Wednesday, November 22, 2017

5 Common Health Insurance Woes faced by Insurer



With the cost of medical treatments rising year-by-year, you need an affordable health insurance policy to cover health expenses and keep your related concerns at bay. Health insurance is certainly not an alien concept to most people, and people are quite aware of the different benefits and covers offered by various insurance companies to their customers.

Most of the articles online, focus on the strengths of an insurance policy, but a well-informed individual will also be aware of the setbacks or pains they are likely to face at the time of purchasing or renewing their health insurance. Here are a few of the most common pain areas:


1. Reminders for policy renewal


One common pain shared by modern individuals across societies is the consistent reminders to renew a policy. These reminders upset the organized, but people who are not as fastidious with their updates are happy to receive these reminders. 


But, even for them the incessant mails, SMS, and even phone calls, can become a pain point. In India, a person can opt to be put on the Do-Not-Disturb list, but, a reminder is better than missing a premium.


2. Hike in renewal premium


Inflation can result from many factors, but a general rise in inflation of a country, along with advancement in the field of medicine can directly impact your premium at the time of a policy renewal. 





A first-time buyer will also be affected by the increased rates, but since a health insurance is a must, there is no avoiding this increase.

3. Better terms for new buyers


Though most insurance companies will go out of their way to keep old and new customers at par, sometimes they may not be able to do so. 

In such a case, a policyholder seeing a new policy with better coverage or a lower premium or the option of getting a health insurance for parents without a medical test may not be too happy.


4. Shell money from pockets


According to the CEO of HealthAssure, “improper maintenance of customer's’ database by insurance companies is one of the major causes of increased cash deposits.” Well, this brings no solace to customers expecting a cashless hospital stay, who end up paying a hefty amount from their pockets. 

Though companies reimburse payments as per the affordable health insurance policy, yet the pain of arranging money cannot be denied.


5. Inability to meet representatives at hospitals and nursing homes


This is especially true at nighttime, when an insurance representative handling the policy may not be present in the hospital. A patient is then bound to take a decision based on equity available in hand. 

Though the medical personnel have a fair idea of what can or cannot be covered, it is not a confirmed option. As an informed person, all a customer can do is check on the availability of an insurance representative at night in a healthcare center, and if possible, go there for treatment when the need arises.

To sum up


Even an affordable health insurance policy is accompanied with deductible expenses, implying that almost 90% medical expenses of the insured are covered, and the remaining expenses are to be paid for by the customers. 

However, despite these pain points, there is one thing to be said, compare, compare, compare, the different policies on offer, before you invest in a health insurance policy.


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