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Explained: How To Choose The Best Health Insurance Company In India

Broadly, there are two reasons that can justify the buying of a health insurance plan in India. While the primary reason for many insured individuals is to get the much-needed financial assistance at the time of medical crisis, for some, buying a health insurance plan gives a window to save on tax. Well, whatever reasons you choose, you must also have a health insurance plan. 

The recent spikes in health conditions across the globe have alarmed people to be extra prepared for medical emergencies. One basic preparation includes purchasing the right health insurance plan from the best health insurance company in India. But how do you end up with the best health insurance provider? What are some of the parameters and criteria that you must inevitably look for in a health insurance company? Is maximum coverage enough to call a provider the best? Well, read the article till the end to get an answer to all these questions and make a decision.

Here are some criteria you must look for before relying on a health insurance provider in India:

  • Incurred Claim Ratio & Claim Settlement Ratio

How do you know if an insurance provider is promising? One quick and reliable way of finding the same is to check the ICR and CSR of an insurance company. The best health insurance company in India will show a higher claim settlement ratio (CSR) and a healthy incurred claim ratio (ICR). For instance, 95% CSR means 95/100 claims are settled. The higher the CSR, the higher your chance of getting a claim settled

Claim settlement ratio states the number of claims settled by an insurance company against the number of claims registered in a financial year. On the other hand, incurred claim ratio is the total claim amount paid to the customers against the total amount of premium received. For instance, 85% ICR means a company is paying 85/100 premiums received and is making a profit of 15%. ICR above 50-70% is a good sign. However, an ICR below 50% may prove that either low claims are raised or the company is making huge profits

  • Premiums Charged Against Services Offered

An insurance company is able to offer services and benefits in return for the premium paid by the insured individuals. So, it is essential that you get enough coverage in terms of the premium demanded. Some of the coverage is common to all the leading insurance providers. However, you must make sure that your priority coverage is covered including the pre-existing medical conditions

  • Check Out the Total Sum Insured Offered

The total sum insured makes a huge difference to the aid you will receive when stuck in a medical emergency. Look for a company that can offer a high sum insured so it can easily cover any emergency or planned surgery and you won’t have to pay from your pocket

  • Read the Reviews

The market reviews of the company can give you high grounds for clarity. No matter whatever the company promises to serve, knowing about customer reviews is essential. Several websites and agencies release reports of the best health insurance companies in India. You can check out online reviews for further information

  • Compare the Plans for Clarity

When you finally decide to make a purchase, make sure you shortlist a few plans and companies. Once shortlisted, compare their quotes online. Comparison gives you the clarity of which particular plan can serve you the maximum benefit and accordingly you can decide

  • Co-payment Clauses

Co-payment refers to the percentage of the claim amount that the insured individual will have to pay. For instance, if the co-payment is 20% then 20% of the total claim amount will be paid by you and the rest 80% will be paid by the insurance company. The higher the co-payment will be, the lower will the premium and vice-versa. You can also find health insurance companies that do not have any co-payment clause making claims more affordable for you

  • Claim Process Must Be Easy and Quick

The process of raising a claim must be easy, simple, and quick. The ultimate reason for purchasing a health insurance plan is to get the claim settled whenever there is a medical requirement. The best health insurance company in India will tend to offer minimal documentation with a quick claim settlement process

  • Plans With Lower Waiting Period

When you purchase a plan, you have to wait for a certain number of days before you can raise a claim. This is known as the waiting period. A health insurance company with quality features will keep the waiting period short enough

  • Wider Network Hospitals

The wider the network of hospitals of a company, the easier it is for you to access medical treatment. Most of the leading health insurance companies in India have a wide network of impanelled hospitals where you can avail of cashless treatment. So, make sure the health insurance company you choose has a large network hospital chain

  • Tax Benefits are a Must

One of the essential benefits of a health insurance plan is tax deductions under Section 80D of the Income Tax. So, the insurance provider chosen by you must have the feature of offering you tax benefits. Do not miss out on checking this clause before you make the payment

Conclusion

The aforementioned are some of the criteria that you must check out before you choose a health insurance provider for your medical needs. If you find the maximum of your priority requirements fulfilled by a company, it may prove to be the best health insurance company in India for you. Read the market reviews, compare the plans, read all the clauses carefully and make a wise decision. 

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