In case of unexpected and expensive medical expenses, many of us signed up for indemnity health insurances. By making an affordable monthly payment, you become an insured under the contract. You would feel relieved against not-yet-to-happen, but still possible, diseases or injuries.
However, are you aware of this fact? Once medical expenses are incurred, you should pay them first and then file an insurance claim afterwards. That is, anyway, you should be able to pay your expenses before receiving an insurance claim. However, what if medical expenses are too high that you cannot cover? Or, what if an insured is with an empty pocket?
To resolve this issue, ‘Quick Provision of Medical Expense’ policy was introduced in last July. With this measure being effective, up to 70 % of total medical expenses may be granted to an insured before filing an insurance claim. There are some limitations, as follows;
- An insured must be classified as ‘financially vulnerable’ or ‘low-income’ household
- A case must be related to serious or intensive-care diseases
- A medical expense must be over KRW 3 million
If an insured meets all the criteria, he/she sends medical records and receipts to insurance company and may grant up to 70 % of expected insurance claim. By giving pre-help to financial consumers, indemnity insurance services are expected to be more helpful and beneficial. There should be careful assessment whether such pre-help is offered recklessly or not. When you urgently need medical expenses, why not asking your insurance company to give you ‘pre-claim’? You are an insured with such right!