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3 good reasons why you should opt a Hospicash cover

It will be good to have an Insurance which extends daily allowances to cover your extra expenses.

Having a health insurance with appropriate Sum Insured value will help you in getting treatments covered. But, it does not cover your 100% cost of treatment and all related expenses.

Hospital Cash Benefit Cover, either as an additional benefit under a health insurance policy or a separate cover will give you daily cash allowance for a specified period during hospitalisation.

Due to the following reasons, it is best to have an additional hospicash cover:

  1. Certain deductions in health claims are standard.
  2. If you exceed your Room Rent limits, proportionate deductions are applicable in your claims.
  3. You will always have other expenses related to your hospitalisation like costs of travel, food for attenders, etc.

Hospital Cash Benefit cover will extend you daily allowance to cover the expenses as stated above.

What you should know about ‘OD only’ renewal of Car/Bike Insurance

If your new vehicle is bought after 1st September 2018, you will require ‘OD only’ renewal..

All new cars and bikes that are sold by dealers from 1st September 2018 will have 3 years and 5 years third party insurance as per the Order of the Honourable Supreme Court of India.

That is, a new car sold on 1st September 2018 will have third party (TP) insurance coverage up to 31st August 2021 and a new bike up to 31st August 2023.

Car/Bike Insurance Policies with 1 year OD and 3/5 Years TP Covers

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Be aware of the importance of IDV in your vehicle insurance

When you buy insurance for your car or bike, it is very essential that you choose the right IDV.

Insured’s Declared Value (IDV) is the value that you insure your vehicle for. In case of an adverse total loss due to an accident or theft of your vehicle, this is the total loss value you will receive. Obviously, it will benefit you in such circumstances to support buying another vehicle.

Insurers do not accept whatever IDV you choose

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It is good to be aware of ‘Deductibles’ in your health insurance claim

As per standard industry practice, there are non-payable items in hospital bills under health insurance claims

You should be aware of what is payable and not payable on your hospitalisation claim by your health insurer. All insurers will require an itemised bill for the purpose of processing the claims, whether it is a cashless or a reimbursement claim.

Certain of the items in the bill, charged by the hospital, are not payable by the Insurance Company, as an Industry standard. These non-payable charges in the hospital bill are called ‘Deductibles’.

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Be Aware of how to approach your health insurance claims

It is important for you to get a fundamental understanding of how to approach claims process in order that you don’t get stuck during claims process

Most probably, you can get stuck in health insurance claims process when you or your loved ones are hospitalised due to illnesses.

Our intent here is to give an account of high-level requirements during the process of health insurance claims for your benefit, in order that you get the fundamental understanding of how to approach the claims process.

Cashless Claims

There are three major follow ups in cashless claims,

  1. Choose a Network Hospital – Cashless claims are possible only in hospitals that are in the Network list of your health Insurer
  2. Approach the hospital’s Insurance Desk – All hospitals have an Insurance Processing Desk
  3. Discharge Procedure at the Hospital – Coordinate for early completion of discharge formalities.

Choose a Network Hospital

Find out your best choice of hospital, which falls in the network list of your health insurance company. Normally, people seek the recommendation of the physician who diagnosed them of the ailment and referred to a hospital where the physician may know the specialist.

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Why you should take the time while buying insurance..

..a fair comparison of premium vs coverage/benefits is important before you decide to buy.

You have to understand how insurance is fundamentally designed to serve you before you buy. You will also know why and how a fair comparison of premium vs coverage/benefits is important before you decide to buy.

The structure of insurance as a contract lies on three strong pillars,

  1. A Promise – The Insurer promises to cover your losses due to unforeseen events as specified in the Insurance policy. For example, covering cost of hospitalisation due to specified illnesses in a health insurance policy or covering the cost of accidental repair in your car insurance policy.
  2. Unforeseen Events – The promise holds good only for those events or group of events, which are specified/named in the insurance policy. It is normally called as a set of benefits or coverage clearly spelt out in the insurance policy.
  3. Terms and Conditions – And the Promise will be honored subject to a list of terms and conditions mentioned in the insurance policy. The standard terms, conditions and exclusions (those which are not covered) will be detailed in the ‘Policy Wording’.
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What if a network hospital denies ‘cashless’ treatment facility..

The insurance broker plays the expert coordinator to resolve it.

There are many instances hospitals will deny ‘cashless facility’ even though the insurance company has a tie-up with them. While there can be various reasons behind the denial of cashless facility, a customer who is at the door step of healthcare and insurance service providers should not be put to difficulty.

In such a situation, what is the best choice for the customer?

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