National Insurance Awareness Day is being observed today on June 28. On this occasion, it is pertinent to recognise the importance of having health insurance. The COVID-19 pandemic has demonstrated why health insurance is important for everyone. The pandemic, to some extent, raised awareness among people about health insurance as they previously tended to ignore it. In a country like India, health insurance is often neglected because it doesn’t provide immediate benefits unless people fall sick.
While nobody wants to fall sick and go to a hospital, it is important to remember that health problems are a harsh reality we all face at some point of time in our lives. Therefore, it is important to be prepared for the financial consequences arising due to health issues. To avoid financial trouble due to medical emergencies, it is advisable to stay financially prepared for the worst.
Health insurance is also important keeping in view a rapid rise in health problems people are facing these days at an early age. Also, the astronomical costs of medical treatments highlight the need to have a health insurance policy.
Also read: Insurance Awareness Day: 5 smart tips for purchasing a life insurance policy
Pankaj Nawani, CEO of CarePal Secure, shares 6 essential tips to help you make an informed decision.
Assess healthcare needs:
Evaluate your age, medical history, family history, and specific healthcare requirements or pre-existing conditions. This helps in choosing a plan with the right coverage.
Understand policy terminology and features:
Familiarize yourself with terms like sum insured, premium, waiting period, and co-payment. Know the coverage, exclusions, sub-limits, and add-on features of different plans.
Compare multiple health insurance plans:
Use online aggregators and comparison websites to evaluate plans based on coverage, costs, and benefits from different insurers.
Check the insurer’s network of hospitals:
Opt for a plan that includes a wide network of cashless hospitals near your location for easy access to quality medical care.
Read the fine print carefully:
Review the policy documents, terms, and conditions to understand coverage limits, waiting periods, exclusions, and claim procedures.
Buy health insurance at a younger age:
Premiums are lower when you purchase a policy at a younger age, and you can benefit from no-claims bonuses over time.
Navigating medical bills and insurance claims
Unexpected medical bills can sometimes eat into a person’s lifetime savings. While these expenses are often unavoidable, one can take measures proactively and ask questions to his or her insurance provider about policies to avoid any misunderstanding. This helps in overpaying or incurring charges that one can’t afford.
Navigating medical bills and insurance claims can be a complex and frustrating process. By being proactive, informed, and organized, you can become a more empowered consumer when dealing with medical bills and insurance claims, says Nawani, CarePal Secure CEO.
He suggests that to manage your medical bills, you should always take certain steps. First, review your bills carefully, as they can sometimes contain duplicate charges, coding errors, or even charges for services you haven’t accessed, Nawani says stressing on the need to always scrutinizing bills for accuracy. He also suggests maintaining all records by keeping copies of all medical bills, Explanation of Benefits (EOBs), and any communication regarding your bills. These records will be crucial if you ever need to dispute charges or file an appeal, he said.
For managing your insurance claims, you should first have a complete understanding of your insurance, Nawani points out.
Suggesting ways to navigate through the medical billing and insurance process, he said one should always read plan documents carefully and familiarise themsleves with the insurance policy’s coverage details, inclusions and exclusions and the covered services. One should be aware of the network of hospitals within their plan as this helps in avoiding unnecessary out-of-pocket costs and in some cases rejection of insurance claims as well, according to him.
