The government has come up with a new service, that will help you if there is a sudden need for money in the event of the coronavirus pandemic or any kind of medical emergency. The members of the Employees' Provident Fund (EPF) can now withdraw an advance of Rs 1 lakh from their PF balance immediately in case of any sudden medical emergency. To avail this facility, they will not need to give any kind of cost estimate.
On June 1, EPFO had issued a circular, in which it has been told that this medical advance of Rs 1 lakh will be given in case of sudden hospitalization for the treatment of any deadly disease including coronavirus.
Earlier, EPFO had allowed advance to be taken from EPF account for a medical emergency. But, this amount was available on the basis of cost estimates or only after reimbursement of medical bills. However, this medical advance is completely different from this and the EPF member does not need to show any bill or estimated expenditure, just apply and the amount will be transferred to the account.
There are some guidelines for how EPF members can take this advance in case of emergency, which will be given to the member or his family in case of hospitalization.
1. The patient should be admitted to Government/Public Sector Unit/CGHS Panel Hospital for treatment. If he has been admitted to a private hospital in an emergency, then an officer will investigate and then his medical advance will be issued.
2. The employee or any family member will have to submit an application giving details of the hospital and the patient, mentioning that there is no estimate of the cost and a medical advance should be issued.
3. This amount is received within one hour of application from the member or any of his family members for help in hospitalization.
4. This is completely different from the COVID-19 Advance of EPFO Board in May. In this, you can get 75% of the total fund, and it is non-refundable.
