How Should You Choose a Cashless Mediclaim Policy?
Buying a mediclaim policy is not a tough task. Especially, when you know what you want your policy to provide when the need arises. If looking forward to buying a mediclaim policy, it is advised to choose a cashless mediclaim policy. Your cashless mediclaim policy will make sure you do not have to worry about your finances at the time of an unexpected medical emergency. How? Let us uncover in detail.
What Is a Cashless Mediclaim Policy?
Cashless mediclaim policy is a policy that allows you medical treatment without requiring you to pay medical bills at the time of hospitalization. Specifically designed to prevent the last-minute stress of arranging finances, a cashless mediclaim policy avoids the hassle of reimbursement formalities. Health insurance companies, through cashless mediclaim policy, take care of the hospitalization expenses by ensuring direct settlement. Note that the same is applicable if only the total bill amount lies within the assured limit and if the hospital is a network hospital.
What Aspects to Look for When Buying a Cashless Mediclaim Policy?
Before you make your cashless mediclaim choice final, make it a point to look for aspects mentioned below to make the perfect decision.
The key elements to look for when buying cashless mediclaim policy include:
1. Before moving ahead with the policy purchase, make sure you have done proper research on the health insurance company providing the plan. Remember to check the claim settlement ratio, network hospital list, product range, and other vital elements like such.
2. Analyzing your own specific requirements would be one of the most important things to do to make an ideal choice. Being aware of your own medical needs would help you be clear of what you would need your cashless mediclaim policy to have. So, make sure you work on your requirements like the number of family members covered, the sum assured amount, and others in the first place.
3. Do remember to check whether or not your hospital is under the cashless feature. It would be better to check the list of cashless hospitals covered under the cashless mediclaim policy. Choosing a plan offering cashless benefits at a hospital near you would enhance your convenience significantly.
4. Checking your cashless mediclaim policy for the availability of pre-existing disease coverage would be helpful as well.
Things to Remember
Here are a few things that you should know about cashless mediclaim policies in general:
- Cashless facilities under cashless mediclaim policy are available only at a network hospital.
- In case of planned hospitalization, you would have to inform your health insurance company 2-3 days in advance.
- In the case of hospitalization due to an emergency, you would be required to inform your health insurance company within 24 hours of hospitalization.
- The health insurance company will only pay the amount covered under the cashless mediclaim policy. It would be your responsibility to pay the rest of the amount.
Some of the common exclusions under the cashless mediclaim policy include:
- War injuries
- Cosmetic surgery
- Infertility treatment
- Injuries due to alcohol consumption
- AIDS and other transmitted diseases
- Pre-existing illnesses within 30 days of policy period start date
- Self-inflicted injuries such as suicide attempted suicide, etc.
- Treatment of pregnancy & childbirth, abortion, miscarriage, etc.
- Expenses incurred due to congenital disease
Buy a cashless mediclaim policy if you want your hospitalization expenses, whether planned or emergency to be taken care of by your health insurance company. Remember to check a few factors such as premium, surgeries covered, critical illness diseases covered, and more before making a final call. Rest assured, investing time and efforts in purchasing a cashless mediclaim policy would be worthwhile./span>
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.