Health Insurance: Important Points to Remember

Health Insurance is a type of insurance which primarily covers the medical expenses. Under an ideal Health Insurance, you can protect yourself and your family from medical expenses by giving a very small amount each year and this amount is commonly known as the Premium.

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There are many other aspects of the health insurance but following points should be considered carefully in relation to the Health Insurance and its formalities involved:

  • Fill the form of Health Insurance by yourself as your agent might fill your wrong information. Each and every part is of immense importance so the best option is to take the lead in this.
  • Health insurance has many different types of policies available. Keep your age and family in mind and choose the appropriate and befitting policy. Do a good research online and contemplate on different policy’s features and compare their premiums and purchase the suitable policy for yourself.
  • When you buy a Health Insurance policy, there is no claim of medical treatment for the first month / 30 days in the first year, but the claim of accident or injury is covered in these days.
  • For your family, it is important to have a family floater policy of at least Rs 3 lakhs.
  • Do not hide any history of illness.
  • Details of whom you are taking, their health history, Name, Age and Birth date should be correctly filled inside the form.
  • Get information about which disease which is not included in Health Insurance or how many years insurance can be involved. Ex: In the first two years of health insurance, many diseases like a hernia, hydrocele, piles, and cataracts are not included.
  • If you have to be admitted for medical treatment in the hospital, then your health insurance card and photo identity card should be shown to the hospital staff so that you can get the benefit if the cashless facility is available.
  • If there is no cashless facility in the hospital, within 12 hours after admitting in hospital, you should call the Health Insurance Company Toll Free number given on the back of the card. This does not make the process difficult to Hospitalization Claim Reimbursement.
  • The claim of health insurance / the Xerox copy of all documents sent while claiming should keep with it.
  • If you have any have any issues with the complaints or payment from your health insurance company, then you can complain/inform it at complaints@irda.gov.in or call 155255.

These are important points that will help you to take health insurance so that you can avoid the hassle of medical expenses, and you will not face any problem in getting good treatment at a difficult time.

At Medimanage Health Insurance, we educate our clients on all the factors and also the benefits that they can derive from their policies. We strive hard to achieve the client’s satisfaction.

Claiming Health Insurance Benefits

Whenever you or any of your family members or dependents are admitted to the hospital due to an illness or an unfortunate accident, then health insurance provides adequate financial cover. Policyholders can claim health insurance either through cashless mode or in some situations, the policyholder may have to pay all the outstanding amount in the hospital and then the claim is submitted to the insurance company.

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You can do this in two ways under the claim of a health insurance policy

  1. The Medical Service Provider can directly deposit the claim from the insurance company. When a person takes a cashless health plan, he should show his ID card so that the third party administrator can help you with the claim. TPA helps you in doing the claim and paying the correct bill in the event of critical illness.

 

  1. If your hospital is not in your health insurance company’s network and cannot file a claim on your behalf, you will have to file a health insurance claim form to request for the payment. All the necessary documents should be presented to the insurance company for compensation within 30 days of leaving the hospital.

To claim the insurance, you have to take care of certain things:

  • The form of claiming should be filled properly. It is important to keep in mind that your signature is properly done.
  • Before leaving the hospital, taking discharge summary, a copy of the inquiry report, and receipt of a bill, prescription and pharmacy reports are important.
  • It is important for the doctor to show the certificate for what type of operation has been done and how it is being taken. At the same time, the person should be shown his bill, receipt and the identity card of the disease.
  • In addition to the accident, chronic disease is also shown in any situation.
  • When submitting the claim, you should submit fresh bank mandate with the details of the policyholder’s bank account and IFSC.
  • If your insurance plan does not cover the disease that has happened to you then it may also be that in some cases your claim is considered “no”. But if your claim is not considered, then keep in mind that you file a complaint with your insurance company within 15 days. You should contact your TPA for partial payment.

Medimanage Health Insurance Brokers guide clients through every step to avoid any sort of confusion of choosing policy which is best for them by providing unbiased solutions.

Health Insurance and the Economy

InsuranceHealth insurance is one of the most important and highly recommended investments one can make as it acts as an ozone and protects you and your family from the unforeseen health disasters and financial crisis. Health insurance has evolved a lot in the recent years and is now transformed into an essential priority for every person in every section of the society.

The basic structure of the health system is now taking a new shape and definition and the strong relationship between the health investments and the economy is getting converted into the policies that define the interaction between these two entities.

Health investments and the economic structure are strongly interlinked. The national income has the direct impact on the development of the health infrastructure of the economy. For wealthier nations, it is an easy task to amend and ameliorate the health structure of the country but this may not be the case for every nation and hence, the need of developing an institutionalized system becomes mandatory.

The need behind institutionalizing the entire structure is unavoidable and is something that cannot be overlooked. The policies of the two entities are also interlinked, for example, if the taxes on the cigarettes and other tobacco products are increased, it helps in putting the restrictions on the use of such products in many public places. These strategies are undertaken by many nations of the world and it is also the same when it comes to India, the government has increased the taxes on these products and the banning of their use on the public places is also evident. Many countries have taken this step way ahead and eventually banned the entire use of tobacco in the pubs and other places of the social gathering.

The truth is that the countries with unstable and delicate health sector tend to have fragile economic structure and they find it difficult to attain and experience sustainable growth.

Lesser the investment in the health sector, lesser will be the chances of creating a great health infrastructure and lesser will be the life expectancy which directly affects the overall productivity of the nation.

The policymakers are excessively emphasizing on figuring out the ways in which they can expand the awareness of the health care benefits and enhance its outreach.

Medimanage insurance is one such insurance provider that believes in the delivery of standard healthcare facilities to the common people. At Medimanage, we constantly strive to develop and incorporate methods that can be used to make the people aware of the benefits of having a health insurance and also to create dynamic policies that can protect their financial savings.

Tech Trend and Health Insurance Industry

insurance-technology-trendsWith reference to the recent statistics based on the surveys conducted, Indian economy continues to have lesser density of the insurance sector and primarily this ratio is defined and driven by the rural areas of the nation where the access to these financial and health institutions are not well constructed and there is a limitation to the outreach of these facilities.

The paradigm shift of the population towards the technology has given a hope of success to the organization as the industry has now figured out a way of increasing their reach and enhance the customer experience.

Companies are now emphasizing on the use of latest technologies to create the infrastructure of the digital insurance sector. Major technologies that are playing a vital role in this transformation are:

  1. Cloud Computing
  2. Advanced Digital Analytics
  3. Mobile Internet
  4. Internet of Things
  5. Artificial Intelligence
  6. Social Media Platforms

The increasing use of technology has redefined the company-customer relationship. The health insurance sector has also witnessed a great rise in this department. The account details, payment details, policy expiration update and several other data can now be sent using the technical alternatives and these steps also make the conversation more personalized and bring the parties together.

Regulation of the data and customization of the products using the technical tools has enabled the consumer to pick up a policy of his own preference and this has significantly attracted the consumers towards the insurance market.

Insurance is a very important sector for any economy and over the years, the use of this investment has proliferated. There are many reasons behind this sudden rise including the increase in the price of medical facilities but the prime reason was the technical advancement and technical tools which also served as a weapon to increase the awareness among the people so that they opt for the insurance and secure their family from any unforeseen trouble and financial impediments.

The market condition suggests that people look for inspiration and personal connection before choosing their medical insurance and the technical platforms have enabled the companies to reach out to the crowd and target the untouched areas which primarily are the rural areas of India. Generating the awareness among the people is a great target and challenge for the companies and based on the data that shows the recent development in the industry, one may state that the health insurance companies are somewhat successful in penetrating into the market and with time this development will increase to benefit the sector.

Medimanage insurance is one such insurance provider that incorporates all the latest technologies to ensure that the insurance sector reaches out to maximum people. We understand the requirement of people and design our plans accordingly.

 

Factors for choosing a Health Insurance

Health insurance

Right from its foundation, concept of Health Insurance has always been an important aspect of not only securing the future from the sudden health crisis which may eventually lead to a huge financial burden or even bankruptcy but it is also considered as a very favorable area of investment and has a significant role in maintaining the economic stability.

Opting for a right and suitable insurance plan can be onerous and may include a lot of research work to determine the absolute suitability as per your income and future plans. There are a plethora of companies who have multitudinous plans for you with different premium plans, following factors may be considered before making a decision on the same:

  1. Premiums: One of the most important factors that are taken into huge priority is the premium amount. If you have a business setup, this is the first thing that the employees notice and this should be shared with them as they make a contribution in the same.
  2. Available Options: One should consider all the plans available and contemplate the options before choosing any plan. Plans differ in the premium options, secured areas, and other miscellaneous deductibles, therefore, proper research work is very important.
  3. Fundamentals of Coverage: This is a major factor for any plan that you choose, the prime question is that what sort of coverage does the plan has to offer? To ensure that your plan has everything to offer that you need, you must read the documents carefully and inspect every detail of the mentioned points.
  4. Other Deductibles: After the premiums, this is the second most important factor that needs our undivided attention. Deductibles affects the budget of everyone and hence, people pay a very close attention to what sort of other deductibles are present while opting for an ideal health insurance plan.
  5. Prime Objective: The main reason why you pick up a health insurance plan is to safeguard you and your family from the expensive medical fee and treatment costs. Usually, plans do cover many areas that you may not need so it is better to exclude those sections, for example, if you do not need any dental or eye coverage, make sure you get to customize your plan accordingly.

A complete medical insurance does protect from a lot of unforeseen troubles but a scrutinized look should be given to the plans before finalizing it and one must be open to seek the advice from others and be willing to consider their suggestions too.

Importance of health insurance

Health InsuranceIn a country like India, where the index of human life is very low, the need of having a health insurance is of utmost importance. Everyone should opt for a good insurance plan that includes hospitalization costs, laboratory test and medication costs, medical outlays, and critical illness coverage. Also, you should opt for a best mediclaim plan for tax saving. The IT Act allows deductions under section 80D if you pay health insurance premiums. If you obtain a Mediclaim plan for tax saving, you will have a reduced tax liability and thereby your annual taxable earnings are reduced.

Key advantages of a health insurance plan

  • Cashless treatment: Every health insurance company has its tie-up with many hospitals and nursing homes called the empanelled hospital. If you are admitted to such a hospital, you need not pay anything. This type of plan is mostly preferred as you are free from the stress of claims and arrangement of documents. If the expenses are beyond the limit you are insured for, then you yourself have to pay that amount to the hospital. Also, you will not be entitled to cashless treatment if you not taking treatment in any empanelled hospital.
  • NCB: New claim bonus (NCB) is the advantage provided to the client if no claim was received by him during the previous year. The advantage could be in the form of increased sum assured or discount on the cost. You will avail this advantage at the time of renewal.
  • Co-Payment: Some insurance plans offer you co-payment option. It is a cost-sharing system where people will have to bear some share in the total cost to be admitted.
  • Portability: This feature allows the insured to switch from one insurance company to other without any loss of advantages w.r.t.the waiting period, pre-existing ailments, and other benefits earned in the previous plan.
  • Health insurance through an employer: Most of the employers today provide health insurance to all their employees to cover hospitalization expenses of his own and also of their family members including parents, spouse or children. It is good to opt that mediclaim insurance as need not to pay a premium for that. It is group health scheme in which the amount of premium is decided by your employer on the basis of group size and assured benefits. Also, you are not entitled to get any benefit of the insurance scheme if you have left the job.
  • Health insurance for tax benefits: Health insurance plans entitle you for receiving tax benefits u/s 80D. The premium paid for health insurance for self and family will give you a rebate in tax. The health insurance for tax benefit is a good option as you can save up to Rs.25000 if you are below 60 years and up to Rs. 30000 if you are above 60 years.

Medimanage is one such health insurance broker, with an integrated service model which provides unbiased health insurance advisory, technology based delivery and professional medical insurance claims assistance focused on you. It is the only Health Insurance Provider in India, which blends the entire service cycle right from expert advisory, purchase assistance, medical insurance claims assistance and renewals into one package.

 

Health insurance policies and practices

Health InsuranceHealth insurance is an insurance which covers all the medical expenses borne out to the client. It depends on the plan the client choose that how much coverage will they get for hospital expenses, surgical expenses, critical illness expenses etc. our changing lifestyles have caused us so many diseases which have prolonged and expensive treatments. Thus a health insurance policy prevents you and your family from bearing huge financial crises at the time of any medical emergency. Many people also buy health insurance for tax saving as IT Act provides deductions on insurance premiums u/s 80D. Nearly a saving of Rs. 40000 can be made if you take health insurance for tax saving.

A good health insurance plan provides you financial support in case of emergencies related to health care. It helps you to meet various insurance needs based on different life stages of an individual or related to some specific disease.

Considerations to keep in mind before picking up an insurance plan

Never forget that your health is your wealth. Only by being healthy you can keep yourself in right frame and peace of mind so that you are always ready to tackle the hurdles which may arise anytime in life. Health is very unpredictable. Maybe you always make healthy choices, follow a proper diet schedule, indulges in exercises, but still, you may fall sick. Accidental situations always come as a surprise for which no one is ever planned in advance. Thus even if you are best at your health, you should visit a medical practitioner regularly for your health checkups. Also, select an appropriate plan of health insurance to save yourself from financial burdens if any medical emergency arises. Keep the following things in mind for deciding an appropriate health insurance plan:

  • Your financial conditions: The cost of health care plans is constantly rising. Although they are providing you tax benefits but don’t just take this point as the sole objective of purchasing a health insurance plan. To achieve health insurance benefits for the long term and on the affordable financial scale, you should go for a detailed health care plan. Having an insurance for health is making small payments for getting long-term benefits.
  • The premium: Don’t just go to the monthly premium payments. They may be within the reach of your pocket. Along with the premiums, you may have to suffer a burden of co-payment as well. Co-payment is that amount which will be paid out of your pocket before your insurer covers the cost burden. So before taking a decision, think practically about how much premium is affordable to you and which will be the best plan to go for.

Make mediclaim insurance policy comparison to know the best prices and see which one suits you the best. Medimanage helps you to choose out the best policy which reimburses your expenses as well as does not put a burden on your wallet.

 

Mediclaim Insurance – best policy to buy

Medimanage_Health-Insurance-Don’t make medical expenses, a burden to your pocket. Mediclaim insurance policy comparison at Policy Bazaar helps you to know the benefits it provides. Mediclaim insurance is available at affordable prices. It provides you hospitalization services in both private and public sector hospitals. It takes into consideration the expenses incurred during domiciliary hospitalization in any situation whether it is a surgery undergoing, any accident or even in case of a sudden illness. Mediclaim insurance policy comparison with other health insurance company is given below:

  • Mediclaim reimburses all your medical expenses, whereas, general health insurance handovers lump-sum money on diagnosing of a pre-specified disease, rather paying your actual expenses.
  • Its scope is beyond just critical illness. It covers accidental treatment and hospitalization expenses also. On the other hand, health insurance covers only critical diseases such as paralysis, kidney failure, heart attack etc.
  • This policy is generally taken to meet up the hospital expenses during hospitalization. Health insurance pays only the expenses incurred during critical illness and also compensate the clients for the losses incurred due to such illness.

Types of claims

  1. Cashless procedure: Under this mechanism, the patient is taken to a series of hospitals for his treatment and the insurer settles the entire claim or the part of it with that hospital. The patient needs not to pay even a single a penny for his treatment. This mechanism is followed with the following procedure:

Firstly the policyholder needs to get a pre-authorization form through the insurance desk which is found in all hospitals under its panel. This form needs to be filled by the patient or his attendee so that all the accurate information is received and the process of claiming does not get delayed. The company approves the required sum and sends a fax to the hospital stating that the patient’s expense of treatment has been sanctioned.

  1. Reimbursement: Under this scheme, it is important for the patient to inform his insurer that hospitalization has occurred or will occur in near future. Either make a call or send an email to inform the same. Submit all your bills and payment receipts you have got from the chemist or from somewhere else. Also, your discharge card and final bills should be submitted to the insurers to get the reimbursement.

Buying mediclaim policy

Although healthcare facilities have become very popular and accessible, it is still unaffordable to a major section of the society. Buy online mediclaim policy to get an insurance policy at cheap rates. Also, you may buy an online mediclaim policy for the entire family at once. This process will be cost effective as well as convenient as it reduces paperwork and hazels of both insurers and insures.

 

Mediclaim insurance policy comparison

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Medical expenses can be a great source of burden on your earnings. Unexpected happenings or misfortunes can lead you to spend lakhs on treatments. Insurance policy for medical is one of the best ways to deal with unforeseen happenings.

 

What is a medical insurance policy?

It is a hospitalization benefit which is offered by private as well as general public sector insurance companies in India. The main function of these companies is to take care of your medical expenses in terms of hospitalization, domiciliary hospitalization. There are two types of claims made under this insurance policy. These types are-

1.Cashless procedure- The insurer is supposed to settle either a part of the claim or the whole claim in the hospital itself. There are certain procedures that are to be followed to ensure a smooth process.

2.Reimbursement- You can inform the insurance company that a medical procedure is going to be taken place or has taken place. You have to send the receipts and expenditure of the whole process to get the due reimbursement.

How to compare these insurances?

There are certain footsteps you must follow to ensure free and effective comparison of mediclaim insurance policies.

  1. Compare claim ratios- You must compare the claim ratio of various health insurance companies that are based on the latest IRDA data resources.
  2. Check the IRDA data- Check the statistical and historical IRDA data of users from last four years of an insurance policy. It will help you in making a comprehensive and informed decision.
  3. Premium comparison- The best premium will be the one which will offer you the real value of your money. You can easily find these premiums online and compare them as to which one is most cost-effective and suits you.
  4. Get a list of comprehensive options- It is about your medical expenses which can go up to lakhs if something goes wrong. So before taking insurance, make sure you have researched thoroughly about it. Do not compare one of two insurance companies but make a list of a number of companies and compare them comprehensively to extract the most beneficial one.

Mediclaim insurance comparison can be a tough task only if you do not work smartly. A few simple steps, intelligent thinking and logical approach will help you get the best insurance claim company at your disposal. Medimanage is one such health insurance company which provides the best health insurance policy. There are different factors to be considered while you opt for insurance. These factors differ from individual to individual so you must observe your factors and choose according to them. For a healthy and safe future, make sure you get what is best for you.