Health Insurance Claims
Health Insurance Claim Settlement is the process of claiming your health insurance policy benefits from the insurance company. When you buy health insurance, it comes with a cover in the form of a sum insured. The sum insured is utilized to provide financial aid in case of emergency/accidental hospitalization/medical treatment costs.
How do you utilize your sum insured? By making a claim directly with your insurer. Upon successful registration of your claim, the insurer will accordingly reimburse the cost of medical treatment incurred.
For example, Mr. A met with an unfortunate accident for which he was admitted to the hospital for 48 hours. The cost of medical treatment, doctors’ fees, and the hospital bill came up to Rs. 1 lakhs. Since Mr. A has a comprehensive health insurance coverage policy of up to Rs. 5 lakhs sum insured, he can quickly settle this claim with his insurance company. Under this process, the amount of Rs. 1 lakh will be compensated to Mr. A by his insurance provides, as per the policy cover.
As mentioned above, the two most common methods of making a claim are via cashless or reimbursement mode.