Tech Trend and Health Insurance Industry

With 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

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.

Health insurance policies and practices

Health 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

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.

2. 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.