The increasing health issues due to the current lifestyle and environmental conditions have forced people to be more cautious about health problems. While people are taking preventive measures to avoid any health issues still, everyone is prone to various infections and diseases. The high rate of inflation (almost 20%) in the health care sector is making hospitals and medication jump out of the list of affordability. In all such conditions, health insurance policies are acting as a source of relief for most people and provide security against health issues which is the main reason for the growth and improvement of health insurance and knowing the parameters to find the best health insurance companies in India.
The scenario of the health insurance sector has changed a lot in recent years. There is growth in the health insurance sector in India, which is a result of steps taken by the government and awareness among people. For the financial year 2014-15, the value of the health insurance premium was Rs.20,440 crore. There are more than 20 IRDAI-certified insurance companies in India with different health insurance policies.
Choosing the best insurance company can be tricky because every health insurance company has different benefits and services to offer. There are some basic parameters based on which you can compare health insurance companies and choose the best one for you. We will try to cover those parameters through this article.
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Following are the basic parameters on which you can filter your available options of health insurance companies:-
Claim Settlement Ratio
The basic requirement of every insured person is the settlement of the claim. Even if you choose the best health insurance policy for you based on your requirements, it will be of no use if you are not able to settle the claim. To help people, compare health insurance companies on the basis of the claim settlement ratio, IRDAI issues the claim settlement ratio of its certified insurance companies.
The claim settlement ratio is the ratio of claims settled by the company. For example, if a company has a 95% claim settlement ratio then it means out of 100 claims, 95 claims have been settled. The higher the claim settlement ratio higher will be the chances of your claim being settled. You can find the claim settlement ratio of different companies very easily on the internet. A Claim settlement ratio is a very important and basic tool to compare health insurance companies.
Claims Settlement Process
Always check the claim settlement process of different companies and filter your search on the basis of an easy claim settlement process. You can find the claim settlement process of different companies on their website. A company with a long, complex, and difficult claim settlement process can become a cumbersome procedure to settle your claim when you need it the most. It is important to check that the claims settlement process is in-house or outsourced as the turnaround time will vary to settle the claim will depend on this information as well.
Network of Hospitals
Every company has a different network of hospitals, and it is very much important to check the network of hospitals for different companies because an extensive network of hospitals will allow you to avail of cashless treatment in most cases. Arranging funds in the event of an emergency becomes a burden, and cashless treatment through your policy acts as a savior in such cases.
Price/Premium
The price charged by different health insurance companies for giving you their health insurance product varies widely from one company to another. There are different companies that sell the same insurance with similar benefits at different prices. So it becomes necessary to check the price charged in the form of premiums by different health insurance companies.
Services
A good service provided by the company can minimize your difficulties and queries. The service of a health insurance company is not only limited to the understanding and purchasing of the policy, but it continues until the end of your policy.
Product Portfolio
A health insurance company with a wide range of products will give you a pool of options to choose from and with the availability of different options, you will be able to filter for the best insurance plans. All the products of a health insurance company are not suitable for everyone. Different policies have different benefits and limitations which you may not need. So it is always better to go with a company that has a wide range of product portfolios to suit different needs of an individual, family, senior citizens, etc. with the customized products.
Coverage
One thing that we all know is that every insurance company offers us only one plan, just the coverage and benefits of each plan make them different from each other. We also choose all the plans on the same basis that which plan is providing the benefits and coverage according to us, apart from this, you also have a lot of options in health insurance. You can also add on the coverage as per your requirement and the health insurance options make it easy for you. One thing that we should always keep in mind is that whenever you take insurance, you should know that plan well and also know the coverage so that you do not face any problems in the claim.
Meet your financial goal
We all think about our future and some of the investments made in our life are only about our future, so if you want to achieve any of your financial goals through insurance then this can be a better opportunity for you but you have a The thing should be remembered that it should prove helpful in achieving your goal.
Reviews
One of the most important tools available for a customer in this world of digitization is the availability of reviews and feedback for different products and companies which are available online. The same goes for health insurance companies. Review of different companies is easily available on blogs and websites, which can help to find the best health insurance plans and companies for you. The review is given by the customers and experts, which is unbiased and can act as the right tool to judge health insurance companies. There are many blogs of insurance experts who give their reviews about the different products, and there are also many websites on which reviews of different experts are published.
With the power to choose from different health insurance companies, comes the responsibility to choose the right one, but with the right tool parameters and availability of online health insurance, you can easily choose the best health insurance company for you which will provide you with all the benefits when required without any hassle.