Health insurance policyholders must follow certain steps to get their health insurance claims faster. Before we get to the subject, let’s first understand the concept of health insurance. If you are a first-time buyer, you must know what’s health insurance. Health insurance, also called mediclaim, covers the medical costs of a policyholder.
In other words, it is an agreement between the insurance company and the policyholder; wherein the insurance company agrees to reimburse the surgical and medical expenses when the policyholder gets hospitalized for illnesses or injuries. Remember that health insurance works according to the agreed terms and conditions.
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Today, health insurance is required for self and family members as health care has become very expensive. If you or any of your family members is hospitalized, you need a health insurance plan.
Arranging funds at the last moment is difficult. Sometimes, you may have to compromise on your medical treatment. So, buy health insurance and ensure a better life.
For instance, Herceptin, which is a medicine used to treat cancer, will cost you roughly Rs 1,10,000 for a viral of 440 mgs. Cancer patients may need up to 17-19 bottles based on the severity of the disease. Can you afford to pay this huge an amount? This is why you need health insurance.
See Also: Health Insurance Benefits
Health insurance or medical insurance is broadly categorized into three lists, which include hospitalization policies, hospital daily cash benefit policies and critical illness policies. Hospitalization policies also referred to as indemnity policies, reimburse the medical and hospitalization expenses of a policyholder.
Hospital daily cash benefit policies reimburse a defined sum of money for each day of hospitalization; irrespective of the actual expenses. Critical illness policies pay up a lump sum amount when the policyholder is diagnosed with a critical illness as specified in the policy.
There are two types of claim settlements: 1) cashless claims and 2) reimbursement claims. Health insurance policyholders may opt for a cashless settlement in case of planned hospitalization. The concerned insurance company will settle the medical or health care expenses with the network hospital.
Many health insurance policies offer the facility of cashless claims if you avail medical treatment at the network hospital. (This hospital has a tie-up with the insurer).
See Also: How to Buy Health Insurance Policy?
Sometimes, you may have to opt for reimbursement claims if you are hospitalized at a non-network hospital. To get claim settlement fast, just follow these steps:
See Also: Health Insurance for Disabled
The prime benefits of health insurance include cashless treatment, post and pre-hospitalization expenses, transportation expenses or ambulance charges, free health checkups, room rent, tax benefits u/s Section 80D of the Income Tax, Act, 1961 and others. You can avail individual health insurance policies, while families can avail family floater health insurance plans.
Decide how much sum assured is required. Make it a point that the sum assured you choose is adequate. Understand about the guaranteed renewability clause and the minimum age of entry. Pay attention to the inclusions and exclusions of the policy you are going to choose. Compare and analyze various types of health insurance plans available in the market. Do not be in a rush to avail a health insurance plan.
The very important thing you must consider is your family medical history. In India, people under the age of 45 years do not have to undergo mandatory health checks-ups prior to buying a health insurance plan. But, you have to disclose the pre-existing conditions if any without hiding them. The details you furnish at the time of purchase must be completely reliable and accurate.
Even smokers can avail health insurance, but at higher premiums. It’s difficult to hide the smoking habit. Blood and urine tests can detect nicotine in your body. Smokers must avail health insurance as they are prone to smoking related illnesses.
See Also: History of Health Insurance in India
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