Adequate health insurance is an essential requirement today. With the rapid rise in lifestyle-related illnesses, traffic accidents, and excessive health care costs, Mediclaim is one of the largest investments. An unfortunate accident or sudden illness can result in huge medical costs without proper cashless health insurance. When health care inflation rises, the cost of treating a minor illness can also drain your savings and become a financial burden. Due to this growing concern about the costs of treatment, many insurers now offer health insurance with the cashless option.
The Cashless Mediclaim policy is an excellent solution to protect against exorbitant medical costs in the event of hospitalization due to illness or accident at no cost. Basically, insurance companies are associated with various hospitals across the country for cashless facilities known as “network hospitals.” In the case of treatment at one of the network hospitals, medical bills are paid directly to the hospital by the insurance company. “Cashless health insurance” is a great help in the event of a medical emergency and offers you complete financial security and safety. Compared to Mediclaim reimbursement policies, where you pay medical bills first and then the insurance company reimburses them, Mediclaim is extremely advantageous with no cash when needed.
You can protect your health and financial well-being by investing in different types of cashless health insurance policies available in India. The Indian insurance market offers different types of health insurance according to the needs of the people. Here are the main types of cashless health insurance in India:
Individual Cashless Health Insurance:
As part of individual cashless health insurance, a person receives specific health insurance for a certain period of time. The coverage offered can be used for hospital expenses whenever the insured needs it.
Family Float Cashless Health Insurance:
As part of Family Floater Cashless Health Insurance, all family members are covered by a single policy with a fixed sum insured. The policy generally covers you, your spouse, and dependent children. Many guidelines even apply to dependent parents and in-laws. The coverage of the policy can be used by any insured family member for hospital expenses during the period covered by the policy.
Cashless medical policy for the elderly:
The special health needs of the elderly are covered by cashless medical insurance for the elderly. These guidelines have been carefully designed to help cover hospital expenses for the elderly at a critical time in their lives.
Cashless hospitalization offers the insured several advantages. Keep reading to know more:
Reduces financial burden:
Cashless medical or hospital insurance policies are particularly helpful in unplanned or emergency situations. During this time, funds can be arranged for hospital costs. This is where cashless or hospital insurance plans can help. It serves as financial coverage during your hospital stay and you do not have to pay out of pocket.
Most insurance companies offer coverage for pre-hospital, post-hospital, home hospitalization, ambulance, and hospital care, among other things. Some insurers even offer diagnostic or preventive health tests as part of your policy. However, insurance coverage can vary from one insurance company to another. It is advisable to read the terms and conditions before choosing the appropriate insurance policy.
Peace of mind:
Rather than worrying about how to handle funds at the hospital, cashless treatment offers the option of paying the bills so you can rest easy. You can also visit some of the best hospitals for quality medical care.
The premium you pay for health insurance qualifies for tax breaks under Section 80D of the Income Tax Act of 1961. The maximum amount you can claim for tax breaks can vary. financial year. Learn about the latest health insurance tax benefits.
Provides coverage during the trip:
A medical emergency can arise while traveling, especially if you are in an unfamiliar location. You can visit any of the network hospitals listed by the insurer to benefit from an emergency hospital stay without worrying about medical expenses.