January 12, 2022

5 Things to Look out for In the Best Health Insurance Companies

The market is flooded with different health insurance providers and with all of them offering almost similar features; it can sometimes get overwhelming to choose one that fits your requirement.

So, how do you dial down to a single service provider that offers you everything you want from a health insurance policy? And what are the things that you should look out for to shortlist health insurance companies? Consider these points below before you choose a policy.

1. Market Reputation

This is one of the most critical factors. As a consumer, it’s important to do your own research and figure out the market reputation of each individual service provider to find out more about their reliability, trust among existing policyholders, claim settlement ratio, etc. These are all crucial indicators of the reputation a particular insurance service provider commands in the market.

2. Claim Settlement Ratio

What good is a health insurance policy, if it denies you the promised coverage or delays communication during your hour of need? The best health insurance companies have the highest claim settlement ratios, and you should stick with these companies when buying health insurance if you don’t want to feel being left in a ditch when you most need it, as any delay in communication or reluctance in offering coverage can result in the loss of critical time that’s of utmost value during an emergency or crisis.

3. Hassle-Free Claims Process

Check if the insurance service provider offers the option of a self-service web interface for claim-related services. It will save you a lot of time when you want to make a claim and make the entire process seamless and hassle-free. The best health insurance companies will always have this facility as it simplifies the entire process for both the insured and the insurer and results in a faster turnaround time.

4. The Best Hospital Network

No health insurance is good unless you have access to the best network of hospitals in the country. Almost all of us wouldn’t want to get treated at a mediocre medical facility and only want the very best in medical care. After all, it’s the reason why we get health insurance in the first place. The best health insurance companies have tie-ups with some of India’s most prestigious medical institutions. Therefore, you must always pay close attention to the network of hospitals on an insurer’s roster so that you know what you are getting into.

5. Access to Day Care Treatments

Some treatment options require less than 24 hours of hospital stay, and some insurers only cover treatment costs if the stay is at least for 24 hours or more. The best health insurance companies will offer you access to daycare treatments that typically require only a few hours of hospitalization for treatment. However, some of these daycare treatment options can cost a lot of money, and therefore, it’s important that you choose an insurer who will cover you for this kind of treatment option if you don’t want to dig into your savings for accessing such care.

Care Health Insurance is one of the leading health insurance companies in India and has a stellar market reputation with a 95.2% claims settlement ratio, more than 16,500 hospitals in their network, and a 2-hour cashless claim window making their health insurance policies the most comprehensive in the market. Moreover, they have settled more than 25 lacs+ claims which is a record in itself, and show their commitment towards offering the most hassle-free and seamless experience, when you most need it.

Getting a health insurance policy is not only important, it’s absolutely non-negotiable in today’s times as the cost of healthcare continues to go up. Therefore, the sooner you buy coverage the better it is because life is full of uncertainties and it’s better to be prepared for any exigencies that life may throw your way rather than being sorry and wishing you could do something about it!

About the author 

Peter Hatch

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