Navigating the world of health insurance can be daunting, but understanding key terms can make a world of difference. This article highlights 10 essential health insurance terminologies that every policyholder in India should know. By being familiar with these terms, individuals can make informed decisions when selecting or reviewing a policy, ensuring that they are fully prepared for any medical expenses that may arise.
Health insurance is an essential aspect of financial planning, providing individuals and families with financial protection against unexpected medical expenses. However, navigating the world of health insurance can be overwhelming, especially for first-time policyholders. To empower individuals with the knowledge to make informed decisions, let's delve into 10 essential health insurance terminologies every Indian policyholder should know.
A1: A deductible is a fixed amount that the policyholder must pay before the insurance coverage kicks in. This amount is typically higher for lower premiums and vice versa.
A2: A copayment is a fixed amount that the policyholder must pay for specific covered services, while coinsurance is a percentage of the covered expenses that the policyholder must pay after meeting the deductible.
A3: A pre-authorization is a process where the insurance provider reviews and approves a proposed medical procedure before it is performed. This ensures that the procedure is medically necessary and covered by the policy.
A4: To file a cashless claim, the policyholder must first contact the insurance provider to inform them of the hospitalization. The provider will then issue an authorization letter that can be presented to the network hospital.
A5: If an insurance claim is denied, the policyholder can first try to understand the reason for the denial. If the policyholder believes the denial is incorrect, they can appeal the decision with the insurance provider.
By understanding these essential health insurance terminologies and FAQs, individuals can navigate the world of health insurance with greater confidence. This knowledge empowers policyholders to make informed decisions, ensuring they have adequate coverage to meet their medical expenses and secure their financial well-being. Regular updates on current and past events within the health insurance industry will further enhance this understanding and keep individuals abreast of evolving trends and regulations.
The Indian government's 'Make in India' initiative, launched in 2014, has proven successful in promoting manufacturing, increasing exports, and boosting investments. With multiple measures in place such as production linked incentive schemes and single-window approvals, the country's capacity in various sectors has been strengthened. Prime Minister Narendra Modi and Commerce and Industry Minister Piyush Goyal have both emphasized their commitment to continue encouraging 'Make in India' and furthering reforms to drive growth and development.
Flipkart's annual Big Billion Days Sale is back with a bang, and this time it's offering unbelievable discounts on smart TVs. With top brands like Thomson, Infinix, Kodak, Foxsky, and MarQ in the mix, customers can upgrade their home theatres at jaw-dropping prices. From a Thomson Smart TV for just Rs 5,999 to massive discounts on Infinix, Kodak, and MarQ models, the offers are too good to miss. And with additional bank offers, customers can get even more savings on their purchases.
In a major blow to Samsung's production, the workers at their Chennai plant in Tamil Nadu have been on strike since early September over wage demands. The strike has not only affected the company's operations, but also major ports and exporters in the region. The Centre of Indian Trade Unions (CITU) has demanded government intervention while the company demands a return to work. In related news, Boeing workers vote on a strike which may disrupt production of their 737 Max planes, while Vivanta announces plans to expand their hotel chain to Hosur, Tamil Nadu.
Shares of leading NBFC Northern Arc Capital received a strong response from investors, with its IPO being oversubscribed 110.71 times on the closing day. The shares made a strong debut on the NSE and BSE, listing at a premium of 33% to the issue price. Zee Business Managing Editor Anil Singhvi advises investors to keep a stop loss of Rs 330, while also discussing the company's diversified business model and successful fundraising from anchor investors. Readers can stay updated on this and more business news through Zee Business's various platforms.
The sudden death of Sadaf Fatima, a 45-year-old HDFC Bank employee, due to work pressure in Lucknow has raised concerns about the country's economic stress. Samajwadi Party chief, Akhilesh Yadav, highlighted the need for companies and government departments to prioritize the mental health and well-being of their employees. This incident adds to the ongoing debate over the glorification of overwork in the workplace, following the death of Ernst and Young employee, Anna Sebastian.
Samsung Electronics' employees in Sriperumbudur, Chennai have been on strike for the past 16 days, with the protest led by Centre of Indian Trade Unions (Citu). The company, however, issued a statement claiming that they prioritize the welfare of their workers and pay 1.8 times above the average salary in the region for full-time manufacturing workers. This is in contrast to the workers' claim that the average salary at Samsung is around Rs. 20,000-25,000 per month, while an industry body reports the average salary in the region to be around Rs. 16,000.
SAP Labs India, the largest R&D hub for SAP outside its headquarters, is driving global AI innovations and is expanding with a new campus in Bengaluru set to open in 2025. Managing Director Sindhu Gangadharan emphasized India's leadership in AI talent and the company's focus on Custom AI to transform business operations worldwide. With the first phase of the new campus expected to be completed by Q2 of 2025, SAP Labs India is poised for further growth and impact in the world of business and technology.
Retail investors have shown a keen interest in subscribing to the initial public offering (IPO) of Rajasthan-based KRN Heat Exchanger and Refrigeration. The IPO opened for bidding on Wednesday, September 25, and within 12 minutes, the issue was fully subscribed. The company is looking to raise Rs 341.95 crore through the IPO, with a price range of Rs 209-Rs 220 per share. The Non-Institutional Investor (NII) portion was subscribed the most at 29.67 times, followed by the retail portion at 15.48 times. KRN Heat Exchanger manufactures heat exchangers, coils, and other related products used in home, commercial, and industrial heating, ventilation, air conditioning, and refrigeration systems.
Uttar Pradesh Deputy CM Brajesh Pathak invited leading business owners from around the world to participate in the Uttar Pradesh International Trade Show (UPITS). The five-day event, with a focus on showcasing UP's local industries, was inaugurated by Vice President Jagdeep Dhankhar and CM Yogi Adityanath. Former UP minister Mohsin Raza praised CM Yogi for creating a safe and thriving environment for businesses, noting how the state has become a hub for big-ticket investments, creating over 1 lakh jobs and attracting more women to work in the region.
As the global market experiences an upward trend, investors are optimistic that this trend will continue. However, market expert Anil Singhvi cautions that there is one negative factor to consider. Despite the allure of rapid growth, Singhvi advises that a slow and steady approach to market growth is ultimately more beneficial. Learn more insights from Anil Singhvi's analysis on the future of the global market.