Unexpected medical expenses are likely to arise as we see increasing number of ailments which are posing health risks for young and old, alike. Medical inflation is a reality we all are coming to terms with. Therefore, health insurance is a necessity nowadays for every family.
Yet, with so many health insurances companies in the industry offering a plethora of policies, making the right selection then becomes difficult.
Choosing the best health insurance provider is important so that you get the best experience when it comes to receiving benefits and getting hassle-free claims.
Here’s a guide on selecting the right insurance company:
Claim Settlement Ratio
When comparing health insurers, claim settlement ratio is a crucial one should consider. It is the ratio of the total claims settled by an insurance company in a year to the total number of claims filed. It is essential to understand the insurer’s track record so that one does not face any difficulties.
You should count high claim settlement ratio as an important factor when buying health policies as it will increase your chances of getting claims. For instance, Religare Health Insurance had a Claim Settlement Ratio of 92.58% in FY 2019.
Another important aspect for choosing the best health insurance company in India is the presence of network hospitals. It is advisable to buy a policy from an insurer that has an extensive network hospital list. For instance, Star Health & Allied Insurance Co Ltd has more than 9,900 network hospitals across the country.
At the time of buying a policy, make sure you check if there are network hospitals nearest to your location where you can avail cashless treatment.
Offerings
There are a variety of health policies that have been designed to meet the diverse insurance needs of people. It is wise to check the types of offers provided by a health insurance company. Also, one must check if the insurer offers discounts like no claim bonus and other additional cover options that will help you achieve savings.
Online Facility to Buy Health Insurance
Nowadays, buying health insurance no longer requires us to visit the office of an insurance provider. Many health insurance companies have their own website. This allows policy buyers to compare and review various policies and their features. In addition, payment of premium and filing of claims have become digital, thus eliminating paperwork.
Ratings and Online Reviews
Reviews and star ratings are benchmarks basis which you can take a decision of choosing a particular health insurer. Policy buyers can rely on the feedback given by existing customers of an insurer which will give a better picture. You cannot go wrong if you are selecting a policy from an insurer with maximum positive reviews.
Awards and Achievements
By accessing the official website of a insurer, you are likely to get the details pertaining to award and accolades won by the company. By looking at the number of awards and recognitions a company has won in a year, you will get a fair idea of its credibility.
Finally, the trustworthiness of a company can be gauged by the efficiency of its customer support team. A company that reaches out to its customers through various modes like e-mail and chat will minimise your stress and promise you a good customer experience.