Apr 15,2024
Medical emergencies strike without warning, leaving us vulnerable and scrambling for the best course of action. In these moments of crisis, cashless health insurance emerges as a true lifesaver. It removes the immediate financial burden associated with critical medical care, allowing patients to focus on their recovery. The health insurance market has been witnessing significant growth, with an increasing number of individuals opting for health insurance policies.
The health insurance market size was valued at USD 12.86 billion in 2022 and is expected to grow at a compound annual growth rate of 11.55% from 2023-2030. According to the Insurance Regulatory and Development Authority of India (IRDAI), the health insurance sector in India was growing at a rate of over 20% annually. The Government of India has been taking initiatives to promote health insurance coverage across the country. The Pradhan Mantri Jan Arogya Yojana (PMJAY), also known as Ayushman Bharat, aims to provide health insurance coverage to over 500 million people from vulnerable households. While PMJAY primarily focuses on providing coverage for hospitalization expenses, it has also led to increased awareness about health insurance in general.
Technology plays a crucial role in solving the issues of awareness and accessibilty. With the help of artificial intelligence, complex policy terms are made easier to understand. Most major insurance companies now offer user-friendly mobile apps, which let you manage your policies anytime, anywhere – right from your phone. In just a few clicks, one can buy a new policy, renew an existing one, or even make changes to the coverage. Furthermore, with the integration of AI and machine learning algorithms, insurers can now assess claims much faster and more accurately.
Making healthcare even easier in India, the health insurance industry has teamed up for a game-changer called ‘Cashless Everywhere’. This means one can get cashless treatment at any hospital in their network, regardless of the insurance company. Financial strain can worsen a patient’s condition and delay crucial interventions. However, cashless health insurance eliminates this hurdle. By guaranteeing payment to hospitals within the network, it ensures patients receive immediate and necessary treatment, regardless of their ability to pay at the moment. Furthermore, cashless insurance removes financial barriers, allowing doctors to prioritize treatment without waiting for approvals or verifications. This expedites care and improves the chances of a successful outcome.
The speed at which cashless insurance facilitates treatment is another crucial benefit. During a medical emergency, every minute counts. The streamlined process eliminates the need for arranging finances or securing deposits, enabling doctors to begin treatment promptly. This can be particularly life-saving in situations requiring immediate intervention. Furthermore, cashless health insurance empowers patients to choose the best course of action without financial constraints clouding their judgment. With the immediate financial burden lifted, patients can prioritize their health and focus on receiving the most effective treatment available within the network. This empowers them to make informed decisions based on their medical needs rather than financial limitations.
Source: Healthworld
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