How to Get Quick Insurance Approvals & Settlements?

India is still a country where the insurance industry still struggles for growth and market penetration. While many people have some form of insurance, it is mostly through their employer. There are almost 400 million people who have no health insurance to their name. One major reason behind this could be the lack of trust in insurers. Ask any individual and they will know someone who has had a bad experience trying to get claims and settlements and this deters them from getting insurance. But this is about to change all thanks to the National Health Claims Exchange (NHCX) portal.

The Insurance Regulatory & Development Authority of India (IRDAI) recently issued a diktat that insurance companies have only up to an hour to decide to approve cashless authorization of health insurance request, and they have three hours to process the cashless claim of insurance. Suppose they are unable to do so, whatever additional charges the hospital levies on the patient for the additional time will be borne by the insurer. This decision coincides with the augmentation of the NHCX.

What is the National Health Claims Exchange portal?

As an important step in the Ayushman Bharat Digital Mission, the Union Ministry of Health & Welfare has joined hands with the National Health Authority to develop the NHCX digital portal to speed the approval and claim settlement process. This portal will help in the exchange of information between all the stakeholder involved in settling a claim like hospitals, insurers, third parties, government schemes, and government authorities. This exchange of information will happen in real time, drastically increasing the speed of approvals and settlements.

How does the National Health Claims Exchange portal work?

Whenever a health insurance claim is made, there are many players, factors, and processes involved, which results in a lot of time going by. However, thanks to the portal, everything will come onto one platform for hassle-free exchange of documents and other related information between all the stakeholders. The free and swift exchange of data will be beneficial for all and the biggest outcome will be faster approvals and settlements, which is a much-needed feature for promoting health insurance in India. Seeing faster and more effective claims settlement will also encourage more people to invest in health insurance.

What can You do to speed up the process? 

Since the massive update in technology and functioning is going to make everything smoother, there are a few things you can do to speed up the process.

• Keep Your Policy Updated: Any changes in address, email, phone numbers, etc should be updated with your insurer ASAP.
• Know Your Health Policy: What is your coverage amount, what diseases and illnesses are covered in your policy, what network of hospitals are included in your policy, etc. You must know your policy really well to ensure a smooth claims process.
• Pay Your Premiums on Time: Stay regular with your premium payments and ensure you do not miss any dues dates as policies can be considered as lapsed if you miss out on any payment.

Health insurance in India has received a huge shot in the arm thanks to the NHCX portal, so gone are the days when you’ll have to wait for days for your claim approval and settlement to come through. So, if you don’t have health insurance, invest today!

But just having any type of health insurance policy is enough? No, you need to have the right health policy and to help you pick the right one, get in touch with Money with Mansy. We are insurance experts and can guide you toward truly beneficial health insurance policies.