Modern medicine, technological advancements, and new-age treatments have all significantly contributed to the success of India’s health care system. Moreover, today, there is a cure, surgery, drug, or medical procedure for almost every disease and health condition, which has boosted the life expectancy of the Indian population. However, this has also resulted in skyrocketing medical costs, pushing millions of people into poverty each year.
While you cannot deny seeking medical care & attention, you can prevent yourself from losing everything and going into debt by investing in health insurance. But before you start exploring health policies, the very first step is to look for an insurance provider. Since there are over 20 health insurance companies in India, finding the right fit can be tough as everyone has different needs and perspectives. However, we will make it easier for you by highlighting some factors you should consider when looking for health insurance companies.
So, keep reading to know more!
- Wide Availability of Policies
Gone are the days when all health insurance companies offered the same type of policies, because today, you can easily find everything from individual & family floater plans to critical illness & maternity insurance plans. Therefore, ensure that the insurance company you opt for has a wide availability of health care policies so that you can find what works best for you.
- Cashless Treatment Network
When finding health insurance companies, it is essential to look for one that provides cashless treatments under all its plans. Doing so is important as you won’t have to pay any medical bills from your wallet or wait to get reimbursed from the insurer with this feature. So, if you get admitted to a network hospital, the medical expenses will be settled directly between the insurer and the health care provider.
- High Claim Settlement Ratio
The best way to know if a health insurance provider is reliable and committed to their customers is by checking their claim settlement ratio. This ratio indicates the number of claims settled by the insurer against the total claims received during the fiscal year. Therefore, make sure you evaluate the claim settlement ratio, which should ideally be more than 85 percent.
- Hassle-Free Claim Procedure
Some health insurance companies require a lot of documentation and paperwork when you file a claim, and it is best to steer clear of such insurers. So, make sure you choose an insurance provider that has a simple, straightforward, and hassle-free claim procedure with minimal requirements. However, it is also vital to refer to IRDAI’s guidelines on claim settlement so that you can make an informed decision.
- Online Accessibility
We all love to shop for clothes and groceries online, so why should health insurance be an exception? It doesn’t need to be if you choose an insurer that offers high-quality online services, including policy renewals. This way, you won’t have to visit insurance offices, and you can do everything from purchasing to renewing your health policy at home.
- Excellent Customer Support
Since health insurance is something not all of us are well-versed with, it is okay to have doubts or questions, especially when filing a claim. So, it is crucial to check the quality and availability of customer support services when exploring health insurance companies. Additionally, look for insurers that offer 24*7 assistance since medical emergencies can arise at any time.
- Credibility, Reviews, and Ratings
Another important factor you should weigh while looking for health insurance companies is their credibility. Hence, you should choose a credible, reliable, and well-established health care provider like Care Health Insurance since there is no room for error when it comes to our well-being. Similarly, policy buyers should also go through the insurer’s reviews and ratings, as it will give you a clear idea, that too from a customer’s perspective.
