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Here is a list of ‘things to do’ after you buy a health insurance policy.  These simple steps would aid premium payment, claim application and hospitalization. This post is a companion piece to Things to do AFTER you take a term insurance policy!

1.  Understand claim procedures

In the case of emergency hospitalisation and in the case of planned hospitalisation find out the documents and steps necessary to intimate the insurer.

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There are many who believe that cashless hospitalization facility available with medical insurance policies can be misused by hospitals and that it is better to pay cash and the reimburse it via the policy later. A discussion on should I use cashless hospitalization facility or pay and then reimburse?

What does misuse mean? Attempting to exhaust the sum insured limit without any need for it. Recommending more tests than necessary, an extended in an ICU, recommending an expensive room etc. Someone else maybe paying the charges, but the hardship is on the patient and those who take care of them.

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Last week, Mr. Srinivasan Sundarajan shared with us how he had converted his company group health insurance to a family floater as per IRDA's portability rules.  In this follow-up post, he describes his experience after porting from the group cover to a family floater. I believe his account would be quite useful for anyone with or without an individual health cover.

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Well, as the proverbial saying goes, the proof of the pudding lies in eating it. For an insurance policy, the proof of the quality of your risk cover is known only when your claim has to be processed.

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A question that is often asked is, "should I buy a personal health insurance policy if I have a company health cover?" The standard answer to this* was, "yes, you should, as you could lose the company cover at any time".

* The answer if often laced with conflict of interest as the guys who say, "yes, you should" are associated with insurance companies.

The reason I would like to re-open this discussion is because of IRDA portability rules that state that individuals (along with family members) part of a group policy can shift to a personal health cover (individual or floater) offered by the same insurer. See section 10.2 here

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IRDA portability rules allow an individual to convert the group insurance cover offered by an employer to an individual policy from the same insurer. During the 6th Bangalore DIY investor meet (July 31st 2016), Mr. Srinivasan Sundarajan pointed out that he had made such a switch. When I requested him to recount his experience, pros and cons of converting a group cover to an individual health cover, he readily agreed. Over to him.

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