Prakash Shah,CFP®QPFP® 🎯’s Post

Pre-existing diseases (PEDs) are a common feature in every health insurance policy and can determine your coverage, premium and eventually your claim. In this interesting #ZopperDefine blog, we have explained the core concept of pre-existing diseases/conditions and their implications on your health insurance policy. Understand all about PEDs by clicking here: https://bit.ly/3LtKqKe #zopper #healthinsurance #health #insurance #claim #insurancepremium

In a recent conversation with HBL, Anup Rau, MD and CEO, highlighted the significant benefits of reduced GST rates for customers in the health insurance sector. He emphasized that the reduction not only helps lower premiums, making insurance more affordable, but also encourages greater penetration of health insurance among the population. This shift is expected to enhance financial security and access to healthcare for a larger segment of society, ultimately leading to improved health outcomes. Read more: https://lnkd.in/dFBwGGUN

Health insurance - A blessing or curse There are several advantages to buying health insurance, including protection against unexpected medical expenses, access to quality healthcare services, tax benefits, peace of mind, and incentives for maintaining a healthy lifestyle. And there is absolutely no doubt that it helps the family financially. But is it actually helping???? what are the risks? Once you enter inside a private hospital, the first question they ask now is - are you insured? If yes how much is the sum insured and who is your insurer. But is it to facilitate you or to levy extra charges and perform additional proceedures on the patient that are even not required. Since you are covered you won't bother paying till the last penny of the sum insured and this is where the risk is. Patient can undergo proceedures that can be risky just to peculate the money. They can be operated even where medicine can help. The costs are increasing as the private hospitals are aware of the fact that , the insurance customers are increasing plus government is also insuring the poor. It's a dirty business now and a game where the doctors and hospitals are playing with your lives. So how to evade or escape?? you can't most of the time but try to find contacts and take multiple opinions with multiple doctors.

As a health-conscious individual, I have been investing in health insurance for the past 9 years to secure my family's well-being in case of any unexpected medical emergencies. However, my recent claim experience has shattered my confidence in the value of health insurance as an instrument of protection. It is rightly said that the moment of truth for any health insurance chain is realized at the time of claim. Unfortunately, my claim was wrongly repudiated on trivial, frivolous, and flimsy grounds. This experience has left me questioning the reliability of my insurance provider. As someone who understands the importance of maintaining good health in today's fast-paced lifestyle, I urge insurance companies to prioritize their customers' well-being and provide them with the support they need during difficult times. Health insurance should provide peace of mind, not added stress. I hope that insurance providers will take note of these concerns and work towards providing a better experience for their customers. After all, the true value of health insurance lies in its ability to protect and support individuals during their times of need.

How Narayana Health Hospital’s Viren Shetty plans to deepen insurance penetration? By keeping patients out of the hospital Preeti Kulkarni of moneycontrol.com had an interesting chat with Narayana Health Hospital’s executive vice-chairman Viren Shetty to understand about Aditi, the first product launched by Narayana Health Insurance, a subsidiary of Narayana Health (founded by Dr Devi Shetty). But first, the problem: Insurance companies advertise that their claims ratios are high. But talk to policyholders who have been denied claims and insurance companies say that hospital have overcharged. Hospitals say they face hurdles in pricing and claim settlement. The solution: ✅ Combine a hospital and an insurance company in one. ✅Launch a low-cost health insurance policy. ✅Work with the policyholder to keep him/her out of the hospital. ✅A model to not deny a health insurance policy. Get the policyholder checked and approved by an empanelled doctor. ✅Screen the policyholder: Green (healthy), Orange (mild risk) or red (high risk). ✅A Green policyholder is given the health policy there and then. And once you have the policy, all your claims are accepted. ✅Nudge the policyholder to be in constant touch with the doctor for on-going treatment. This ensures that the patient is monitored and kept out of the hospital. And only genuine cases are referred to the hospital. But if / once admitted, claims are not rejected. Read the entire interview on moneycontrol.com.

Fighting for health insurance claim with your insurer while fighting an illness on a hospital bed is a double blow. Given a choice, nobody would want to be in such a situation. But practically thinking, a health emergency can arise anytime. What you can control is your chance of having smooth health insurance claim settlement when need arises. Here's is a blog detailing the top reasons for health insurance claim rejection and what you can do to avoid it. https://lnkd.in/gMu7TyCX #healthinsurance #claims #claimrejection

🌟 Choosing the right health insurance is crucial for your financial and health security! I'm excited to share a comprehensive article that can help you navigate through the options and select the best health insurance plan in India. 🔗 [Read the full article](https://lnkd.in/dZn69uHP) on the 1 Finance blog to understand key factors like benefits, coverages, claim settlement ratios, and more. 💡 Whether you're buying insurance for the first time or looking to switch plans, this article has all the insights you need. Don't miss out on securing your health the right way! #HealthInsurance #FinancialWellbeing #1Finance

Canada Life just added this footer text on their website. What would motivate an insurance company to add text like this, seemingly out of nowhere? I have two hunches: (1) - Canadians bought a plan because their drug costs were high and thought these plans would cover those expenses. Then they got a 'surprise' with the underwriting outcome or at the pharmacy while trying to submit a claim. (2) Most advisors don't sell these products, so they cannot explain the complicated relationship between pre-existing conditions and personal health insurance. Here's the best way I can summarize this: Medically underwritten personal health insurance plans and pre-existing condition exclusions typically go hand in hand. I applaud Canada Life for adding this text, but more can be done. Insurance companies should clearly outline when plans DON'T cover pre-existing conditions, especially since these plans can be purchased directly from the company. And I'm not talking about buried text in policy contracts or small footers. Make. It. Clear. Text like this solidifies my mission of making buying, comparing, and selling personal health insurance easier—which includes educating on critical details like these. Canadians need help.

Health insurance claim denials can be frustrating for patients and doctors alike. Having the knowledge to avoid these costly errors can lead to better health outcomes and ensure that physicians are compensated for their work. Here is what you should know: https://hubs.li/Q02rXw_90 #claimdenial #healthinsurance #compensation

An insurance claim can be rejected for several reasons. Not all claims are valid, and health insurance companies are very careful about approving them. They won’t just hand out their money to anyone who files a claim. Only the claims they find “convincing enough” will get approved. Let’s take a look at the top reasons why health insurance claims get rejected. Link - https://lnkd.in/gZX6GjEK #healthinsurance #healthinsuranceclaim #claimrejection #medicalclaim #insurancefraud #mediclaim #healthcare #medicalinsurance #insurancecompany #insurancelawyer #consumerrights #financialplanning #financialadvice #legaladvice #consumerprotection #healthtips #financialtips #legaltips #insurancetips #healthcarecrisis #healthcarecosts #healthcareaccess