The importance of an insurance plan has strengthened after the pandemic debacle. It is no longer just any other way to safeguard health but a must-have investment. Changing lifestyle has seen different ailments gripping people, and these lifestyle ailments are more common than ever. Diabetes, hypertension, and a few others are commonly heard of. But being prepared for these health conditions is vital in today’s day and age. Thus, health insurance cannot be ignored.
But if health insurance is so critical, the rejection of your claim may mean hefty financial loss in addition to mounting mental stress. Hence, here are some tips to avoid the possibility of rejection of a claim in your health insurance policy.
Seek right information
With the ongoing pandemic, there has a been a rise in the number of people seeking health insurance coverage. Undoubtedly, its importance cannot be undermined. Hence, it is essential you know the right information about it.
Many buyers may simply buy one but without knowing its nuances. Such a situation can be dangerous as it may lead to outright rejection of claims. The best way to go about buying your insurance cover is to read the fine print thoroughly. Moreover, you must also confirm and clear any doubts prior to buying the policy to avoid any confusion at the time of claim.
In addition to seeking right information about your policy, you also have a 15-day free-look window wherein you can cancel the insurance coverage and avail the refund of the premium paid in case you are unsatisfied with the terms of the policy. *
Next point to keep in mind to avoid rejection is to disclose the right set of information to the insurance company. Many buyers often conceal some information that is critical to determining the coverage and premium which often leads to a rejection during a claim. To avoid such a situation, it is best to provide the accurate information and avoid concealing any material and relevant information to the insurance company. Adequate information ensures the insurer is well informed of any medical history concerning the insured and has no valid grounds for rejection of your claim. *
Avoiding discrepancies in your application form
Discrepancies in your application form can be a major reason for rejection of your claim application. This occurs when either you overlook the application form or someone else fill such form on your behalf. Hence, it is best to fill such application form yourself. This ensures errors are not made with any other medical records that are submitted to your insurance company. *
Selecting a reliable insurance provider
Another nifty tip to avoid a rejection of your insurance claim is to opt for a reliable insurance company. A metric to determine the reliability of the insurer is look for the claim settlement ratio (CSR). This ratio determines the number of claims honoured in comparison to the total applications received. Thus, an insurance company with a higher CSR is better in terms of reliability. *
* Standard T&C Apply
With these different pointers, you can avoid the rejections in your health insurance policy whether you are selecting an individual plan, family floater plan or even a critical illness insurance cover. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.