Network hospitals offer a cashless claim facility wherein the insurance company directly settles the claim with the hospital. One should check whether a nearby hospital is covered under this list.
Selecting a health insurance policy In view of rising medical costs and treatments, it is extremely important to have a health cover. However, one should consider some basic factors before finalising an appropriate cover.
In case of a pre-existing disease or certain procedures or maternity benefits, there is a waiting period applicable. It is not possible to make a claim for that disease or procedure during this period. So, check the waiting periods while evaluating a product.
Every insurance company has tieups with certain hospitals and this list can easily be viewed on the company or TPA website. These network hospitals offer a cashless claim facility wherein the insurance company directly settles the claim with the hospital. One should check whether a nearby hospital is covered under this list.
It is important to check the various coverages of the policy, the limits of each cover, and whether modern or alternative types of treatment, pre and post-hospitalisation costs with respect to diagnostic tests, check-ups, etc are covered. Also, check whether the policy covers daycare procedures.
A hassle-free and fast claims process plays a crucial role in selecting an insurance company. It should have responsive customer support and a quick resolution mechanism.
Points to note
- It is necessary to disclose all health-related information to the insurance company with respect to pre-existing diseases and other health related factors.
- There is a free-look period of 15 days from the date of receipt of the policy, during which the insured can cancel the policy if not found suitable, without any charges being levied.
Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.