA who might be handling few companies. Thus, due to excessive pressure they can get delayed and the hospital will not discharge you till the TPA has approved the claim.
Some TPAs are not efficient and there is no proper connection between them and the hospitals and this causes unnecessary problems to the patient.
Cashless hospitalization is a boon for many, especially those who are tight on liquid money. This does not unnecessarily pressurize a patient when he is not well. At the same time, due to some loopholes in the system, it can cause some kind of a problem and thus, while buying a policy you must make sure the TPA you will deal with is one of the best and the most efficient in the market.