What are consumables in the context of a hospital bill?

Essential medical equipment used during treatment Routine administrative costs associated with hospitalization Miscellaneous expenses like gloves, masks, and telephone bills Fees charged by specialists for consultations

Why do insurance companies often exclude consumables from coverage?

Consumables are considered unnecessary medical expenses Hospitals inflate the cost of consumables It's difficult to verify the actual usage of consumables Insurance companies prioritize coverage for major medical procedures

What is a common misconception about critical illness insurance policies?

They cover all medical expenses related to any critical illness They provide a lump sum payout upon diagnosis of any critical illness They offer comprehensive coverage for a wide range of illnesses They are significantly more expensive than regular health insurance

What is the primary drawback of a standard top-up health insurance plan?

High deductibles make them unsuitable for most people The coverage offered is significantly lower than regular plans The deductible needs to be paid for each hospitalization They have a long waiting period for pre-existing conditions

How does a super top-up plan address the limitations of a regular top-up plan?

It offers a much higher sum insured compared to top-up plans It eliminates the waiting period for pre-existing illnesses It allows for a single deductible payment for the entire policy term It provides coverage for a wider range of critical illnesses

What is the claim settlement ratio in the context of insurance?

The percentage of claims settled by an insurer within a specific period The average amount paid out per claim by an insurance company The ratio of claims rejected to claims approved by an insurer The time taken by an insurer to settle a claim on average

Why is it crucial to consider the incurred claims ratio (ICR) alongside the claim settlement ratio?

ICR reveals the efficiency of an insurer's claim processing system ICR indicates the average time taken to settle claims by an insurer ICR helps assess the financial stability and claim payout practices of an insurer ICR reflects the customer satisfaction levels with an insurer's claim services

What is the primary advantage of porting a health insurance policy over buying a new one?

You can negotiate lower premiums with the new insurer You can avoid the waiting periods applicable to new policies You can get a higher sum insured without additional cost You can access a wider network of hospitals with the new insurer