India’s health insurance industry has been in force since the 1980s, and undoubtedly, it has grown exponentially. While it started with one insurance company decades ago, today, there are close to 3o health insurance companies in India. Apart from an increasing number of insurers, the country has also seen significant growth in insurance awareness, which has led many people to buy health care plans.
The reason behind the rise in India’s insurance penetration has been mainly medical inflation, along with increasing lifestyle-related and chronic illnesses. On top of that, the coronavirus pandemic has been an eye-opener for people, making them realize the importance of health care plans. However, it can be confusing to find good health insurance companies, which is why this guide is here to help you narrow down your choices.
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How to Find the Best Health Insurance Company?
When talking about good or the best health insurance companies, there is no fixed definition or criteria. An insurance provider that your friend swears by might not be the best one for you,and that’s completely okay. However, there are some factors you can consider to make your decision easier and efficient:
- The Company’s Credibility
While buying health insurance, people jump into the details of the health care policies, often forgettingone key factor – the company’s credibility. Before you go exploring plans, it is essential to check the credentials of the health insurance companies of your choice. It is important to choose trusted and credible insurance companies like Care Health Insurance, so your future is in safe hands.
- Variety of Health Plans
As a policy buyer, you should go for health insurance companies offering multiple plans so that you can find one suited to your needs. While most insurers provide general health care policies, some also offer plans specifically designed for critical ailments like cancer.
The ICMR’s health report stated that by 2040 the number of people requiring chemotherapy in a year would jump from 9.8 million to around 15 million globally, which is a matter of concern. However, it is important to protect yourself against such life-threatening diseases. So, choose an insurance provider with a variety of health plans.
- Cashless Hospital Network
A cashless hospital network is an essential feature of health insurance. As per this feature, the claim amount is settled by the insurer directly with the hospital, and you don’t have to pay anything from your pocket. However, cashless settlements are only available at hospitals falling under the insurance company’s network. So, the wider the network, the easier it is to take advantage of cashless payments.
- High Claim Settlement Ratio
The claim settlement ratio is nothing but the number of claims an insurance company settles compared to the total number of claims received in one fiscal year. A claim settlement ratio above 75-80 percent is considered excellent, so make sure you check the same before buying a policy.
- Customer Support
During medical emergencies, not being able to get in touch with the insurer’s customer supportcan be frustrating and inconvenient. Therefore, it is vital to choose health insurance companies that offer efficient, 24/7 customer support, so you can resolve any queries easily and focus on what’s truly important.
- Hassle-Free Claim Process
Filling up forms or signing multiple pages should be the last thing you should have to worry about during emergencies. So, it is best to go for insurance providers with a hassle-free and quick claim settlement process with as few formalities as possible.
While we have covered the top-most important factors, you should evaluate to find the best health insurance company; you should also consider additional points. These includethe company’s online/digital presence, customer reviews, online ratings, sub-limits on treatments, waiting period, and lifetime renewability.
Moreover, you should research as much as you can while finding the best health insurance companies in India because there is no room for error or compromise when it comes to health insurance. So, it is imperative you make an informed and wise decision.