Claim Settlement Options in Health Insurance

Everyone, especially Indians loves to get free items as much as possible. Guess what, this applies to your health insurance too! With the cashless claim facility offered by health insurance providers, you do not have to pay any cost to the hospital for your availed medical services.

How is this possible?- Understanding Cashless Claim Settlement

Let us first understand how health insurance works, briefly. When you buy the policy, you need to pay some amount in the form of premiums. So whenever there is any medical emergency, you do not have to worry about the cash for bill payment. You can apply for cashless claim settlement to pay the bill. In this method, the company will pay your bill to the hospital directly. '

But that does not only claim settlement options available by the insurance companies.

Another claim settlement option available is called reimbursement.

Now, let's learn about that in more detail.

What is Reimbursement?

Let us understand this term with a scenario.

Jayansh went to a non-network hospital for his kidney treatment. While paying the bill, he submitted the amount and then sent the documents to his health insurance providers and got the money back.

So, the insurance providers do not allow cashless settlement in all the medical procedures. They pay you back in the form of reimbursement.

Key Differences Between Cashless and Reimbursement Claim Settlement

Here is the representation of the basic idea between cashless claim settlement and reimbursement claim settlement.

Which One is Better?

Determining the best claim settlement process depends on various factors, such as:

• Understand which one is more convenient.
• Choose your hospital and check whether it is covered by your policy provider.
• Understand your financial status and choose accordingly.
• Understand the evaluate the approval process.
• You need to understand how much time the claim process takes.

Bottom Line

When it comes to health insurance choices, we ask a lot of questions to ourselves and our health insurance providers. Although, as per the General Insurance Council, "Cashless Everywhere" has been implemented in recent times. This means you can avail of cashless claim settlement anywhere for emergency hospitalisation. Most importantly, irrespective of cashless or reimbursement claim settlement, you should go for the best hospital services to get proper treatment and recover fast. Though cashless claim settlement always triumphs over reimbursement, ultimately choose the one that suits your needs the best.

In case of any query, you can reach out to us.

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