Renew your health insurance on time to avoid claim rejection

Health is wealth the saying goes. Of late, it has become more important, especially, post-pandemic, as the people are treading a cautious path and taking care of their health. Ironically, many people neglect in taking a health insurance policy, but later, they repent for not taking the policy only after the treatment burning a hole in their pocket.

Hyderabad:Health insurance protects you from financial hardships in case of illness. Sometimes the insurance company may reject your claim. Under what conditions does this occur? Let's see what to do to avoid it. The insurance company approves the claims when the health insurance policy is intact and the policy should be renewed annually. Sometimes policyholders delay in renewing this policy or forget. In such a case, no compensation will be received from the insurance company when a claim is made.

Most people only realise this after claiming it. If the policy is not renewed on time.. the insurance company is not liable to pay the claim. It is better to renew the policy before the expiry date to avoid such experiences. Generally, 15 to 30 days additional period is given for renewal after the expiry of the health insurance policy. But, compensation is not available even if the claim is filed within the period, but you can avail of the continuity benefits.

Be frank...

Pre-existing diseases should be mentioned in the application form while taking the policy. Especially, things like high blood pressure, heart disease and diabetes should be mentioned. If any major surgery has been done in the past those details should also be mentioned. At the time of renewal of the policy.. if any illness occurs during the policy year, like hypertension or diabetes we should inform the insurance company at the time of renewal. Everything related to your health is very important when it comes to health insurance. Even if there is a small mistake, the insurance company can justify it and reject the claim. The policy can be issued by giving permanent exemptions for pre-existing diseases. Sometimes this is the key to issuing a policy.

Waiting period...

There is a fixed waiting period for some diseases after taking the insurance policy. A claim for treatment of the disease before this may not be accepted by the insurance company. Depending on the insurer, this waiting period varies. One should be clear about this provision while taking the policy. The policy document will specify for which diseases and for how long the compensation will not be given. It should be read and understood completely.

Treatment of certain diseases

The insurance company informs in advance that the treatment of certain diseases will not be covered. They will not compensate for the treatment of diseases on their list. Go through the list before taking the policy. Be careful while choosing a policy that does not cover multiple diseases.

Without proper documents...

In case of claims, especially, when applying for reimbursement of medical expenses the insurance company asks for various documents. This should include original documents of discharge summary and other bills. Insurers generally do not allow duplicates. It is better to get cashless treatment at the insurer's network hospital to avoid getting policy claims rejected. This will prevent financial problems during illness. As the insurance company has special agreements with such hospitals, the claim can be settled easily without any complications during reimbursement.

If the deadline is over...

The policyholder has to apply for the claim within the stipulated period. The relevant claim documents should be provided to the insurance company within 60-90 days after being discharged from the hospital. If this is not followed.. the insurance companies will refuse to pay the medical expenses, said Bhaskar Nerurkar, Head-Health Administration, Bajaj Allianz General Insurance.