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Fool-Proof Tips to Select the Right Cashless Health Insurance Plan

Aniket Thakkar Aniket Thakkar 27 April 2017

Want to gain cashless benefits of a health insurance plan? Find out what are the factors you should keep in mind while choosing a policy that is ideal for you.

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Health insurance is all about getting financial protection in times of emergencies. The icing on the cake is when you don’t have to shell out any money from your pocket to get medical treatment in a hospital.

Hence, it is important for you to consider a health insurance that has an extensive network of hospitals that offer cashless treatment. Take a look at some fool-proof tips on how you can purchase the right health insurance plan:

Research and compare

Most policies are similar! So, check for the benefits that are unique. Start by comparing the basic features. Usually, all health insurance policies cover hospitalization charges post approval from the third-party administrator (TPA). But, you could always look out for the extra benefits. Let’s assume a situation: You may have a policy that you think is similar to the one your sibling has. But, on thorough research you realize that your sibling’s policy has daily cash benefits. In fact, it also covers domiciliary treatment.

Check for proximity

Cashless insurance works by providing treatment at any of the insurer’s listed ‘network hospitals’. Without your involvement, the expenses are directly settled by the insurance company in association with the treating hospital. You might be impressed to learn that a certain health insurance plan includes some top hospitals in its network. But, to find a plan that is suitable for you, focus on the proximity of these hospitals as well. Simultaneously, ensure that the network is well spread out. In case of an accident, you would only want to be rushed to the nearest hospital.

Opt for larger numbers

The ideal insurance plan would be the one which has a large number of network hospitals. You know you are safe when you have multiple choices. Besides, these alternatives come at no extra cost. They reduce stress during critical situations. Take this example: Zakir was upset that his preferred hospital ran out of beds when his daughter needed platelets. However, he had several options to fall back on. (Thanks to his insurance plan!)

Know your insurer

You have done your research and zeroed in on a few options. Digging a little deeper will do no harm. There will be times when you need reimbursement in a cashless hospitalization as well. Finding out the claim settlement ratio for various companies could help you identify the most preferred insurer.

Evaluate the information

The echoes of ‘read the offer document carefully’ might ring in your ears every time you think of purchasing an insurance policy. Since you are still trying to finalize an insurer, reading the information on the insurer’s catalogue or website might save you from disappointment later.

For example, you may be happy with your insurance, until the day you need an ambulance to reach the hospital and discover that you have to bear the charges yourself. This reinforces the point that your policy might have exclusions. Understanding these before agreeing to purchase one will help you choose the best plan.

Understand your needs and set realistic expectations

The only way to find the best health insurance plan is by identifying your healthcare needs. Even the best plan that offers cashless benefit can have limitations and the plan may not cover every contingency. You could chalk out your priorities before choosing the one that suits you best.

For example, your floater plan may not cover medical equipment charges, but may cover the costs of ambulance services, critical illness and domiciliary treatment, which could be what you expected. It’s all about getting your priorities right! Life is all about taking calculated risks. Remember the tips mentioned above and follow them to choose the right insurance plan without any hassles.

Aniket Thakkar
Written by Aniket Thakkar
He lives off TV shows, movies, junk food, comics and sarcasm. When he is not working as a freelance imaginary friend to other beings like him, he works as VP of Marketing at Coverfox.