Your choice of Health Insurance Company is very important. The insurer you choose is the one you will depend on during a medical emergency. Given this fact, you should look for one that will have your back during such trying times. How do you do that? Well, just look for these 4 things when you are in the marketing comparing all your options.
Network hospitals:
This is one of the first things you should look for when comparing your options. A good health insurance company will have a higher number of network hospitals. This ensures that in case of a medical emergency, you can avail cashless care quickly & conveniently.
For some, a network hospital in the vicinity of their residence is enough. But what if you have a medical emergency away from home, in another city or state? In this case, if your insurance company has fewer network hospitals, finding cashless care could prove to be difficult.
If you are not able to find a network hospital, you will have to pay all the bills yourself and then submit a claim to receive reimbursement. This can be financially taxing and it also requires you to then complete claim formalities after or during your recovery.
Claim settlement ratio:
The claim settlement ratio of a health insurance company gives you an idea of how likely your claim is to be settled. CSR is basically the percentage of the total claims successfully closed out of the total claims submitted. Another way of looking at it is the total claims settled per hundred claims made.
The claim settlement ratio of every health insurance company can be easily found on the website of the Insurance Regulatory and Development Authority of India. They publish the CSRs of all insurers every year. You should look for a health insurance company that has claim settlement ration in the high 90s. This gives your claim a good chance of being settled, if you ever make one.
Choices available:
Every health insurance company will offer a different range of choices as far as coverage options are concerned. You need to go for an insurer that offers a good amount of choices when it comes to family & individual plans so you can choose one that suits your needs. A good health insurance company will also provide you with a number of add-ons to choose from; this will ensure you can tailor the plan as per your needs.
Customer service:
Lastly, you should look for a plan that offers good customer service. The last thing you want is an unresponsive health insurance company that not attentive to your needs during a medical emergency. Therefore, when you compare options, check out the reviews of the various insurance companies – it will give you an idea of the average customer experience.
We hope this article will help you choose the right health insurance company. Remember to compare plans carefully and make a decision only after paying attention to all the pointers. Good luck and take care!