Health insurance buyers have been able to heave a sigh of relief ever since cashless insurance policies came into play. The prime reason for this is, policyholders no longer have to pay for their treatments out of their own pockets and wait for the insurance companies to reimburse them. Cashless policies have actually made paying for medical procedures a lot more easier as it don’t involve much of paying. Rather it requires an individual to submit the documents and be an interface between the hospital and the insurance provider.
In this article, we will learn about some of the do’s and don’ts before investing in a cashless health insurance policy. But before that let’s give you a brief about what a cashless insurance policy is.
What is a Cashless Health Insurance Policy?
A Cashless Health Insurance Policy is a policy which doesn’t require you to pay for your treatments in a network hospital affiliated with your insurer. To get a cashless treatment, all you would have to do is show a valid identification and let the hospital and the insurance company sort out the payment based on the treatment you have availed. Now, let’s get to the do’s and don’ts of a cashless health insurance policy.
Here are some of the things you need to do when opting for a cashless health insurance policy.
Keep yourself informed:
Having a cashless health insurance policy doesn’t mean you can have all your ailments treated. Like every other health insurance policy, a cashless one too will have a list of diseases and procedures that it will cover. So, before actually buying a policy, take a look at what it covers and what it doesn’t and then and only then should you make a decision
Check the network hospitals:
The main reason why cashless policies are rising in popularity is because treatments are available across a string of hospitals. As a policyholder, your first instinct should be to check how good the network hospitals are. If you are satisfied with the hospitals in the list and the services they offer, you should go ahead with the policy.
Compare similar offers:
While cashless policies are still in their infancy in India, there’s no dearth for insurers that provide them. Just like with every other thing you buy in your life, make sure to compare and evaluate cashless offers that fall under your price range. When you are evaluating offers, keep in mind aspects like network hospitals, illnesses covered etc. so as to take a more weighted decision.
Like a yin for every yang, there are things you should and shouldn’t do when buying a cashless insurance policy. Here are a some of the things you shouldn’t do:
Don’t get lured in with big names:
While you may already know that traditional health insurance policies have limitations, the case with cashless policies is slightly more tricky. There are times when insurers try to lure you by listing out some big-name hospitals in their policy. Never fall into the trap as you may get a good hospital, but you may not get the treatment you are looking for.
Don’t skip the fineprint:
The thing with cashless health insurance policies is that, it’s not like the usual terms and conditions you see on the internet. Fineprints of insurance policies cover all the important details pertaining to a particular policy. So, rather than “agreeing” with the terms you don’t know anything about, read the entire document carefully so that you can elevate the problems with the insurer in case you come across some issues.
Don’t go for the base renewable age:
Renewable age in health insurance terms is the maximum age beyond which your policy will be voided. When applying, check if your policy has the highest renewable age it can offer.
As mentioned earlier, cashless health insurance policies are still in its infancy in India. So, make sure to keep the aforementioned pointers in mind sifting through the best policy for you.
GST rate of 18% applicable for all financial services effective July 1, 2017.
Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.