Need and Benefits of Cashless Medical Insurance - PowerPoint PPT Presentation
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Need and Benefits of Cashless Medical Insurance
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Do not live life with the risk of no medical insurance. Take care of your health but also prepare for the worst with Alankit’s medical insurance policies. Get medical insurance for yourself and your family to be at peace about your finances. Take another step towards becoming a responsible adult by signing up for Alankit’s medical insurance plan. The plans are affordable and suitable for young adults to retired citizens. – PowerPoint PPT presentation
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Title: Need and Benefits of Cashless Medical Insurance
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Need and Benefits of Cashless Medical Insurance
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- Medical emergencies are situations which can
bring routine life to a halt and result in
additional expenditure. That is when buying a
medical insurance policy becomes necessary. When
deciding to get medical insurance policies,
individuals can choose cashless plans that can
relieve them of the financial burden to a great
extent.
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- Nowadays, people live in a stress-prone
environment with rising number of diseases. While
this is one issue to tackle, sky-rocketing costs
of healthcare, on the other hand, is another
serious aspect they need to be aware of. Under
cashless insurance plans, the insurance company
assists the policy holder through cashless
hospitalisation facility or offering a due
reimbursement for the sustained expenses, in lieu
of the policy amount and paying the annual
premium amount regularly. Before opting for the
best Cashless medical insurance policy,
individuals should clearly understand the
importance of having such a plan and its many
advantages.
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Why buy Cashless Medical Insurance policy?
- Cashless health insurance plans are becoming
popular among people these days as it replaces
any form of payment by cash at the time of
medical contingencies. It especially benefits
individuals who are cash-strapped or do not have
instant access to cash when an emergency arises.
That is, the policyholder will not be required to
pay the bills for hospitalisation and treatment.
Rather, the payment will be made by the insurance
company to the hospital directly. Such an
insurance plan comes as a boon in a situation
which could have otherwise wipedoff ones
accumulated life savings.
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- However, in order to get medical insurance
benefits in the cashless way, individuals must
approach only the network hospitals. That is, the
insurance companies keep a list of hospitals
across the country known as the network
hospitals, which is also mentioned on the
official websites of these companies. And, the
benefits of cashless policy can only be availed
at any of these network hospitals of the
insurance company. Usually, a third party
administrator is responsible for processing,
approval and settlement of a claim by the
policyholder. - Moreover, Cashless Medical Insurance not only
reduces a familys stress by eliminating the
financial burden, it ensures the best possible
treatment for a family member at the right time.
This can be considered another crucial factor for
buying a cashless health insurance plan.
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What are the benefits for an insured person?
- Cashless facility The biggest advantage of
availing a health cover from a reputed insurance
company is the cashless feature. An insured
person can simply avoid the hassles of getting
cash to pay the medical bills in case of any
emergency due to disease or sudden attacks of
sickness. He or she can just approach any of the
network hospitals and get treatment without
paying any advance to the hospital.
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- Hospitalisation Insurance companies usually
offer the cashless facility which can be availed
either in case of planned hospitalisation and
emergency hospitalisation. In addition, there is
another advantage of buying a Cashless Medical
Insurance policy. Based on what kind of policy
and its specific features one opts for, the
health insurance will provide cover for a
considerable amount of hospitalisation fee, both
before and after the hospitalisation. This period
usually varies anywhere between 30 to 60 days,
varying for different policy covers and different
companies.
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- Additional expenses Additional expenses such as
transportation cost of the ambulance in case of
medical emergency are also covered by some
companies. This proves to be an add-on advantage
and vital support when one expects treatment in a
hassle-free manner. - No Claim Bonus In case no medical situation
arises in the interim of ones policy tenure, the
insured is entitled for No Claim Bonus from the
company, which he or she can avail at the time of
policy renewal, according to the company norms.
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- Hospital Room Rent Coverage Some companies
include the cost ofhospital room rent in the
plan, despite the treatment or any surgery
charges. It depends on the extent of the amount
insured with the company. Moreover, it is
restricted to the type of room one opts for. - Tax benefits The premium amount the policyholder
pays to get medical insurance cover in cashless
formis eligible for tax benefits up to Rs 25,000
for individuals below 60 years and up to Rs
50,000 for senior citizens, under Section 80D of
the Income Tax Act, 1961.
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