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More than two dozen! Each company offers a variety of health insurance plans and you are spoilt for choice. Among so many health insurers, do you know how to find the best health insurance company in India?
Claim settlement ratio represents the claim payment record of the company. It is calculated as the proportion of claims paid against the total claims raised. The higher the ratio the better the company is in terms of paying claims. So, look for the company’s claim settlement ratio. Choose the company which has the highest ratio.
The next thing to understand is the health insurance claim process of the company. Find out if the company has an in-house claim settlement team of is tied up with a third party administrator. An in-house team is better as the claim gets settled easily. Also find out the claim settlement process. Choose cashless claims as they are more convenient for your finances.
Cashless claim is provided only if you seek treatment in a hospital which is tied-up with the insurance company. So, find out the company’s list of networked hospitals. The more comprehensive the list the easier would it be for you to locate a networked hospital and avail cashless treatment.
This is another important consideration when finding the best health insurer. Since the premium is your expense, the lower the better. Compare health insurance premium of different companies to find out the best. However, comparison should be done keeping in mind the coverage offered too.
Look at the coverage features offered by the company’s health insurance plans. These features should match your coverage requirements. Furthermore, if the features are comprehensive, you can avail a more inclusive coverage. So, look for companies offering plans with more inclusive coverage features.
Health insurance companies have a fierce competition among themselves. As such, they offer various value-added services to score an edge over their rivals. You should look for the available value-added features. The better the features the better would be your health insurance experience.
Health insurance companies impose waiting periods, restrictions and limits on their coverage features. These terms and conditions restrict the scope of coverage. Look for these restricting features in health plans and choose a company whose plan does not have too much restriction.
Use these yardsticks to compare different health insurance companies and find the best insurer in India.
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