We all wish to purchase a health insurance policy that provides optimum coverage for our loved ones in times of need. However, with so many different health insurance plans to choose from, it can be difficult to find the right one. It may appear to be a hard undertaking to go through so many policy types, their features, inclusions, and limits. And, to escape the trouble or time restrictions, many people wind up purchasing a health insurance plan without knowing whether or not it is suitable for them.
Tips for Best Health Insurance Company in India
- Company’s background
Extensive investigation is essential when deciding on a supplier. Consider the company’s history; how long they’ve been in the insurance business; the types of insurance products they sell; the company’s claim settlement ratio; premium and coverage supplied; and so on. It is preferable to select a provider who is fully accountable for the operation of their services.
- Insurance premium
However, it should not be your only worry; there is no damage in selecting insurance whose plans are reasonably priced. Check to see whether these plans meet your insurance requirements. You will not want to pay a higher premium for inadequate coverage. As a result, opt for insurers who offer policies at a mid-range cost with full coverage.
- Type of policy
It is critical that you only choose suitable health insurance from an insurer. A policy may become insufficient in later years when you most need it. Only choose insurance that provides adequate coverage or that meets your needs. You can compare insurance based on their offerings and choose the best one with the best provider.
This is relevant when applying for a health insurance policy. Some insurance companies have a co-payment clause that requires the insured to pay a portion of the entire claim. This amount is predetermined and is particularly prevalent in senior citizen programmes. As a result, you should choose an insurer with no co-payments or if they have to make sure it fits your budget.
- Network hospitals
Make sure to look into the insurer’s hospital network. An insurance company with a large network will allow you to receive cashless treatment at top-tier medical facilities without worrying about fees. A cashless facility means that your insurer will pay the hospital bills without your involvement. As a result, you can concentrate on your recuperation rather than the bills. The cashless option is provided at no cost to the policyholder. As a result, ensure that your selected hospital is on the insurance company’s list of network hospitals.
- No claim bonus
A reputable health insurance company will provide you with the benefit of a no-claim bonus. It enables the insured to either cut the premium or raise the sum insured over time if no claims are made in that particular year. The amount of the no-claim incentive varies depending on the provider.
- Pre and post-hospitalization care
The clause addressing before and post-hospitalization fees may differ from one insurer to the next. Some may cover you for 30–90 days, while others may only cover you for a few days. As a result, the emphasis should be on the one who provides the most days of coverage for pre and post-hospitalization charges.
- Claim process
The company’s health insurance claim process is the next thing to learn. Determine whether the company has an in-house claim settlement team or whether it uses a third-party administrator. In-house staff is preferable because the dispute can be resolved quickly. Learn about the claim settlement process as well. Choose cashless claims because they are easier on your wallet.
Purchasing health insurance is a significant decision. With a bit of foresight, you can make an informed and correct decision. You should compare the insurance companies and buy based on their services. When you can’t escape an unforeseen event, the only option is to be well prepared. Purchase health insurance today to ensure your financial security in the future.
Author Bio: Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.