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Religare Health Insurance now Care Health Insurance Company Ltd. is a standalone health insurance provider offering specialised health and overseas travel insurance plans. The company offers both indemnity health insurance plans as well as fixed benefit plans. The company is promoted by Religare Enterprises Limited which is a financial services group of India. Other joint owners of the company are two leading banks of India, Union Bank of India and Corporation Bank. Thus, the company is backed by strong founders and offers unique health insurance solutions.
Claim settlement ratios of health insurance companies is a measure of the company’s claim payment history. The ratio is measured and expressed as a percentage. The following formula is used to calculate the claim settlement ratio –
Claim settlement ratio = (number of claims paid during a financial year / total number of claims made on the company in the financial year) * 100
If the claim settlement ratio is in the 90% range, it is said to be a positive indicator. It states that the company paid 90% of the claims which were made during the year. Higher claim settlement ratios are better for the insurance companies and Religare Health Insurance also has high claim settlement ratios. Moreover, the company’s Incurred Claims Ratio is also good. Incurred Claims Ratio is an important measure for general insurance companies and the ratio is different from claim settlement ratio. Incurred claims ratio is calculated using the following formula.
Incurred Claims Ratio = (total amount of claims paid in a financial year / total amount of premiums collected in the financial year)* 100
The ratio thus helps to determine whether the company paid more in claims than it earned in premiums. In such cases, the ratio is more than 100% and the company suffers a loss. Continued losses are bad for the insurance company as they affect the company’s financial stability and solvency margins.
Be it a cashless or reimbursement claim process, Care Health Insurance Company ensures smooth and hassle-free claim settlement for its customers. Here we are mentioning the steps to file both cashless and reimbursement claims under care health insurance.
To file a cashless claim process, you will have to undergo treatment in a network hospital of Care Health Insurance Company. Here are the steps to follow to file a cashless claim request under Care Health Insurance:
In case of reimbursement claims under Care Health Insurance company below are the steps to follow:
You will have to submit the below-mentioned documents at the time of raising a claim with Care (Religare) health insurance:
Also Read: Best Health Insurance Companies in Claim Settlement
As per IRDAI Annual Report 2021-22, Religare, now known as Care Health Insurance Company has a claim settlement ratio of 100%, which signifies good profitability of the company and the ability to pay the claims easily.
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