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How do we select the best Health Insurance company?

Health Insurance

There is a massive demand for health insurance due to medical treatment costs. Besides providing insurance against substantial medical expenses, tax benefits on premiums paid and additional benefits have made buying insurance lucrative. 

With such heavy competition in the industry, it has become difficult for an individual to choose a plan from India’s many top health insurance companies. Even corporates find it difficult to purchase health insurance for companies from many insurance providers. 

Here are a few tips that might help to make your decision: 

  1. Check the company’s track record regarding its claim settlement policy. A good insurance company should facilitate hassle-free claims and have a good settlement ratio. You are more likely to receive your claim amount from a company sporting a great claim settlement ratio. 
  1. You must compare the terms and premium amount etc., of the policies of different companies. Once you have compared your chosen policy with the competitors, you can make an informed decision. 
  1. You need to look for a plan that offers the highest sum assured for your premium. Factors such as your lifestyle, age, income, family size, etc., will help you narrow down your decision. The health insurance policy must be capable of clearing all your bills when needed. 
  1. A family floater plan makes more sense when looking for cover for your entire family. It is economical and will cover the medical cost of all your family members, including your dependent parents.
  1. The insurance company must offer riders vanilla insurance. Riders are available for an extra cost and provide add-on benefits. You can look for riders that suit your need and add it to your regular insurance policy to get the maximum benefit.

More tips regarding renewability and guide

  1. Network hospitals are essential when you are buying an insurance policy. The top insurance companies in India have many network hospitals and should offer cashless settlements. You must compare the network of different insurance companies and pick a plan with a vast number of hospitals.
  1. The insurance plan must be easily renewable and must offer lifetime renewability. And You must also choose the family floater policies based on the age of your family members.
  1. There is a sub-limit clause in every insurance policy. And These are limits prescribed by the insurance company on specific treatment or procedures. The amount exceeding the sub-limit is to be borne by the insured, despite the claim being less than the total cover amount of the policy.
  1. The insurance plan must offer well-rounded cover. The cheapest plan might not be the best one. Therefore, you must assess the market and look at different plans before you decide. The insurance plan must fulfill your requirements and offer the best benefit.
  2. The insurance provider’s reputation must be understood before you buy an insurance policy. To select the top 5 health insurance companies in India, you need to assess the market scenario and enquire about the insurer’s reputation in the market. The insurance company must be helpful, approachable, and provide good customer service. You can look at surveys or connect with people who have bought insurance to understand the same better. 
  1. Insurance companies now have EMI options for payment of premiums. It makes buying insurance affordable for people. You can look for insurance companies that offer EMI as a premium payment option.

Conclusion

You should decide on a budget for yourself before buying insurance or finding health insurance for companies. And It will help you pick the right insurance provider from the top health insurance companies in India.