Earlier, insurance providers used to provide reimbursement for all the expenses borne by the insured. However, these days, most insurers offer the benefit of cashless settlement of claims. According to this arrangement, the insurance providers settle all the expenses with their network providers. You, therefore, do not have to make any out-of-pocket expenses towards the huge medical bills.
It is important to note that in order to avail of the benefit of cashless insurance, it is necessary to visit any of the providers in the insurer’s network. You may view the Third Party Administrator’s (TPAs) website to identify the comprehensive list of hospitals or garage networks, in the case of cashless car insurance.
Cashless policies entail a lot of importance. Following are the three major benefits of cashless policies.
1. Prevents financial strain
The major benefit of a cashless insurance policy is that it prevents financial burden. You do not have to bear any out-of-pocket expenses. This ensures that you do not have to run around arranging funds. Besides, there is no need to liquidate any long-term investments such as mutual funds. Additionally, you do not have to deplete your lifetime savings to meet your expenses. Since the insurance provider settles your bills you may enjoy a great degree of financial freedom.
2. Ensures that you receive quality treatment
In an event of a medical crisis, a cashless mediclaim policy helps you receive the best treatment. You may avail of excellent healthcare facilities without having to pay for any hospital-related expenses, such as domiciliary treatment costs, in-patient care expenses, alternative treatment cost, and ambulance charges, among others. All you have to do is display your health insurance card at the network hospital and fill in the pre-authorization form. The hospital will then forward the application to the TPA. Once the cashless health insurance application is approved successfully, you may receive treatment from the network hospital without making a single payment.
3. Provides value-added services
Greater the annual payouts by the insurance provider to the network companies, higher will be the negotiation power for discounts and offers. This benefit may be directly passed on to the customers. You may save a certain amount on your sum insured and utilize the same towards any subsequent event in the future.
The popularity of cashless insurance has indeed grown. You too may invest in such an insurance policy and avail of the numerous benefits it has to offer. In case you wish to opt for cashless benefit, you may buy insurance online or visit your local branch. By doing so, you may safeguard your financial well-being and have peace of mind knowing that you do not have to bear any financial burden.
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