Magma HDI Health Insurance Claim Settlement

If a policyholder is treated in a non-network hospital, he or she can request a reimbursement claim settlement. Besides, the policyholder can request this claim procedure on getting the rejection for a cashless claim. Here are some steps to successfully request for the reimbursement procedure:

• Immediately convey Magma HDI about the hospitalisation with policy certificate number
• Select the medical treatment, avail it, and make payment for its expense   
• Seek and gather original documents and bills of all the procedures while getting discharged from the hospital
• Fill out the claim form properly and get it signed by the authority before submitting it to the insurer with all the relevant documents
• Approval or denial of the claim is decided according to the terms and conditions of a specific plan and then the amount is reimbursed

Following are the documents required to be properly filled and submitted for making a successful claim request:

• Invoices or medical bills, discharge certificates, health insurance policy card 
• Cash memos, chemist bills, and lab reports and bills along with proper prescriptions
• Detailed prescription from doctor comprising the type of treatment/operation 
• Doctor or physician bills with the complete certificate of diagnosis
• In addition to these, some other documents can be submitted as well, if needed by the authorized claim settlement team

The Incurred Claim Ratio (ICR) is a measure to gauge the potential of an insurance firm in terms of effectiveness and liquidity. Basically, it is a ratio of the total amount of claims settled by the insurance-providing firm to the amount of premium gathered by the health insurance company during a particular period. It reveals the productivity of an insurer. The Magma HDI Health Insurance Claim Settlement Ratio is 90% for FY 2018-2019.