Skip to main content

Health Insurance Buying Guide - Part III

Ways to make a claim

 One must proceed according to insurer's norm while making a health insurance claim; else one is likely to encounter delays in the processing of the claim. 

Documentation must be correctly prepared:

 One must provide original and authentic documents for:

 1.    Final bill. Break up of various bill heads need not be specified.

 

2.    Authentic and whole discharge care document which must mention the entry and exit time of the treatment.

 

3.    Original investigation reports attached along with the prescription and requests.

 

4.    One must also present pharmacy bill attached along with signed claim forms.

 

Claims must be made in time:

One must submit the documents within 30 days after the patient is discharged so that compensations can be duly made. In order to avoid delays, one must their claims on timely basis.

 

Procedure for cashless settlement:

When one buys a cashless health plan from a policy maker, one must be issued an ID card mentioning the name of a third party administrator (TPA). TPA aids you in processing of a claim and helps in rightful billing at the medical organization where one has got treated or has been examined for a critical illness or disease.

 

There may be two cases when it comes to hospitalization. Namely:

 

Planned Hospitalization

 

One needs to contact the Third Party Administrator in order to inform them for the planned hospitalization. It is essential to check for the coverage terms of one's policy and make certain that the hospital or medical facility where you plan to get treated is in the Insurance companies set of connections.

 

In cases, where the medical facility or the hospital is not in the insurance company's area of network, then it is difficult for the cost to get covered. And, if your insurance company provides you with cash-less ability then it is a must to inquire from the TPA in order to follow the due process.

Unplanned Hospitalization

 

It is important to update the TPA quickly in order to obtain the claim forms and to understand the measure while filing for a claim. Bear in mind that all your claims and related documents must be filed within 7 days of treatment.

 

One needs to get all the essential documentation, once the treatment is complete. This can be obtained from the hospital and the surgeon. One needs to settle all the bills from his or her own pocket in order to get the compensation from the insurance company. One needs to tally with their policy in order to cover both- pre hospitalization and post hospitalization expenses.

 

In some cases, your claim might not be passed if at all the treatment of the critical illness or disease is not supported by your health insurance policy. However, if your claim is rejected, make sure you are writing to your insurance company within a time span of 15 days, in order to lodge a complaint.

 

One needs to check with their TPA, in cases of partial payments. However, mostly in all the cases offering additional documents will help in recovering the left over claim.

Popular posts from this blog

What is Electronic Clearing Service (ECS)?

  As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...

WEALTH TAX

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 WEALTH TAX   WHAT CONSTITUTES WEALTH? For wealth tax purposes, "wealth" means property , urban land, car, jewellery , yacht, boat, aircraft and cash in hand in excess of Rs 50,000. CAUTION POINT | Do not think you will have an easy escape from wealth tax by transferring your `wealth' without consideration to your spouse or minor child. Such assets will also be considered as your wealth. HOW TO DETERMINE YOUR TAXABLE WEALTH Add the taxable value of the above assets (computed as per the detailed rules for valuation) owned by you as on March 31 (for FY 2014-15, it will be March 31, 2015). In case you sold your car during the year, it will not be taxable wealth. Deduct loans if any obtained by you to acquire any of the taxable assets from the value of gross tax out for at least 300 days in a...

Equity Savings Fund

Invest Equity Savings Fund Online   The best part about these funds is that they are subject to equity fund taxation and at the same time are structured like MIP like funds . This new category, equity savings funds , offer a little of everything. They allocate money to equities & equity related instruments, and fixed income. They aim to generate returns by diversification. Such funds invest in fixed income and arbitrage to protect the investors from short term volatility and equity for capital gains. The best part of these funds is that they are subject to equity fund taxation and at the same time are structured like MIP funds.   MIP funds however are subject to debt fund taxation. Investors Equity savings funds are suitable for the following: First time investors who seek partial exposure to equity with less volatility and greater stability Investors seeking moderate capital appreciation with relatively lower risk Those wh...

How to Pick Top Performing Mutual Fund Schemes

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   How to Pick Performing Schemes  Funds that continue to stay in the top grade of performance over longer periods are the ones to bet on, advise investment experts   The mutual fund performance charts of the past few months make for an impressive reading. Funds across all categories boast of stellar returns. Sample this: The mid and small cap category has averaged 77 percent return over the past 12 months, with the best fund delivering a staggering 120 percent. The tax-saving funds also average an impressive 51 percent, including a fund which has soared 92 percent. Many of the table-toppers are funds of proven quality and track record. However, there are also schemes that are not that well-known. Some of these have rarely made it to the performance charts in the past, yet, of late, they bo...

8% Government of India Bonds quick guide

For those seeking comfort in safety of returns, the Government of India issued 8% savings bond once again comes to the fore. First launched in 2003, these bonds are issued by the government with a maturity of 6 years. The bonds are available at all times with specified distributors through whom you can apply to invest in them. Here is a quick guide to what the bond offers and its features to ascertain to check for suitability. What are Government of India bonds Government of India bonds are like any other government bonds with specified rate of interest. The rate is fixed at 8% per annum paid half yearly, or you can opt for cumulative payment of interest at the end of the tenure. You can buy these bonds from State Bank of India and its associates, other nationalized banks and some private sector banks such as HDFC Bank Ltd and ICICI Bank Ltd, among others. The bonds can be bought from the offices of Stock Holding Corporation of India as well. They are available in physical form onl...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now