Need Cash? You Can Withdraw Rs 1 lakh From PF Account. Here’s How

PF Withdrawal: The Omicron variant of Covid-19 has gripped the world to turn out to be probably the most dominant pressure of the coronavirus, and India is not any exception. The nation, at current, is recording almost two lakh circumstances each day, with the numbers projected to extend additional, primarily as a result of transmissibility of the Omicron variant. In this case, the necessity for funds for medical functions has gone up for affected households or individuals. However, the rising variety of Covid-19 circumstances has additionally affected most people by way of economic system. In a bid to ease this burden, the Employees Provident Fund Organisation, or EPFO, has provide you with an answer.

The EPFO ​​now permits its members to withdraw medical advance cash to ease their burden of such bills. Members can withdraw Rs 1 lakh upfront for a medical emergency, together with hospitalisation. This could be finished with out producing any paperwork or estimates, the retirement physique has stated in a round. The EPFO ​​in its notification issued final yr amid the Delta wave, stated, that in case of life threatening ailments, it turns into “imperative to get the patient immediately admitted in hospital on emergency to save his/her life and it is not possible to get the estimate from hospital in such serious situations.”

The circular was a revisit by the organization to the matter of granting medical advance in the event of medical emergencies for employees under the PF scheme. “A need is felt for streamlining the advance facility for such serious in-patient’s treatment in hospital whenever family members of employees are not able to manage estimate from hospital concerned in which such patient has been admitted in emergency. Sometimes patient employee maybe in ICU where estimate is not known in advance. Hence the following procedure may be adopted to grant medical advance for emergency hospitalization on account of serious life threatening illness including Covid,” stated the round. This additionally turns into vital with the rising Omicron circumstances in India.

How to Obtain EPFO ​​Medical Advance

– Patient must be admitted for treatment in a Government/PSU/CGHS empanelled hospital as per the rules. In case of a private hospital, they can appeal to the relevant authority to consider their case as fit to grant relaxation in rules.

– The employee or a family member has to submit a letter on behalf of the patient for claiming the advance. It need not have an estimate of the cost, but it does need to have the details of the hospital and the patient.

– The medical advance of up to Rs 1 lakh can then be granted by the concerned authority to the patient or family member or can be directly deposited to the hospital’s accounts for beginning the treatment process. This advance should be granted immediately, preferably on the same working day.

– In case the treatment costs exceed the Rs 1 lakh advance, then an additional advance is possible as long as it falls under the rules of withdrawal of the EPFO. This advance will only be granted after the receipt of the estimate for treatment.

– The employee or family member needs to submit the hospital bill within 45 days after being discharged. The medical advance will be adjusted to fit the final bill of the hospital as per the EPF rules.

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