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10 Frequently Asked Questions You Should Know About Cashless Claims

Team AckoJan 17, 2024

In today’s times, the concept of ‘precaution is better than cure’ is applicable in almost all walks of life. It is especially true in the case of a Mediclaim or health insurance policy. As it is often said, do not wait to cross forty before purchasing Mediclaim, get it at the earliest! When it comes to a Mediclaim policy/health insurance policy, one needs to purchase it at a young age so that there are less complications involved and the premium is also low. If you are thinking of purchasing a Mediclaim policy or a comprehensive health insurance policy, make sure it has the cashless claims feature. Not sure about the meaning of cashless health insurance? Read ahead to find out answers to 10 frequently asked questions about cashless health insurance/cashless Mediclaim.

Contents

Q1 – What are cashless claims?

Cashless claims are claims that can be settled without paying money upfront. This means, the hospital bill of the insured person will be taken care of directly by the insurance company. The insured person will just have to pay the deductible amount.

Q2 – What is a deductible amount?

A deductible is an amount that an insured person contributes from their side while settling a claim. It is a minor amount as compared to the claim amount.

Q3 – What is a network hospital?

Insurance companies have tie ups with hospitals for smooth processing of cashless claims. The hospitals aligned with insurance companies for settling cashless claims are termed as network hospitals.

Q 4 – How does cashless insurance work?

The insured person has to intimate the insurance company on getting admitted in a network hospital for treatment. Once the insurance company runs a basic check regarding the insured person’s policy coverage, the hospital bill is settled between the insurance company and the network hospital.

Q5 – Does the insured person have to pay extra to avail a cashless facility?

No, insurance companies do not charge for the cashless claims facility. It is an integral feature of modern insurance companies.

Q6 – Do all insurers provide cashless facility?

It is not a mandate to provide cashless claims, however, a lot of insurance companies do provide the cashless facility. One needs to check the list of network hospitals of an insurer to make an ideal choice with respect to the cashless facility.

Q7 – What if the insurance company does not have the cashless claims facility?

In that case, the insured person will have to opt for the Reimbursement facility. This is a time-consuming activity as compared to the cashless feature.

Q8 – Which one is better cashless or reimbursement?

Cashless claims facility has its advantages over the reimbursement model as it is quick, transparent and convenient.

Q9 – How to select the right policy with respect to cashless claims?

One should check the terms and conditions of the policy before purchasing it. With respect to cashless claims, one should look for limitations associated with the plan to make an informed decision. Also, remember to clear all your doubts by reading the inclusions and exclusions of the policy before purchasing it.

Q10 – How to select the right insurer with respect to cashless claims?

You can speak to friends and family regarding recommendations. However, it is always better to conduct an online check regarding insurance companies. One can easily compare health insurance policies and health insurance providers online. There’s no need of running behind an agent to do so. Check for the company’s Claim Settlement Ratio and online reviews before purchasing a policy.

Disclaimer: *Except for exclusions like maternity benefits, undisclosed diseases, etc. Please check policy wordings for more details.

**The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.

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