System And Method For Cashless Transaction For Availing Hospitalization Benefits

A system for cashless transaction for availing hospitalization benefits comprising:

• a point of service transaction terminal for receiving access card data and hospitalization data for initializing cashless transaction;
• a third party administrator or an insurance company desk for entering and transmitting hospitalization data and access card data to a third party administrator or an insurance company;
• a storage media for storing the hospitalization data and the access card data;
• a third party administrator or an insurance company for receiving the hospitalization data and access card data through a financial switch, the third party administrator or the insurance company being provided with an adjudicating element to determine eligibility and accordingly authorizing a value of amount;
• and
• a health service provider network connecting the third party administrator or the insurance company and the storage medium;
• wherein,
• the access card is inserted into the point of service transaction terminal after availing the hospitalization benefits for enabling a card reader to read the stored nature of amount, deduct the portion of value of amount spent on providing hospitalization benefits and retransmitting the unspent value to the third party administrator or the insurance company in a predetermined time.