Healthcare is an expensive issue nowadays and medical inflation is increasing exponentially today. At present, not everyone can afford the medical expenses demanded in private hospitals. In reality, complex health issues and serious health conditions cannot be dealt with efficiently in public hospitals, but this infrastructure helps people in emergency situations. So, to help people, health insurance or medical insurance is available. Health insurance is a guarantee that provides instant financial assistance in case of a medical emergency. It is a contract between the policyholder and the insurance company.
However, to ease the burden on people, completely cashless treatment is now available in health insurance policies. Reimbursement is still necessary in some circumstances. But the method of claiming reimbursement has become cumbersome and troublesome for the insured, as customers have to pay money from their own pocket money or take loans to get treatment for their health problems in hospitals. According to a survey, around 68% people said that they would need financial assistance or have to dip into their savings if their insurance did not have the facility of cashless claims.
The survey suggests that policyholders are unhappy with the scheme. It revealed that in small towns, if the cost of treatment exceeds Rs 10 lakh, they have to take a loan. Hence, cashless treatment has become the first choice of policyholders. However, most people do not have access to the facility of cashless treatment. The survey revealed that 89 per cent people said they were very satisfied with cashless billing.
The survey was conducted by Policy Bazaar, an Indian insurance aggregator and multinational financial technology company, to find out people’s satisfaction with their health insurance policy and the process. The medical claims settlement process takes less time in cashless billing as compared to traditional billing, hence increasing policyholder satisfaction and preference towards cashless billing.
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Let us take a closer look at the benefits of cashless claims settlement in health insurance.
– You can be admitted to any of the network hospitals, so you can get immediate treatment and you only need to notify your insurance agent promptly, making the process very convenient.
– The documentation required in case of cashless claims is much less as compared to the requirements in case of refund claims.
– Significant benefits in terms of tax liability. The premium paid towards health insurance is exempt under Section 80D of the Income Tax Act.
– Covers both pre- and post-hospitalization expenses, including diagnosis, treatment and doctor’s fees.
– Special medical treatments such as dialysis, chemotherapy, surgery, hospitalization, and other childcare costs are also covered.
– You don’t have to spend your hard-earned money on hospital bills.