Health insurance is a type of insurance that covers the cost of medical care and hospitalisation-related expenses. Insurer companies offer diverse types of health insurance plans that are suitable for individuals, families, senior citizens, groups etc.
In India, health insurance plans are offered by over two dozen health insurance companies, both government-run and private.
With such a large number of players in the market, choosing the right health insurance company for your needs can be complex and daunting. It is important to do research in order to make an informed decision. This article will provide insight into the various factors to consider when selecting the best health insurance companies in India and the best plans they offer.
Best Health Insurance Plans As Per Health Insurance Companies
| Name of the Company | Most Popular Health Plans |
|---|---|
HDFC ERGO Health Insurance |
|
Care Health Insurance |
|
Star Health and Allied Insurance |
|
Aditya Birla Health Insurance |
|
ICICI Lombard Health Insurance |
|
How to Choose the Right Health Insurance Company?
Let’s discuss a few points that can help you to make an informed decision when choosing the right health insurance company in India:
Network Hospitals: Ensure that the health insurance company you choose has a wide network of hospitals. This will ensure that if you need medical attention, you can conveniently receive cashless treatment at any of the hospitals within the network without having to worry about arranging money for the treatment.
Claim Settlement Ratio: Check the historical performance of the health insurance company's claim settlement ratio before making a decision. A high ratio indicates that the company responds quickly to claim requests and provides the necessary assistance in a timely manner.
IRDAI Recognition: Make sure that the health insurance provider you choose is recognised by the Insurance Regulatory and Development Authority of India (IRDAI). This will ensure that the company operates within the guidelines set by the regulatory body and that your rights as a policyholder are protected.
Brand Reputation: While the cost of premiums is a significant factor to consider, don't make your decision based solely on this. The reputation of the company as a whole is crucial, particularly during medical emergencies when you need reliable support.
How to choose the right health insurance plan?
While deciding on the right insurance plan, it is essential to consider a few factors, those include:
Coverage: When selecting a comprehensive health insurance policy, it is important to consider the number of illnesses and conditions covered. Opting for a policy with fewer exclusions rather than reducing the list of illnesses covered is advisable.
Network of hospitals for a cashless claim settlement: Cashless claim settlement is a crucial factor to consider when purchasing health insurance. It enables insured individuals to receive the best possible care without worrying about the financial burden. So, select a health insurance provider with as many network hospitals as possible for easy access and convenience. Make sure you have enough network hospitals in your vicinity as well.
Cost-benefit analysis: Comparing the prices of various health insurance plans is essential before making a purchase vis-a-vis the benefits available. Evaluating the premium costs of different options helps in choosing the most affordable and reasonable plan. Always remember to compare oranges to oranges and not oranges to apples. Although each health insurance plan could be completely different from another, weighing the costs in isolation is never beneficial. You should do a proper cost-benefit analysis before deciding which health insurance plan would be best for you and your family.
Claim resolution time: Making a seamless claim can change your entire perspective on health insurance. And this is one of the most important factors that could help you decide on your plan. So, comparing the time it takes for different insurance providers to resolve claims is essential in selecting a comprehensive health insurance plan.
Lifetime coverage: Choose a policy that offers lifelong coverage, including illnesses or diseases that are more likely to occur in old age.
Conclusion
While it is imperative to ensure that you have sufficient coverage for your needs, it is essential to receive the required care at an affordable cost. Therefore, when selecting a health insurance plan, keep in mind that your needs and budget are in line. From deductibles and co-pays to premiums and coverage, there are many factors to consider when choosing a health insurance plan. Knowing what to look for can help you make the best decision for yourself and your family.
Recommended Link: India's Oldest Top Health and General Insurance Companies with Its Best Health Insurance Plans for Family
