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4 Important Terms to know to avoid issues in Health Insurance Claims
Understanding health insurance terms is crucial for a smooth claims process. Co-payment, room rent limit, network hospitals, and claim settlement ratio are key factors to consider.
1. Co-payment
Co-payment refers to the amount you need to pay out of pocket for medical services. It is important to know the percentage of co-payment required for different services under your health insurance policy.
2. Room Rent Limit
Room rent limit sets a cap on the room charges covered by the insurance. It is essential to be aware of this limit as opting for a room above the limit could lead to additional expenses that may not be covered by your insurance.
3. Network Hospitals
Network hospitals are facilities where your insurance is accepted. It is advisable to seek treatment in network hospitals to avail of cashless facilities and avoid reimbursement hassles.
4. Claim Settlement Ratio
The claim settlement ratio indicates the insurer’s efficiency in settling claims. A higher claim settlement ratio implies that the insurer is more likely to process and settle claims in a timely manner.
Stay informed about these terms to avoid issues and ensure a hassle-free experience when dealing with health insurance claims.
For expert advice on managing your health insurance and financial planning, book a consultation call with ebizbasket at info@ebizbasket.tech
