Satish: How important is the insurer’s claim settlement history?
Rupesh: It’s crucial. A good claim settlement ratio with low rejection rates and quick processing times indicates reliability. You can find these details in the insurer’s public records.Also look for companies where they have an in-house claims department vis-a-vis an outsourced TPA (Third Party Administrator), the chances are highly likely that Insurance organization with an in-house claims management team will be a bit quicker in servicing.
Satish: What about disclosing my medical history?
Rupesh: Always be honest. Misrepresenting your history could lead to claim rejections. Disclose all past conditions and medications. It’s better to pay a slightly higher premium than risk claim denial.Satish, I came across a customer who paid 2 years advanced premium to the insurance company without understanding the policy fine prints. He even did not disclose his medical history, which is not the right approach.
Satish: And what about medical tests?
Rupesh: Insurers may require medical tests before issuing a policy, typically free of charge. These are convenient, with technicians often visiting your home. Just have your medical records and ID documents ready.It’s better to be safe now than sorry at a later stage.
Satish: This all makes a lot more sense now. Thanks, Rupesh, for clarifying things!
Rupesh: You’re welcome, Satish. Remember, a little research can save you from stress at a later stage. Remember, Health insurance is not just about medical bills—it’s more an integral part of personal finance risk management.
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