Health Insurance 645 views January 17, 2020

What is Cashless Mediclaim Policy

Cashless mediclaim policy is a type of health insurance where the medical payments are directly done by the insurer to the hospital and the policyholder is not involved in it. There are many benefits you get when you choose a cashless mediclaim policy. However, you need to be aware of the policy features and correctly understand how such a medical insurance cover works to be able to derive the highest value out of the plan. Take a look at this article to know what is cashless mediclaim policy.

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What is cashless mediclaim policy?

Let us begin by understanding what is cashless mediclaim policy. Health insurance claims can happen in two ways, namely, reimbursement and cashless. In the former, the policyholder pays the hospital bill himself and laters submits the bills to the insurance provider and gets the amount reimbursed. In a cashless facility, the bills are directly cleared by the insurer and the policyholder can simply walk out of the hospital.

How does cashless mediclaim work?

The cashless facility is not available on every single health insurance plan. You have to enquire about it when buying the health insurance policy. If you really want the cashless facility, check the policy wordings to ensure the facility is available. Then, the insurance company will issue you a TPA card. TPA, or third-party administrator, is an agency who helps insurance companies in the cashless process. The cashless jobs are handled by them and they work as a network between the policyholder, the insurer and the hospitals. Every insurance company has a tie-up with a few hospitals and health care centres. These are known as the network hospitals and you can only seek cashless treatment at these hospitals.

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Steps to follow in cashless mediclaim

These points will help you to understand what is cashless mediclaim policy:

  1. Inform the insurance provider or the TPA about your upcoming hospitalisation, in case of planned procedures. In the case of an emergency, inform the insurer or TPA within 24 hours of hospitalisation, giving details of the events that took place and the volume of the claim that will be made.
  2. Present the TPA card to the hospital when getting admitted. Every hospital has a TPA department, where you need to present the card. If your insurer deals with it directly, without the involvement of a TPA, you will have to provide the card your insurer gave you, to the hospital.
  3. If there is a co-pay amount, you need to only pay that during discharge. The remaining expenses will be cleared by the insurer and you can simply walk out of the place after your discharge.

As you can see, the steps are quite straightforward and simple to follow, making cashless mediclaim a handy type of health insurance.

Advantages of a cashless mediclaim policy

  1. Hassle-free health care – As you may have guessed, a cashless plan makes it very convenient and hassle-free for you to seek treatment at any network hospital.
  2. Quick and easy process – The process is very simple and only involves some basic steps of intimation from your end. This makes cashless mediclaim very easy to understand and use.
  3. Many options – Since all the health insurance companies offer these plans, cashless mediclaim policies are widely available and you get many options to choose from. The plans are available online, making them easily available.

Choosing a good cashless health plan

Now that you know what is cashless mediclaim policy and you are also aware of the benefits of such coverage, you can go ahead and choose a suitable plan for yourself. Fortunately, there are many options to offer. Practically every single health insurance company in India offers cashless health insurance policies. Here are a few tips to help you choose your best cover:

  1. Understand your needs – Before you set out to buy a good cashless health insurance cover, you must understand your own needs and requirements. Doing so will tell you what kind of a health plan you need and you will be able to choose properly.
  2. Compare – Never buy health insurance without comparing. It is very important for you to compare health insurance as only then can you be sure of what your options are. You can compare instantly online and that too without having to pay any money.
  3. Choose a good insurer – Last but not least, do not forget to buy your mediclaim policy from a good health insurance company. Unless the health insurance provider is not good, you won’t be able to enjoy a smooth cashless experience.

In a nutshell

As you can clearly see from the points mentioned above, the cashless health insurance covers are of great use. You also know what is cashless mediclaim policy, and after understanding the features properly, go and get yourself the ideal plan. Compare the options and find the best plan at the best rate.

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