Not satisfied with your existing Mediclaim? Is this one of the reasons? What you can do?
Almost half of the people buying health insurance are not satisfied by it, says an online survey conducted by ET Wealth. Why does this happen? There are many reasons for the same. We would like to throw some light on this issue, which a few of the many reasons for dissatisfaction among the buyers.
The buyers when they hunt for a Mediclaim, particularly is when they have come across a situation of hospitalization either in their family, friends or some known people. The cost of hospitalization incurred, triggers an immediate need for Mediclaim. Many of these types of buyers immediately buy a Mediclaim without understanding the product from the view of waiting periods, pre-existing health conditions, product exclusions, etc. Most of the times the person selling the Mediclaim or Health Insurance does not keep transparency about the product features, exclusions, limitations, if any with the fear of losing the business. But, at USP FinPro, we strongly believe that if a Client takes a Mediclaim for him/ her and their family, it has to be useful in the hour of need.
A major reason for dissatisfaction of the Clients is the lack of Claim settlement process. Partial Claim settlement has been policyholder’s top grievances.
27.9% : More than one claim rejected in the past
41.5% : Piecemeal demand for the documents, extended process
41.5 % : Delay in Claim settlement
64.4 % : Partial Claim settlement due to various exclusions
Overwhelming number of claims rejected because of falling into below mentioned category
18.6 % : On grounds of delay in Claim submission
23.7 % : Disease declared to be pre-existing
36.4 % : Expenses declared to be over reasonable limits
70.3 % : Some expenses termed as exclusions
Just like the mobile number portability, IRDAI introduced health insurance portability in 2011. This gives the buyers the opportunity to change their health insurance service provider in case of grievances with the existing one. This portability facility allows the continuity of their pre-existing diseases. If the health condition of the insured is acceptable by the new insurer the insured can experience better benefits of the product.
Though IRDAI introduced the portability facility in 2011 almost 27% respondents were unaware of this feature. In spite of the dissatisfaction why the insured didn’t switch the insurer for the below mentioned reasons:
27.1 % : Didn’t know one can switch
23.7 % : Due to age premiums are high
21.2 % : Procedure is too cumbersome
14.4 % : Know about it but didn’t know how to proceed
7.6 % : Porting request rejected due to adverse health history
7.6 % : Policy bought through relatives/ acquaintances
So finally, we hope to have conveyed to you if you are unsatisfied with existing Health Insurance / Mediclaim you can reach USP FinPro on 9323702081 / 9322597646 / 9619102081 and enquire about your options for switching your health insurance provider.
Source : Internet
