Health insurance is a financial must-have for all families. The recent pandemic has driven this message home more than anything else. However, handling health insurance requires a lot of care and hardly belongs to the fill-it-forget-it category.
The proper handling of a health insurance policy begins from the time one buys it. The first thing to remember is that one should be fully transparent and disclose all diseases existing in the individual(s) for whom the policy is being purchased. Concealing an existing disease is one of the ways of getting a claim rejected.
Don’t file in waiting period
One should not file a claim during the waiting period of any policy. Every policy has one. Being in the waiting period means the beneficiary is not yet eligible to get insurance.
Inform the insurer
Every insurance policy requires that if the situation arises where a claim will be filed – hospitalisation for treatment or surgery – if possible inform the insurer of the development on the first day itself. If necessary, the company will check the veracity of the information and it will eliminate one area of suspicion.
File claim on time
Another must-do is that the claim must be raised within a given/stipulated time period. One cannot file a claim after a lot of delay and expect the company to pick up the bill.
Pay your premium on time. Instances are not rare when claims are filed for lapsed policies. Insurer companies send reminders for policy payments and there is also a grace period after the due date has passed. So one cannot be so casual, ignore paying premiums and let the policy lapse.
File all documents at one go
If a patient is taking advantage of cashless claim, it is fine. However, if someone is filing a claim for reimbursement of expenses incurred, the insurer asks for a host of documents. The policyholder cannot avoid furnishing these documents. If inadequate documents are provided, the insurer can easily cite gaps to turn down or slash the compensation sought.
Health insurance is one of the most important insurance that everyone must have and rejection of claims can deliver a big setback to a person. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
