INSURANCE CLAIM
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Why can your insurance claim get rejected & how to avoid it?
All health insurance policies have a life-long renewal clause which the regulator has mandated. They cannot be rejected and your pricing cannot go up purely because you have a condition right now. So, certain benefits are inbuilt and benefits that the customer can take, says Deepak Yohannan, CEO, MIC Insurance Web Aggregator
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Nearly 70% health claim users opting for reimbursement mode don't have enough liquid savings to pay bills: Survey
A recent study highlighted challenges faced by health insurance policyholders opting for reimbursement, often resorting to borrowing or dipping into savings for medical bills. Despite expanded coverage, 68% lacked adequate savings for expenses. Cashless treatment remains preferred, with 89% satisfaction, compared to 79% for reimbursements. Delays post-discharge also impact satisfaction.
![Is your medical claim stuck? Find out why you face problems in health insurance claim settlement and how to avoid them](https://img.etimg.com/thumb/msid-111183310,width-100,height-75,resizemode-4/wealth/insure/health-insurance/is-your-medical-claim-stuck-find-out-why-you-face-problems-in-health-insurance-claim-settlement-and-how-to-avoid-them.jpg)
Is your medical claim stuck? Find out why you face problems in health insurance claim settlement and how to avoid them
While health insurers can sometimes be blamed putting customers through unending hardship in clearing claims, many a times it’s the policyholder who is at fault. A significant portion of these health insurance claim rejections can be prevented by asking the right questions during policy selection, carefully reviewing policy documents, and conducting thorough research. This article explores common health insurance claim rejection scenarios and explains how to avoid them.
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LIC warns policyholders about offers to buy their current insurance policies
The life insurance behemoth has urged all policyholders to proceed with extreme caution before making any decisions about their policy that might compromise their family's risk coverage and financial stability.
![6 questions to ask while buying a health insurance policy to avoid claim rejections later](https://img.etimg.com/thumb/msid-111183880,width-100,height-75,resizemode-4/wealth/insure/health-insurance/6-questions-to-ask-while-buying-a-health-insurance-policy-to-avoid-claim-rejections-later.jpg)
6 questions to ask while buying a health insurance policy to avoid claim rejections later
How to buy the right health insurance policy that will pay for your claims on time? You can avert claim rejections by asking the important questions at the time of buying health insurance and reading the policy details and fine print carefully. Ask these questions while purchasing a health plan or at the time of filling a proposal form.
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6 recent health insurance claim rule changes every policyholder should know
Insurers will have to clear a health insurance claim within three hours of receiving it from the hospital during discharge. Irdai has also given a window of one hour for clearing cashless claim requests at the time of admission. All you need to know about the recent health insurance claim norm changes by the insurance regulator.
Up to Rs 10 lakh relief in train accident: How a 45 paisa IRCTC travel insurance can be a huge help for your family in case of death or disability
IRCTC travel insurance: Do you know that IRCTC offers an optional travel insurance policy at just 45 paisa premium per passenger. This policy offers coverage up to Rs 10 lakh in cases of death and permanent disability. God forbid if you perish in a train accident, atleast your family will get the required financial assistance.
Go Digit stock likely to face pressure amid elevated combined ratio
After gaining over 24% within three weeks since listing on bourses on May 23, the stock of Go Digit General Insurance has remained range bound following weak performance in the March quarter, which was declared on June 11.
Insurers must offer a basic cover, strict claim deadlines
Regulator mandates 'pay as you drive' option in motor insurance. Customers to benefit from tailored products and roadside assistance services. Insurers bear salvage disposal burden, offer flexible 'fire' policy options.
All insurers must offer basic cover, meet settlement deadlines: IRDAI
IRDAI announced customer-centric measures, requiring general insurance companies to offer basic insurance products with clear coverage details on their websites for easy comparison and customization.
General insurance companies can't reject claims for want of documents: Irdai
Irdai stated that general insurance companies cannot reject claims for lack of documents, introducing reforms in the business with a new master circular, repealing 13 others.
Government initiates parametric & hydroelectric insurance pools for enhanced disaster protection
The government, led by GIC chairman Ramaswamy Narayanan, is developing parametric and hydroelectric insurance pools to enhance disaster protection. Parametric coverage will pay claims based on predefined triggers like earthquakes, while the hydroelectric pool will insure losses to power projects due to natural disasters. These schemes draw inspiration from the successful post-2004 terrorism insurance pool. The government plans to prioritize these initiatives after the elections. Details like whether the coverage will be at the state or district level are still being finalized.
NHCX, a single portal for all health insurance claims soon: what is the claims process, benefits to policyholders
The digital platform, to be launched in 2-3 months, will speed up and standardise claim settlement process, leading to cost benefits for the insured.
Cashless claims to be cleared in 3 hours
Irdai has also mandated the insurer to decide on the cashless authorisation within one hour of receipt of the request.
Health insurance premiums can be reduced if you don’t make a claim, policy cancellations to be less costly and more: 5 rule changes
Health insurance rule changes: To make health insurance policy more inclusive, flexible and customer-friendly, IRDAI has recently released a master circular on health insurance business. The regulator introduces new measures regarding cancellation charges, standardising no-claim bonus, and increasing claim settlement transparency. ET Wealth Online explores how these regulations empower policyholders and improve their health insurance experience.
DICGC posts 17% growth in insurance fund
The fund is collected by premiums received from insured banks, interest income from investments, and cash recoveries from failed banks. The deposit insurance limit in India is set at ₹5 lakh per depositor per bank.
Health insurance claim rule change: Cashless claims must be cleared in 3 hours; insurer to pay hospital charges for delay in discharge, says IRDAI
Health insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular to streamline health insurance claim process. Previously, delays in claim approvals forced patients to stay in hospitals longer. Now, insurers have three hours to approve cashless discharge requests. Additionally, insurers will be liable for extra hospital charges due to delays.
IRDAI in favour of 100% cashless claim settlement in health
In terms of cashless claims, the regulator wants insurers to decide on authorisation requests within one hour of receipt. It has directed insurance companies to put in place necessary systems and procedures to meet the new guidelines by July 31, 2024.
IPL insurance claims hit Rs 150 crore
This year, the tournament took Rs 10,000 crore insurance cover from New India Insurance, National Insurance, and United Insurance, insuring against revenue losses from events like rain cancellations. Matches between Gujarat Titans and Kolkata Knight Riders, Rajasthan Royals and KKR, and Sunrisers Hyderabad and Gujarat Titans, were affected due to rains.
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