Thanks to technology and awareness campaigns, people now realize the value of following a healthy lifestyle. However, increased pollution levels, global pandemics, and sub-standard food practices continue to pose a major threat to life.
The rising number of road accidents and undiagnosable diseases is another major concern because the medical costs associated with the treatment have been skyrocketing. There has never been a more compelling time to invest in healthcare insurance.
Healthcare insurance will help you cover all your hospitalization expenses without draining your pockets. But what if you happen to find out that your healthcare policy doesn’t cover accidents? What if your healthcare insurance expires when you most need it?
Tracking your healthcare insurance is even more important than acquiring one. This automated process of insurance tracking helps business owners eliminate human errors. This way, you will always have live and valid healthcare insurance regardless of what you’re going through.
IMPORTANT: What Insurance Tracker Should You Choose?
COI Tracker is one of the most reliable tracking solutions currently available on the market. Once it is set up, you no longer have to get frustrated with managing renewal dates in an Excel file.
An insurance tracker should seamlessly integrate within your existing ERP and financial systems using API. Also, choose trackers that are 100% cloud-based for hassle-free migration and maintenance. Pay attention to how secure the software is. Prefer providers who impose encryption at all stages of storage and data collection.
COI Tracker complies with all these requirements and our custom automated report system doesn’t even require the admin to log in. We also collect COIs from the vendors on your behalf through emails, phone calls, and fax.
1. You Never Have To Worry About Your Insurances Expiring
The moment a COI document comes through, the COI tracker automatically verifies every single requirement. This includes the dollar amount, insured candidates, AM best rating, and, most importantly, the expiry dates. It monitors your expiry date and sends you an automated alert if one were to expire. This happens early enough for you to have sufficient time to renew the COI document.
2. All Your Medical Expenses Are Covered
With tracking, all your insurances stay live and updated throughout the year. This allows you to get the best possible medical care without hurting your finances.
An updated insurance plan with sufficient coverages will protect you against high medical costs. This includes ambulance charges, domiciliary, and daycare expenses among many others.
3. You Get Cashless Claim Benefit
Almost all healthcare insurance providers offer cashless claim benefits. A properly tracked insurance will expose you to such an advantage. You can completely avoid any out-of-pocket payments.
Any medical expense you have gets settled between your hospital and the insurer. Although, you might have to get admitted to one of your insurer’s network hospitals with a health insurance card to avail of this benefit.
4. Tax Benefits & Reductions
Under Section 80D of the Income Tax Act, 1961, your insurance premiums are eligible for tax deductions. Your spouse and parents can also share this tax deduction benefit.
But your insurance plan needs to stay alive and updated at all costs. Failing to pay premiums or letting a plan expire could make you ineligible for tax deductions.
5. Complete Coverage Against Critical Illnesses
Several insurance providers offer critical illness coverage. You can also choose this as a standalone plan. This plan is especially for life-threatening conditions. Stroke, loss of limbs, and kidney failure are a part of this list.
This plan would give you a lump sum amount if you can show proof of diagnosis for one of these conditions. But remember, if you choose this as a standalone plan, it has to get tracked separately in the software.
Conclusion
Healthcare insurance is easily one of the most important investments you can ever make. It could save your life someday. Tracking your insurance is even more important than acquiring it.
Almost every business would endure some form of loss or liability. Without properly tracked insurances, your loss could amplify several folds. Here are 8 Businesses That Can Benefit From COI Tracking, apart from healthcare.
COI Tracker has an incredibly easy review and validation process. After getting set up it automatically begins scanning and verifying documents. Schedule A Free Demonstration to allow our experts to give you a hand.