The health insurance claim is simply a request for payment, that the insured or the insured’s health care provider submits to the insurer for items or services covered in the health insurance plan. The insurer reviews the Insurance claim for its validity and only once approved, then paid out to the insured or requesting party […]
Rating health insurance products
Published in Mint on, Jul 03, 2013, Written by Kapil Mehta As an insurance broker, I interact with health insurance buyers every day and come across their issues firsthand. The barrage of questions is overwhelming—Should I buy health insurance products or that? Is the private sector better or the public sector? Why was this claim […]
Making A Claim Under Health Insurance, Keep These Things In Mind
Health Insurance is a lifesaver protection plan. It keeps you solvent in the time of medical issues. As medical cost is shooting up, it becomes crucial to consider the smooth claim settlement process as a key factor while buying your health insurance policy. Always, check the settlement ratio of insurers in order for making a […]
Reimbursement vs Cashless Claim Settlement Process
Overview Health insurance claim settlement can be done in two ways—cashless and reimbursement. Both serve the same purpose of covering your medical expenses, but the process and convenience differ: ✅ Cashless Claim Settlement In this method, the insurer directly settles the hospital bill with the network hospital. The insured doesn’t need to pay upfront (except […]
What is a TPA and what are its functions in health insurance?
TPA stands for Third Party Administrator. It is an intermediary company between an insured and an insurer. It provides a supporting role to the insurer in terms of claim settlement. This body obtains a license from IRDA in order to function in the insurance industry. The third-party administrator knows all the aspects of health insurance […]