With the modernization of technology, our lifestyle has changed. We have become more dependent on machines, which have given rise to several health conditions. Not only this, with the advancement in the healthcare sector, the cost of treatment has also skyrocketed. Because of the unhealthy lifestyle and skyrocketing healthcare cost, it is important to buy health insurance.
Health insurance will provide you financial support in the time of need. It will take care of your loved ones and will help them financially. When it comes to making a claim under your health plan, there are two ways, reimbursement health plan, and cashless health insurance.
Difference Between Reimbursement And Cashless Health Plan
Both types of plans have their own benefits, but many experts recommend cashless health insurance. In reimbursement health plan, you have to pay all the medical expenses incurred in the treatment from your own pocket. After that, you can get the reimbursement on showing the medical bills, reports, essential documents, and much more. In some cases, your claim might also get rejected. However, if you opt for a cashless health plan, you don’t have to worry about the medical expenses that might be incurred during the treatment process. All you need to do is get admitted into one of your insurer’s network hospitals. Once you do that, you don’t have to worry about anything as your insurer will directly settle the medical bills with the network hospitals. You don’t have to worry about the lengthy paperwork, all you need to do is focus on your recovery. The claim settlement ratio in such a type of plan is very high. Cashless health insurance also ensures that you get the best possible treatment. But before you opt for a cashless claim in your health plan, make sure you check whether the network hospital of your insurer comes in your area or not.
Steps To Help You Get Cashless Claims
Given below are the steps that will help you make a cashless claim easily:
- In case of a medical emergency, choose one of the network hospitals, and get admitted into it immediately.
- You should then inform your insurance provider.
- You will find insurance desk at every hospital where they help people with insurance and cashless claim related queries. Get the pre-authorization form from the desk.
- After filling the form, you should submit it to the insurance desk. The Third-Party Administrator will send you a confirmation email along with a letter that showcases the maximum treatment amount.
- Third-Party Administrator (TPA) is an IRDA licensed entity that is appointed by your insurer on their behalf to carry out claims and policy-related facilitation services to the policyholder.
Benefits of Cashless Claims
- This type of plan is helpful when you need to arrange a huge amount of money in a short time.
- You don’t have to worry about lengthy paperwork at the time of the claim. You will get coverage amount without any hindrance.
- All the amounts incurred in the treatment will be directly paid by your insurer to the network hospital.
- Gives you peace of mind, as you don’t have to worry about the finances in case of a medical emergency.