pays for your hospital bills for diagnostics, surgery etc.
Healthcare industry is a growing sector in India and so is the health plan related to health care. It is the health Coverage that saves a person from financial stress and health emergencies such as hospitalization. In order to insure a person from adverse effects of unforeseen health disturbances, Health Insurance companies have come up with many flexible and affordable health insurance policies. Of the many types of health insurance policy, cashless health insurance Policy has had an increasing demand recently.
What is cashless health insurance? As the name suggests, the Policyholder does not have to pay any cash for Hospitalization and treatment in the hospital. The related bills are paid by the insurance company. However, payments are settled by the insurance company after prior approval from the Third Party Administrator (TPA). They also ensure that the hospital where admission is sought belongs to the network of hospitals where the insurance policy holds good.
What are the advantages of cashless health insurance? Firstly, it saves the person of having to worry about arranging for money before getting treated in a hospital. This is useful, for instance, when a person is not in their home town and has got a health emergency while travelling. In such cases, all one has to do is produce their insurance number or card before admission into an insurance approved hospital.
Cashless policy is also useful when an Insured patient has to undergo medical or surgical procedure for which the duration of hospital admission is known. This helps in getting an easy approval from the TPA before medical intervention. On admission, the patient can get their treatment done and walk out of the hospital without bothering about other hassles like bill payment and settlement.
Are there any disadvantages? Well yes, the insurance cover does not help in the payment of non medical expenses and registration charges during the hospital stay. The insurance Claim must be based on average costs for admission estimated in the policy. The claim may not hold good for hospitals that are not pre approved for health insurance cover.
However, if you are careful to note all the claim conditions and are satisfied with them before purchasing a cashless health insurance policy, you would find that there are more advantages than disadvantages in the event of medical emergencies.
Taking some time, doing some research and going through the fine print can save one from claiming insurance whenever it is not applicable, while taking full advantage of the policy cover when necessary.