When we talk about medical insurance plans the first thing that comes to mind is the better security of future and health! Well, you need to opt for the right medical insurance plans for it to be well rewarding. With the changing times, you may face many challenges when buying medical insurance for your family. The person deciding to opt for proper medical insurance for family must be mindful of certain things to avoid further hassles. This article will provide you with all the insights that you would need to avoid the common challenges you might face with medical insurance plans.
Here are some most common challenges you may face in medical insurance plans.
Negligence of the policyholder
Many people are admitted for an illness that does not require the type of insurance they are insured with. And another main matter of concern is that they buy a medical insurance plan after the diagnosis of a disease. The nature of the majority of the insurance is, that it does not cover critical illness diseases.
The other main negligence of the patients is they do not read the medical policy document and expect all expenses within the plan to be covered when required. So, before signing for medical insurance for family, please be aware of all the inclusions and exclusions of the policy. Clear out the terms and conditions of the policy as well before applying.
The active role of Third-Party Administrators
TPA or Third-party Administrator deals with the customers to merge them with the insurance provider. The hardships faced by the customers are due to less knowledge about the functions of the company. One of the best ways to process your claims for dealing with the hospital bills is to directly get in touch with the insurance company. Going through the third-party administrators can be highly misleading or bring in a lot of hassles. The middle man might not analyse all your requirements clearly before suggesting the ideal medical insurance plan. So, it is always recommended to deal directly with your insurance company for any assistance.
Long Turnaround Time
And another main problem faced by the policyholders is the hassles experienced because of the long turnaround time (TAT) of the insurance claims. The duration of remittance of a patient who has bought the medical insurance plan in a recognized hospital is 20 days for cashless payment. Most of the policyholders fail to connect with their insurance provider to inform them about the details of hospitalization. This must be done well in advance before the stipulated deadline for the company to clear the payment of the insurance to the beneficiary.
To avoid this ruckus, reach out to your health insurance provider and inform them of all the details. Before buying the medical insurance plan for your family always check for companies with higher credibility and claim settlement ratios. This will boost the reliability of the insurance provider and the workability of your policy.
Hospitals taking advantage of insurance:
If you have a proper medical insurance plan, there is a 90 per cent chance that the hospital you have enrolled in will use it to take a series of tests. The higher service fee levied on the insured patients leads to a higher payout for the hospitals which ultimately means higher profits.
The increase is significantly greater than the rise in the cost of medical care. So, you must be mindful in choosing the right hospital for your healthcare. You can avoid such hassles by choosing partnered hospitals and choose cashless services. Also, the insurers have now started paying personal visits to the patients regarding claims under insurance schemes.