How does the Health Insurance Work?

According to a survey, the number of individuals availing health insurance policies in India increased to around 400 million in 2018. A primary reason behind this massive growth is the easy application and claim procedures coupled with numerous benefits that are offered by several insurance providers.

Here is all you need to know about how do such insurance policies work in India –

Application procedure

Most financial institutions follow a straightforward application procedure for health insurance policies. You can visit the official website of an NBFC to fill up an online application form, or you can visit their branch for the submission. Once you have submitted an application form, representative from the respective insurance provider will contact you with further procedure.

Process to claim the insurance coverage

You can claim insurance coverage in two ways, either by opting for cashless hospitalisation or by opting for a reimbursement method. In case of planned hospitalisation, you can opt for cashless treatment by seeking admission in any network hospital of your insurance provider. You must inform the concerned insurance provider at least two days before hospitalisation.

You are required to fill up a form during admission along with the insurance card and KYC documents to the TPA counter of the healthcare facility you are getting admitted at. At the time of billing, the insurance provider will settle all bills with the concerned hospital.

Cashless insurance claims can considerably benefit an insured individual. It reduces the financial burden of acquiring funds on such a short notice.

On the other hand, in case of a reimbursement process, make sure that you collect all the bills related to tests, medicines and hospitalisation. Every document is required to be submitted to the insurance company to claim coverage against such expenses.

Health insurance policies offer a wide range of benefits like a high sum insured, extensive coverage, etc. that makes it a popular option among many. Also, the tax benefits that can be availed on the premium paid towards such policies further ensures greater savings for a policyholder.

Read Also: Different health insurance policies available in India

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