The Insurance Regulatory and Development Authority of India (IRDAI) recently released a report that standardises exclusions in health insurance policies. Take a look at what you need to keep in mind while claiming health insurance.
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Understand what your policy covers - familiarise yourself with the hospitals that are recognised by the insurer.
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Proper documentation - Keep a file of all documents related to the medical procedures and expenses involved such as discharge summary, bills, and investigation reports. This will ensure that there are no grounds for rejection.
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Timeliness - Have a conversation with your family members about your insurance policy so that they know what to do in the event of unplanned hospitalization. In case of planned hospitalization, fill out the required forms at least seven days in advance.
Timelines – The IRDAI says that insurers must settle reimbursement claims within 30 days. The insurance company is liable to pay you 2 percent interest above the bank rate after submission of documents until the time of reimbursement. The claim should ideally be settled within 45 days.
