Tips for Choosing the Best Health Insurance Company in India

July 22, 2020July 22, 2020 Simon Hopes Health Insurance Company in India

One of the ways to be financially prepared against uncertain health risks is a health insurance policy. It covers your hospitalization and medication expenses and provides you a financial cushion. With the right health policy, you can avail of the advanced treatment without thinking about money. Health insurance is an emerging sector in India. People are getting more conscious about their health care and investing in different health insurance plans. Due to the rise in demand, various health insurance providers offer many health policies with several benefits that lead to a win-win situation for customers. But, choosing the best health insurance company in India can be a daunting task. So, here are some quick tips for you:

Coverage

The foremost thing you should look for is extensive coverage of health insurance plans that companies offer. Check what types of diseases, treatments, medical procedures, and conditions, included under the plan. Make sure that your policy includes inpatient hospitalization, pre and post hospitalization, daycare treatments, domiciliary hospitalization, ambulance cover, AYUSH treatment, etc.

Exclusions

Next is exclusions. These are the conditions, diseases, medical procedures, and treatments that do not include under policy coverage, and you cannot claim such exclusions. So, choose the best health insurance company in India with minimal exclusions and maximum benefits.

Premium

You can calculate the premium of your policy with a health insurance premium calculator available on the official websites of health insurance companies. You need to enter the necessary details and get the quote. In this way, you can compare the premium of different policies and pick the health insurance at an affordable premium.

Claim Settlement Ratio

While comparing health insurers, the claim settlement ratio is also a crucial factor. It is the yardstick to major the reliability of the health insurance company to settle the claim. A higher claim settlement ratio assures the higher possibility of hassle-free claim settlement. Thus, you should understand the company’s track record to avoid the chances of claim rejection.

Waiting Period

It is a period during which no claims will be admissible. Generally, health insurance companies have 30 days waiting period. However, for pre-existing diseases, it can vary from 2 to 4 years. So, you should always look for a company that offers health policies with less waiting period.

Check Network Hospitals

Network hospitals have tie-ups with health insurance companies. Under the coverage, you can opt for cashless treatment facilities at network hospitals only. You should check how many network hospitals are impaneled with the company and located near to your residence.

Online Ratings and Reviews

Online ratings and customer reviews are always helpful in getting information about the health insurance company’s credibility, claim settlement process, and customer services. So, you can choose health insurance providers based on real facts and figures.

Awards and Achievements

It is good to access the official website of the insurer before you make your final decision. You can get the details related to the awards and achievements of the company. It gives you a fair idea of its credibility.

Other Benefits

You should also read the fine prints of the health insurance companies available on their official websites. Read about their clauses related to sum insured, sub-limit, co-payment, claim process, and so on.

Best Health Insurance Companies in India

You can check the list of India’s five top health insurance providers:

Health Insurance Company	Claim Settlement Ratio	Network Hospitals
HDFC Ergo	90.32%	10000+
IFFCO Tokio	92.66%	4000+
Religare Health Insurance	93%	7800+
Star Health	78. 15%	8800+
Max Bupa Health Insurance	83.92%	4500+