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How Does Cashless Mediclaim Work?

Posted On : 19 April 2023, 1 Years Ago. Health-Insurance
Mediclaim

In the world of digital banking and payments, cashless medical payments have become more common. Cashless medical payments are more secure, easier to track, and more efficient than traditional payments. Cashless hospitalisation is extremely beneficial, especially in emergency situations where the ailing patient or their family may be unable to make last-minute financial arrangements for treatment. Furthermore, in order to meet changing healthcare needs, insurance companies have begun to offer greater benefits on cashless mediclaim policies.

 

This blog will discuss cashless medical insurance plans and the various types available.

 

What is a Cashless Mediclaim?

A cashless mediclaim policy is a type of health insurance that provides coverage for medical expenditures incurred in the case of an illness or injury. It allows policyholders to receive medical treatment without having to pay out of pocket, as the insurer will pay the medical bills directly to the hospital or doctor. Generally, the policyholder is only responsible for paying the deductible, co-pay, and co-insurance. Cashless medical payments are made using various methods, including credit cards, debit cards, prepaid cards, and digital wallets.

 

How Does it Work?

These policies work by allowing policyholders to access medical treatment without paying out of pocket. When a policyholder seeks medical treatment, the insurer pays for the treatment directly to the hospital. The policyholder is usually required to present an insurance card to the healthcare provider, and the hospital bill is sent to the insurer for reimbursement. The policyholder may need to pay a copay or deductible upfront, depending on the terms of the policy. The insurer will typically cover the remaining costs of the medical treatment.

 

Different Types of Medical Insurance Plans

Health insurance is the most common form of cashless mediclaim in India. It covers hospitalisation expenses, pre and post-hospitalisation costs, daycare treatments, and ambulance charges. Here are some cashless medical insurance policy types:

 

  • Cashless Senior Citizen Health Insurance: This is a particular type of health insurance policy designed for senior citizens in India. It covers pre-existing illnesses and offers additional benefits such as free medical check-ups and discounted rates for medicines.
  • Cashless Employee Health Insurance: This type of mediclaim is offered by employers to their employees as a part of their employee benefits package. It covers hospitalisation expenses, daycare treatments and more.
  • Cashless Critical Illness Insurance: This is a particular type of health insurance policy designed to cover expenses related to critical illnesses such as cancer, stroke, heart attack, etc. It also covers pre-existing illnesses as well.
  • Cashless Personal Accident Insurance: This type of policy covers hospitalisation expenses, pre and post-hospitalisation costs, daycare treatments and more in the event of an accident.

 

Benefits of a Medical Insurance Policy

Medical emergencies can occur due to injury, illness, or other inconveniences. It can be stressful to arrange money in such circumstances. However, suppose you have a cashless mediclaim. In that case, there are certain benefits you can avail of:

 

  • Convenience: Such a policy makes it easier for customers to access medical services without worrying about the availability of funds. It is an excellent benefit for those who may not have the monetary means to pay for medical services.
  • Lower Out-of-Pocket Costs: Mediclaim policy for family allows customers to pay a reduced amount for medical procedures, as many insurance companies offer discounts for cashless services. It helps to reduce the cost of healthcare for individuals and families.
  • Quicker Claims Processing: It also helps to streamline the process of filing claims. As payments are already made, the paperwork and processing time associated with filing a claim are drastically reduced.
  • Improved Quality of Care: Medical insurance plans allow customers to access medical services from top-notch healthcare providers. It is because many insurance companies offer discounts or even free services at certain medical facilities.
  • Improved Access to Care: It also helps to improve access to healthcare services in rural and remote areas. It is because many insurance companies offer discounts or even free services at certain medical facilities.

 

Cashless medical payments are becoming more popular as people become more comfortable with digital payments. As more people use cashless medical payments, healthcare providers are better able to manage their finances and provide better care to their patients. Cashless medical payments are more secure and efficient than traditional payments and can help healthcare providers better manage their finances and provide better care to their patients.

Secure your health with comprehensive insurance plans from Nivabupa

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