Cashless health insurance comes with a sigh of relief in your emergency condition where you do not require paying anything for the services you take from a hospital. It is a simple and most effective insurance term that satisfyingly pays your medical expenses. As compared to the plans, such health insurance retains a steady market due to having above-expected benefits. But like other policies, it also needs your undivided attention to measure every corner of the policies. The content brings inside out of such health plan to give you the maximum knowledge.
Health insurance companies generally define the cashless health insurance as a policy that pays your hospital charges for the illness covered by your health plan. The company is liable to look after the expenses as per the terms and conditions, which makes you free from the barrier of paying from your own pocket.
Cashless health policy pays you for the medical expenses only and it completely ignores the non-medical issues that you may or may not have when you get admitted to a hospital. The exclusions areas are broadly discussed by policy holders and a list of exclusions are given to them as for their reference.
You must not mix cashless health plans with co-pay since these two hold different definitions in the policy market. Generally in a co-pay policy, the medical expenses are shared between a policy holder and an insurer. Though the gigantic amount is paid by the company itself and a little is left for the policy holder. In Cashless term, you can go cashless and your company looks after the expense related matters.
The comparison is also made with the reimbursement plan. Reimbursement plan relies on the term that a company pays you as against the expenses you spent in a hospital. It needs a proper documentation to apply for the claim.
Advantage of cashless health insurance
Benefits are innumerable for a cashless health insurance plan. Still, some of the best ones are mentioned below:
You no need to pay ready cash.
You can also get cashless health plan outside India as per your company’s terms.
You can get tax benefits, like other insurance policies, under the section of 80D of the Income Tax.
Knowing about exclusions is a foremost thing when you purchase a health insurance; else, they work a devil and spoil your health plan completely. The cashless health plan has come with a list of exclusions like other health plans. The list is given below:
Injuries or ailments acquired in the course of conducting illegal activities
Routine medical exams
Joint replacements unless it is necessitated by an accident
Injuries or medical conditions caused by terrorist acts or wars
There are many companies that offer you a cashless health plan with satisfying benefits and coverage areas.