The Covid-19 pandemic has been a wake-up call for all of us, but the two most important lessons we have learned are that life is highly unpredictable, and health insurance is crucial. Moreover, India is among the top three countries that have been most hard hit by the coronavirus pandemic, making even basic medical care inaccessible, especially for low-income households and families. However, this horrific situation did lead to a significant increase in the number of people buying health care plans in India.
Even though many people now understand the importance of health care policies, they often struggle to find the right health insurance company. The reason behind this is the lack of insurance awareness in the country, plus not knowing what to consider when looking for an insurer. However, this guide will highlight all the key features you must know and consider when searching for a health insurance company. So, keep reading to find out more!
Here’s a list of all the essential factors a policy buyer must examine:
Best Health Insurance Company Before Making A Decision
Abundant Choices of Plans
Earlier, a health insurance company used to offer medical cover only for hospitalization expenses arising from an illness, injury, or accident. However, today there are numerous plans that cater to different health issues, including diabetes, pregnancy, cancer, and cardiovascular diseases. Similarly, you can also choose between individual, family floater, and senior citizen policies. Therefore, ensure you choose a health insurance company offering abundant choices.
Extensive Hospital Network
All health insurance companies have a tie-up with hospitals across the country, and the wider the network, the better. In addition, you should also go through the list to see if a nearby or preferred hospital is included in the network. Doing so is essential, so you already know where to seek treatment during emergencies, plus you can even opt for cashless settlements.
CSR/Claim Settlement Ratio
One key feature most people ignore while looking for a health insurance company is its claim settlement ratio (CSR). The claim settlement ratio is important because it is an indicator of how many claims the insurer has settled successfully compared to the number of claims received. However, the claim settlement ratio is calculated for one fiscal year, and it should at least be as high as 85 percent.
Uncomplicated Claim Procedure
A health emergency, unexpected or expected, can take a toll on anyone, and signing ten different forms & gathering paperwork should be the last thing you need to worry about. Therefore, when choosing a health insurance company, check their claim process and ensure it is uncomplicated, quick, and hassle-free.
The total internet users in India are expected to rise by a whopping 17.9 percent between 2017 to 2021, bringing the tally from 429 million to 829 million. This massive figure indicates the Indian population’s significant shift towards using web services, which points to the need for an online presence for a health insurance company. So, always remember to check whether the insurer offers online services, including purchasing and renewing health care plans.
High-Quality Customer Support
Most of us have very little knowledge when it comes to health insurance plans and filing claims, making high-quality customer support an essential part of choosing a health insurance company. Therefore, look for insurers like Care Health Insurance that provide impeccable customer service, including 24*7 call availability, email service, WhatsApp support, and a self-help portal to manage your policies.
Customer Reviews & Ratings
The best way to know whether a health insurance company is reliable, reputable, and trustworthy is to evaluate the reviews and ratings provided by other customers. If you wish, you can even ask around in your social circle if anyone has bought a policy from the health insurance company of your choice and how their experience has been.