Why Cashless Claims Are Gaining Popularity In The Health Insurance Sector
In small towns, when the cost of treatment exceeds Rs 1 lakh, one has to take a loan.
A survey done by Policy Bazaar has revealed that a large percentage of policyholders in the country are dissatisfied with reimbursement claims and prefer cashless claim settlements.
Healthcare is expensive matter in today’s time and medical inflation is growing exponentially in the present day. Not everyone can afford the cost of treatment that is asked by private hospitals at this time. Practically, complex health issues or colossal health conditions cannot be dealt with efficiently by government hospitals; however, this infrastructure does help people in times of emergencies. So, to aid the people, health or medical insurance is available. A health insurance policy is an assurance that provides immediate financial help in case any medical emergency arises. It is a contract between a policyholder and the insurance company.
But to ease things for the people, now, the facility of completely cashless treatment has been made available in health insurance. Reimbursement is still needed in some circumstances. But, the method of claiming reimbursement has become cumbersome and troublesome for the policyholders. Because customers have to pay money from their own pockets or take a loan to get treatment for health concerns at hospitals. As per a survey, about 68 per cent of people said that if the policy does not have the facility of cashless claims, then they either need financial assistance or have to use up their savings.
The survey has suggested that policyholders have displeasure towards this mechanism. It revealed that in small towns when the cost of treatment exceeds Rs 1 lakh, one has to take a loan. Therefore, cashless treatment has become the first choice of policyholders. However, most people are not able to avail the facility of cashless treatment. In this survey, 89 per cent of people said that they are very satisfied with cashless claims.
The survey was conducted by an Indian Insurance Aggregator and multinational financial technology company, Policy Bazaar, to know about the level of satisfaction among the people regarding health insurance policies and their processes. The process of medical claim settlement takes less time for cashless claims as compared to orthodox claims. That leads to greater satisfaction among policyholders, and they prefer the cashless claim.
Dig deep into some benefits offered by cashless claim settlement in health insurance:
– Immediate treatment as you can get admitted to any of the network hospitals, it only requires informing the insurance representative promptly, and the process becomes very convenient.
– The documentation required in case of a cashless claim is way less compared to the requisites in reimbursement claims.
– It has a major benefit in terms of tax liability. Under Section 80D of the Income Tax Act, the premium paid for health insurance is exempted
– It covers both the pre and post-hospitalisation expenses, which include diagnosis, treatment, a fee from the doctor, etc.
– Special treatments like dialysis, chemotherapy, surgery expenses, cost of admission, and other daycare expenses are also covered.
– You don’t need to use up your hard-earned money for hospital bills.
