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Car Insurance Explained!

by | Nov 5, 2022 | Uncategorized

Types, Coverage & Best Car Insurance Companies in 2022

Car insurance covers the cost of damage to your car caused by an accident, theft, natural disasters, and so on. It also provides third-party liability coverage, which ensures that if your vehicle is involved in causing harm to another person, vehicle, or its property, it is well taken care of.

It includes protection against unwanted costs for medical care, unintentional damage, and legal responsibility. Insurance of a car must be purchased in accordance with the Motor Vehicle Act of 1988.

Types of Motor Insurance In India

Private car insurance:  Buying insurance for your own car is referred to as private car insurance. The government requires third-party liability coverage as soon as you purchase a vehicle, thus having private car insurance guarantees that third-party responsibility and any damage to your own vehicle that results from an accident, theft, natural disaster, etc. are also covered.

Additionally, you can add other features to your current personal car insurance, such as zero depreciation coverage, engine and gearbox protection, and others.

Two-Wheeler/Bike Insurance: Insurance for a bike is a sort of agreement between the owner of the vehicle and the insurance company, wherein the company is responsible for paying for losses and damages that happen to the vehicle and through the vehicle.

For vehicles operating on Indian roads, the Motor Vehicle Act of 1988 mandates third-party bike insurance. The cost of the loss and damage from an accident, theft, natural disaster, or third-party liability is covered under bike insurance. All two-wheeled vehicles, including bicycles, scooties, scooters, and mopeds, are financially covered by this insurance.

Commercial car insurance: Commercial car insurance provides financial security for vehicles used for business purposes, including cars, rickshaws, buses, lorries, taxis, coaches, vans, tractors, cranes, and bulldozers. These vehicles are mostly employed for moving items from one location to another. It also covers harm to a third party’s person, car, or property.

5 Types of Car Insurance in India

Following are the Five different categories of car insurance coverage to choose from:

Liability coverage: Also known as third-party liability, this policy protects you from being held liable for losses caused by your negligence.

The insurance provider will pay for your expenses, including medical care, property repair or replacement costs, third-party injuries, deaths, total or partial disabilities, etc. According to the legislation, this coverage is required.

Collision coverage: Under this, the insurance provider will pay for the cost of repairing the car in the event that damage was brought on by an accident. Even if the cost of repairs surpasses the vehicle’s current market worth, the company will cover the expense at the going rate.

Uninsured motorized protection: If you are hit by a car without third-party liability insurance, you can get uninsured motorized protection coverage rather than paying for repairs and replacement out of pocket. It aids in reducing the costs of medical care and damage repair.

Personal injury protection: As implied by the name, this insurance protects against accidents and their associated costs, including hospital expenses. No matter who is charged, the corporation pays the expenses. The plan can include involving the owner, the driver, and the passengers.

Comprehensive Coverage: Under this coverage, the insurance company covers every type of risk associated with a car, including third-party liability, theft, natural disasters, vehicle damage, and personal accidents.

Note* Purchasing insurance for a car might be confusing because there are so many firms on the market that sell plans, but you should always consider a number of criteria depending on your specific needs.

These considerations may be vehicle-specific, third-party-specific, etc. Keep in mind that excessive coverage entails expensive premiums, so you should think about tailoring your plan to your needs.

 

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Key Features of Car insurance

– Cashless Repair is covered by the policy.

– Third-party damage includes both property damage and injuries to third parties.

– Under the personalized and comprehensive plan, personal damage coverage is offered.

– Up to 15 lakhs in personal accident insurance is provided.

– No-claim bonuses are granted up to 50%

– More than ten add-on coverages as specified in the plan.

How are car insurance premiums calculated?

Every time a car insurance policy is acquired, three parties are involved:

First party: This referred to the individual who bought the insurance.

Second party: The organization that offers the service is referred to as the second party.

Third-party: A third party is referred to when a third party suffers damage as a result of the first party’s negligence.

The cost of premiums is determined by a variety of factors. One can check the premium for the same by using an online car insurance calculator. Before setting the cost of car insurance, insurance companies typically take the following into account:

  • Insured declared value (IDV) of the vehicle
  • Age and car type
  • Geographical zone
  • Engine’s cubic capacity

Calculating IDV is done using the following formula:

IDV = Car’s Showroom Price + Accessories Cost – Depreciation Value

Own damage premium is calculated using the following formula:

IDV X (Car premium as determined by the insurer) + Any Additional Benefits – NCB/ Discount

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Frequently Asked Questions

Is commercial auto insurance less expensive than personal?

No, the costs for commercial car insurance are higher than those for personal cars, and there are also a number of other distinctions, including the following:

Risk element: Since private cars are often used occasionally, they have lower accidental risk and liability. However, commercial vehicles are frequently used to transport big products, which exposes them to significant danger, accidental damage, and third-party liability. This affects how their premium rates are calculated. High risk entails high premiums, while low risk entails a reduced premium.

Personal Accidental Coverage: Under the insurance of a personal car, accidental benefits are provided to the vehicle’s owner or driver in the event of injury, fatality, or temporary or permanent disability resulting from an accident. Additionally, drivers who are employed and their passengers are provided with accidental coverage under commercial insurance, and the owner is shielded from any legal responsibility resulting from an accident.

Legal requirements: In accordance with the law, third-party liability insurance is required for private vehicles, and third-party, legal liability, and personal accident insurance are required for commercial vehicles.

What is comprehensive insurance for cars?

Under a comprehensive car insurance plan, the policyholder is financially protected from losses brought on by theft, fire, war, strikes, personal injury, damage, and other calamities that are either natural or man-made. Comprehensive insurance, as opposed to third-party liability, covers the insured’s own vehicle as well as third-party liabilities, whereas third-party insurance only provides coverage for third parties.

A comprehensive plan can be strengthened even further by adding extra protections like zero depreciation, engine protector, accessories cover, medical expense, etc. Vehicle owners typically pick a comprehensive plan since it provides total coverage, which keeps them stress-free.

What advantages do insurance for a bike offer?

The following are just a few of the many advantages of bike insurance:

Financial safety: Having insurance for a bike protects you financially in the event of an accident, theft, or other incident involving a vehicle. Otherwise, minor damage could result in exorbitant costs that would be compensated without becoming a financial strain.

Accidental protection: The cost of unintentional injuries caused by an accident is also covered, in addition to the cost of damaged property.

On-the-road assistance:  When necessary, on-the-road help is provided, including towing, minor repairs, and flat tires.

All two-wheel vehicles: This motor insurance covers all two-wheel vehicles, including bikes, scooters, mopeds, and scootys.

Peace of mind: As we all know, damage to a vehicle can be extremely expensive. With two-wheeler insurance, the owner can relax knowing that the expense will be covered by an insurance provider.

What is covered by third-party insurance?

Companies provide third-party insurance to pay for harm that a policyholder’s car causes to a third party’s person, vehicle, or property. All personal and commercial vehicles must have third-party liability insurance in accordance with the Motor Insurance Act of 1988. Prior to anything else, understand who is involved in insurance:

– First party: The policyholder/individual who acquired the insurance

– Second party: A company that sells insurance to a policyholder is referred to as a second party.

– Third Party: An individual who claims liability for the loss and damage the first party caused.

If the policyholder/first party is responsible for any harm to a third party resulting from an accident, the insurance company will be responsible for paying any liabilities. The policyholder of this insurance is not provided with any coverage. Prior to making a claim, the policyholder must also notify the insurance company right away so that the necessary survey may be conducted. Once the verification is finished, the insurer will settle the claim.

As previously mentioned, this insurance gives protection against harm to third parties’ physical injuries, partial or permanent disabilities, vehicle damage, property damage, death, etc. The owner of the car should be covered by this insurance to avoid unexpected costs resulting from medical care, financial loss, accidents, or legal liability to third parties.

What does commercial car insurance include and exclude?

The following examples are just a few of the inclusions and exclusions that come with commercial car insurance:

InclusionExclusion
Loss and damage to commercial vehicleIntentional damage
Theft, self-ignitionDrunk and drive
Strikes, riotPrivate car as a taxi
Natural calamitiesMechanical breakdown
Landslide, rock slideDriving with an invalid license
terrorist attackContractual liability
accident etc.Policy not active at the time of the accident
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Critical Illness Insurance

Critical Illness Insurance

by | Oct 18, 2022 | Uncategorized

What is Critical Illness?

Let’s understand the term critical illness, it refers to illnesses that are fatal such as cancer, heart attack, kidney failure, brain surgery, tumor, muscular dystrophy, permanent paralysis, organ transplant, and so on. Treatment for a serious illness requires a long procedure that involves regular hospital visits, medical tests, doctor’s fees, medicine, etc.

It’s suggested to have critical illness insurance along with a health plan as it ensures the coverage of the illness. Under basic health insurance, there are terms and conditions attached to critical illness coverages therefore the security is not 100% which can be troublesome as managing expenses at such short notice can be nerve-wracking for families.

How does critical illness insurance work?

This insurance plan provides a lump sum payout which helps in bearing the medical expense of the same.

Under Critical illness insurance, one can get a lump sum payout on the basis of diagnosis. Unlike health insurance where one can receive the reimbursement or cashless claim settlement only after being hospitalized. This plan provides a one-time large payment with which a policyholder can cover the expense of a costly treatment that is not covered by their health insurance plan. The costs associated with multiple visits, such as doctor’s fees, medical tests, etc., are covered by critical illness insurance. Also can be used as per personal requirements which can be either treatment expenses or household expenses, child’s education, etc.

To prevent situations where critical illness isn’t covered under a health plan, it’s important to go through the policy’s terms and conditions where it’s clearly mentioned whether it’s comprehensive or partial.  It is advised to have both critical illness insurance and a health insurance plan, this ensures 100% security that the illness will be covered. Basic health insurance comes with terms and conditions that limit its ability to provide, which can be problematic for families.

Critical illness Insurance vs. Health insurance plan

Between health and critical illness health insurance, there are several differences. Among them are:

ParametersCritical illness Insurance Health insurance plan
MeaningThe costs of treating deadly diseases like cancer, heart attacks, and tumors are covered under critical illness insurance.It provides pre-and post-hospitalization expenses together with medical coverage.
BenefitsDepending on the diagnosis, one may receive a lump sum payment. No hospitalization is necessary.One can receive compensation or a cashless hospitalization option after being hospitalized.
Waiting PeriodThe waiting period is determined by the severity of the sickness30 days of waiting are allowed if certain conditions are met.
ValidityValid until the sum assured is used up or the policy expires.Valid until the conclusion of the claim or the policy’s expiration.

 

What is the critical illness insurance coverage?

Critical illness cover 36 main diseases and another depending disease also depends on the type of plan. The list of disease are:

1. Cancer10. Muscular Dystrophy19. Hepatitis (Fulminant Viral)28. Terminal Illness
2. Heart Attack11. Third-Degree Burns20. Coronary Artery Disease29. Loss of Independence
3. Stroke12. HIV21. Encephalitis30. Major Organ Transplant
4. Kidney Failure13. Cardiomyopathy22. Head Trauma31. Primary Pulmonary Arterial Hypertension
5. Multiple Sclerosis14. Loss of Speech23. Medullary Cystic Disease32. Severe Coronary Artery Disease
6. Parkinson’s Disease15. Chronic Aplastic Anemia24. Brain Surgery33. Heart Valve Surgery
7. Alzheimer’s Disease16. Blindness (Permanent)25. Coronary Artery Bypass Surgery34. Angioplasty
8. Brain Tumor (Benign)17. Bacterial Meningitis26. Lung Disease (end-stage)35. Coma
9. Paralysis (limbs)18. Liver Failure (end-stage)27. Surgery of the Aorta36. Deafness (Permanent)

Benefits of critical illness insurance

  • Pay for hospital stays and medical expenses
  • Pay for medical expenses even when received abroad
  • Provide financial support if a worker requires time off for medical care.
  • Provides coverage for a variety of expenses you receive a lump sum payment under this plan that you can apply toward treatment costs, home expenses, child’s education, etc. as needed.
  • The stress of paying for pricey treatments is no longer a problem, providing you with peace of mind.
  • Critical illness insurance provides a tax benefit under section 80D, and the payoff is tax-free.

 Critical illness inclusion and exclusion

Depending on the policy, exclusion may change

InclusionsExclusions
CancerPre-existing disease
Regular dialysis is necessary due to kidney failureInjury with Intent
HIV/AIDS Organ TransplantWar, riot, or strike-related permanent paralysis injury
Permanent paralysisGenetic disease
36 serious conditions

How Does Health Insurance for Heart Patients in India Work?

by | Sep 21, 2022 | Uncategorized

Critical heart conditions like heart attacks, heart failure, valve disease, strokes and transient ischemic attacks (TIAs), peripheral arterial disease, aortic disease, cardiomyopathy, and a long list of other conditions are covered by cardiac health insurance plans. In recent years, heart disease has become so common among younger people. Previously, it primarily affected seniors, people over 60, and people with pre-existing heart conditions, but now both young people and older people are severely affected. To better control the situation, one can adopt healthy lifestyle habits and prepare for medical emergencies by purchasing a cardiac health insurance plan. This will ease the additional stress associated with treatment costs.

There are many different plans that insurance companies offer to their clients. Some examples include critical illness insurance, pre-existing illness insurance, senior citizen health insurance, coronavirus health insurance, etc. There are also heart patient health insurance plans that cover the cost of treating conditions related to the heart.

To better control the situation, one can adopt healthy lifestyle habits and prepare for medical emergencies by purchasing a cardiac health insurance plan. This will ease the additional stress associated with treatment costs.

Knowing that this list is not all-inclusive, let’s examine some of the heart attack warning signs:

  • Pain in the chest that may be described as pressure, tightness, squeezing or aching
  • Headaches or a sudden feeling of unsteadiness
  • Cold sweat
  • Indigestion or heartburn
  • Nausea
  • Lack of breath, etc.

Significance of health insurance for heart patients in India

The need for health insurance for heart patients has increased in India as a result of the sudden rise in health-related ailments and the cost of their treatments. Reduced financial burden and assistance with obtaining the best care to treat the illness are the top priorities of cardiac health insurance plans. Policyholders with pre-existing medical conditions can still benefit from these plans and receive the best care available. The following are some of the advantages provided by cardiac health insurance plans:

Hospitalization costs are covered:Under this plan, the insurance companies provide reimbursement to cover the costs of heart treatment, including pre-and post-hospitalization costs, medications, diagnostic tests, etc.
Lump sum payout:If the policyholder has been diagnosed with a cardiac condition, the insurance companies will offer a lump sum for treatment needs.
Loss of income is covered:The insured is given compensation for the loss of income. During prolonged medical treatment, the patient is typically unable to work, so he is given a payment that he can use to pay for his care or cover other expenses.
Financial protection: Under a cardiac health insurance plan, the insurance company is responsible for covering all treatment-related costs. The insured person can concentrate on receiving the best care without being concerned about the cost.
Oversees treatment: If a policyholder receives treatment outside of the country, the insurer will cover the costs following the terms of his cardiac health insurance plan.
Tax benefit:Following the Income Tax Act of 1961, the premium for cardiac health insurance is tax deductible up to a maximum of Rs. 25,000.

The following coverage is available if you buy a heart insurance policy for a heart patient in India:

Pre- and post-hospitalization expenses are covered under this health insurance plan like as they are under other health plans, along with the cost of the necessary treatments.

Treatment in the outpatient department (OPD): If the course of treatment necessitates frequent OPD visits, the cost of those consultations will also be covered by the cardiac health insurance plan.

Domiciliary care: If a doctor advises a patient to receive care at home, the cost of that care will be covered by the insurance company. However, doctors can recommend it in an emergency, so companies provide the claim taking that into account. Typically, senior citizens choose this type of treatment.

Annual Heart Checkups: To ensure that the illness has been identified early enough to be treated, health insurance for people with heart conditions provides free yearly examinations.

Hospitalization Expense: The Company pays for both treatment costs and hospitalization costs, including ICU fees. According to the terms of the insurance policy and the network hospital, the insured is typically given a lump sum amount instead of reimbursement for the cost.

Coverage for the Initial Heart Attack: The majority of health insurance plans typically provide coverage for medical care following the Initial Heart Attack. When a person has a heart attack, there is a chance that the heart muscle will stop working because of insufficient blood flow. As a result, the treatment is necessary and costly, and insurance pays for those costs. To ensure that the illness has been identified early enough to be treated, health insurance for people with heart conditions provides free yearly examinations.

Heart Failure: If cardiologist reports show this indication, treatment can move forward and the cost is covered by the insurer.

The following are some heart procedures that are typically covered by health insurance for heart patients, though this varies from policy to policy:

– Antithrombotic medication

– The procedure of coronary artery bypass grafting

– The implantation of an artificial pacemaker

– Defibrillation

– Heart valve surgery

– Implanting stents and performing coronary angioplasty

– Less intrusive heart surgery

– Surgery on mazes

– Repair of aneurysms

– Implanting a ventricular assist device, etc.

List of costs not covered by a cardiac health insurance plan:           

– An intentional injury or a heart injury brought on by suicide.

– Pregnancy-related medical care, such as delivery, abortion, miscarriage, etc., is not covered.

– Heart disease was exaggerated by drug and alcohol use.

– Neither infertility testing nor IVF treatment is covered.

– Congenital illness is not covered

– Damage resulting from riots, war, strikes, etc.

How can a heart patient purchase a health insurance plan online?

  • Before purchasing a health insurance policy, it’s crucial to compare the reasonable premiums and add-on benefits provided by the leading insurance providers in India.
  • To receive better help in this regard, get in touch with Policyxplore.com, which offers comprehensive support by offering the best comparison, quotes, and add-on benefits.
  •  Some heart health insurance plans offer supplemental protection like in-home care, personal accident insurance, and fee waivers in critical circumstances, among other things.
  • With help, you’ll be able to determine which cardiac by making a premium payment online, you can buy the health insurance plan that best suits you.
  • The issued policy will be sent to your email address, and you can contact a health insurance expert at policyxplore.com with any questions you may have.

 

You can also send us an email at [email protected].

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What is Cashless hospitalization? – Everything you need to know

What is Cashless hospitalization? – Everything you need to know

by | Sep 1, 2022 | Uncategorized

The word “cashless” itself conveys the meaning: it means not requiring cash. When you combine the terms “cashless hospitalization” and “cashless treatment,” it means neither admission into a hospital nor payment of a treatment’s costs must be made with cash by the policyholder.

How is that even doable? Well, most people are familiar with the reimbursement policy where you submit the bills, the insurance company submits the claim, and you receive full or partial reimbursement depending on the policy. However, with cashless treatment, no payment is necessary. Here, insurance companies have a list of network hospitals where they have agreements with particular hospitals based on their services and treatment costs.

If you receive treatment at one of those hospitals, the insurance company and network hospital will negotiate a price. By using the cashless facility, the policyholder is exempt from payment.

What advantages does cashless hospitalization have?

With cashless treatment, the policyholder need not be concerned about rushing to a bank or ATM or asking a friend or relative for cash in case of an emergency. The goal of cashless treatment is to prevent such situations and lessen the stress associated with making financial arrangements in advance. However, the settlement amount is capped at the maximum amount insured by the policyholder.

The best medical care is provided when you are properly covered because insurance companies evaluate the hospital’s services before signing a contract.

Depending on the severity of the illness, there are typically two situations: either a person needs emergency treatment or plans for future treatment; as a result, cashless treatment is also offered in these two ways:

Planned hospitalization: Under this scenario, the policyholder typically has enough time to choose the best network hospital for their condition. Important things to remember are to let your service provider know about the condition and obtain TPA approval. (TPA, or third-party administrator, is a company that handles payment of bills on behalf of the insurance provider and works with hospitals to arrange payments.)

Then, carry out the subsequent actions:

– Complete the paperwork necessary for hospitalization, such as preauthorization forms. The form is available from the insurance desk of the network hospital or the company’s official website.

– Once completed, turn in the form to the insurance desk. Each hospital in the network has a dedicated Insurance desk that can assist the policyholder.

– Now the application will either be accepted or rejected based on several variables, including the illness’s nature and the policy’s terms and conditions.

– Once it has been accepted, the treatment can start after the third party administrator (TPA) has sent an approval letter.

Emergency hospitalization: Policyholders must follow procedures similar to planned hospitalization, including filling out preauthorization forms, submitting them, and receiving TPA approval. In an emergency, the Third Party Administrator (TPA) must decide whether to reject or approve the request within six hours for the treatment to continue.

– If TPA rejects the request or you are unable to wait for TPA approval, you may pay the bill now and request reimbursement later.

Note:

The policy terms and conditions, including inclusions and exclusions, waiting periods, pre-existing condition exclusions, and many others, should be carefully read by the policyholder before purchasing an insurance policy.

What is a pre-existing condition in health insurance?

What is a pre-existing condition in health insurance?

by | Aug 24, 2022 | Uncategorized

Pre-existing conditions are ones that already exist, and when we talk about pre-existing diseases, we mean conditions where a person already has a disease such as asthma, hypertension, heart disease, diabetes, thyroid disease, cancer, or pregnancy before actually buying an insurance policy. According to the Insurance Regulatory and Development Authority of India (IRDAI), a pre-existing condition is taken into account when an illness or injury is discovered 48 months before enrolling in the policy.

According to the Affordable Care Act (ACA), once you sign up for a health insurance or life insurance policy, no insurance company is allowed to refuse to provide coverage or charge a higher premium due to a pre-existing condition.

Pre-existing illness possibilities

Asthma, hypertension, heart disease, thyroid, acne, anxiety, sleep apnea, and many other conditions. In addition, some diseases, such as diabetes, cancer, depression, epilepsy, and lupus, are chronic, indicating they last for a long period or continue to recur. Pregnancy is also considered a pre-existing condition if it persists previous to the purchase of the policy.

Although there isn’t a specific plan for pre-existing conditions, a policy with a high monthly premium and low deductible may provide the coverage you desire. Purchase is advised if the condition necessarily requires routine medical examinations, treatment, or surgery.

Waiting period for pre-existing disease

The waiting period is essentially the amount of time that the insured must wait before receiving coverage benefits for a specified disease during the term of the policy. A month or a maximum of 90 days serves as the initial waiting period. According to IRDAI, the waiting period for a particular disease can last up to 4 years, but the waiting period for common diseases like diabetes, thyroid disease, hypertension, heart disease, etc. cannot be longer than 30 days. Additionally, the type of waiting period you are subject to varies from insurer to insurer.

Pre and Post Hospitalization

Pre and Post Hospitalization

by | Aug 10, 2022 | Uncategorized

Pre and post-hospitalization expenses like medical tests, medications, consulting fees, and other costs are typically covered by health insurance. This is understandable given that medical expenses do not only include treatment costs and emergency room costs.

Pre-hospitalization refers to an instance in which coverage is provided prior to hospitalization, whereas post-hospitalization refers to an instance in which coverage is provided following the patient’s hospital discharge.

Pre-hospitalization expense: These costs arise when a doctor orders a number of tests to identify the underlying cause of a condition before treating it. These diagnostic procedures may include CT scans, X-rays, MRIs, ultrasounds, and other types of investigative work. In most cases, pre-hospitalization expenses are paid for up to 30 days before being admitted to the hospital.

Post-hospitalization expenses include costs for medication, follow-up care, additional examinations, consultation fees, and other similar costs. The cost of medical care up to 45 to 90 days after discharge is covered and is regarded as a post-hospitalization expense since treatments typically resume after discharge and recovery take time.

Pre and post-hospitalization coverage advantages

–Lessen financial burden: This coverage ensures that the financial fallout from receiving a discharge is well taken care of by the insurance provider, which undoubtedly lessens the financial strain on the wallet.

–Peace of mind: When pre and post-hospitalization expenses are covered by the policy, one is at ease and can concentrate on providing the best care.

–Prepared for emergencies: Health emergencies can happen out of the blue and without warning, so having a policy that includes pre-and post-hospitalization coverage keeps you ready for such circumstances.

–Can preserve savings: helps you keep your savings for the future. Generally, medical treatments have a tendency to deplete your savings if you don’t have a proper health insurance plan.

How to submit a claim for pre-and post-hospitalization expenses?

Within the time frame of the pre-and post-hospitalization coverage provided, the following actions must be taken.

  • Verify that the illness for which the insured person was admitted to the hospital is the same one listed on the claim.
  • Complete the necessary form, attach the hospital bill, prescription, diagnosis confirmation, discharge summary, etc., and submit it to the insurer and the third-party administrator.
  • Submit it between 45 and 90 days after admission to the hospital
  • If the insurer determines that the expense is pertinent to the medical condition after reviewing the supporting documentation, he will accept and approve the claim.