Health Insurance Claims: Know How to Be Prepared During Emergencies

With the increasing risk of diseases and the costs of healthcare services heading upwards, many people are looking to protect themselves with a health insurance plan. The point of buying health insurance is to be able to effectively raise a claim if the need arises. For the policyholder, the ultimate payback is when the claim is accepted.Hospitalization can be a stressful event for a person and their family. Especially in a crisis situation, things could get chaotic. Therefore, the importance of being prepared for health insurance claims, particularly in times of medical emergencies could not be stressed enough.Here’s our take on how to stay calm and prepare in advance for health insurance claims to be made during emergencies-

Oftentimes, people buy buy health insurance plans without even understanding what the policy entails. Knowing all the essential policy details enables you to make informed decisions and make full use of your healthcare investment.The first and foremost step that policyholders must take note of is whether their plan includes a cashless feature or entails the regular reimbursement claim route. Thereafter, the critical aspects to pay attention to are- coverage, deductibles, the sum assured and sub-limits.

In case you have opted for a cashless plan, policy document of a cashless policy clearly stipulates the list of hospitals across the country that the insurance company has tied up with. The claim settlement process takes place directly with the partnered hospital.Keeping track of the empanelled hospitals located within your city is crucial because the cashless claim could be denied if you unknowingly end up at a non-network hospital. In such a case, the insured individual would have to opt for the reimbursement claim route unwillingly.

Maintaining a record of all your previous medical reports, prescriptions, x-rays, blood tests, etc. gives the doctor an insight into your medical history. In an emergency, it can be hard to remember essential medical details like any allergic reactions or hypersensitivities, any physical ailments suffered in the past, etc. Such information can prove to be useful in unforeseen medical emergencies.

A survival kit for medical emergencies includes first-aid equipment, surplus cash and a photo I.D. proof. Having a few extra funds at your disposal enables you to be financially prepared for a crisis situation.
Even if you are armed with a health insurance policy, initially the policyholder may be required to fork out certain expenses. Also, it is advisable that you keep a copy of your policy document handy. You can carry it to the concerned network hospital and present it at the time of admission for a rapid claim settlement process.These tips will help you stay prepared and equipped with all the necessary documents and information. This will help you smoothly sail through a medical emergency and ensure a hassle-free claim settlement process.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.