Medical Advancement at EPFO: If you are unexpectedly hospitalized, there is no need to be concerned about money; EPF members will receive an advance of Rs1 lakh, which will be deposited to their account instantly and with minimal paperwork.
New Delhi: EPF Medical Advance: What would you do if you have an unexpected financial requirement in the event of a Coronavirus Pandemic or any other medical emergency? In response to this, a new facility for Employees’ Provident Fund (EPF) members has been established, in which you will receive Rs 1 lakh as soon as you are admitted to the hospital.
In the event of a medical emergency, a one-lakh advance is available right away.
In the event of an unexpected medical emergency, EPF members can take a one-time advance of Rs 1 lakh from their PF balance. They will not be required to provide any type of cost estimate for this. EPFO published a circular on June 1 in which it was stated that in the event of a sudden hospitalization for the treatment of any severe condition, including corona, a medical advance of Rs 1 lakh would be provided.
There’s no need to show a bill estimate.
EPFO had previously authorized advance payments from EPF accounts in the event of a medical emergency. However, this money was only available on the basis of a cost estimate or after medical bills were reimbursed. This medical breakthrough, on the other hand, is nothing like that. The EPF member does not need to present any bills or estimates; simply apply, and the funds will be deposited to their account.
Essentials of medical advance
There are some guidelines for EPF members who want to take advantage of this advance in the event of an emergency. In the event of hospitalization, this advance is granted to the EPF member or his family.
1- For treatment, the patient should be admitted to a government/public sector unit/CGHS Panel Hospital. If he was admitted to a private hospital in an emergency, an officer will investigate before issuing a medical advance.
2- The employee or a family member must fill out an application that includes information about the hospital and the patient, as well as a statement that the estimate is not accurate and that a medical advance is provided.
3- This sum is obtained within one hour of the member or any of his family members requesting assistance with hospitalization.
4- This is in stark contrast to the EPFO Board’s Covid Advance in May. You can get 75% of the total fund in this, and it is non-refundable.