How to Compare Health Insurance Companies & Choose One?

How to Compare Health Insurance Companies & Choose One?

The health insurance market is flooded with many medical insurance plans, especially after the corona pandemic. Health insurance companies are offering lucrative offers to their prospective customers. However, in this cut-throat competition at times, companies also make fake promises, which later turn into chaos for the customers.

Therefore, it is advisable to opt for your health insurer wisely. Below you can read some really crucial points that help you compare different health insurance providers to choose the best one:

How to Compare Health Insurance Companies & Choose One.jpg

Check the Official Websites

It would be best if you began by exploring the official websites of the leading health insurance providers like ICICI Lombard, Max Bupa, Care Health Insurance, etc. Most of the details about their plans, eligibility, the sum insured, etc. can get it from the websites.

You can also fill a query form available online, and within a few seconds, you get the quote.  So, compare the details of several health insurance companies before you choose any one of them.

Check the Scope of Coverage

Next, you should check the scope of the policy coverage offered by different health insurance providers. Read the inclusions and check what types of diseases/ treatments/ medical procedures/and conditions, cover under their health insurance plans.

Choose the one that offers maximum coverage, including in-patient hospitalization, pre and post hospitalization, daycare treatments, domiciliary hospitalization, ambulance cover, AYUSH treatment, and more.

Exclusions (Not Covered)

After inclsuions, also check the companies’ exclusions. These are the conditions, diseases, medical procedures, and treatments not admissible by health insurance providers.  You will not get the claim for the same. So, opt for one of the best health insurance companies in India that have minimal exclusions.  

Claim Settlement Ratio (CSR)

The claim settlement ratio is the yardstick to measure any health insurance company’s reliability and credibility to settle the claim. CSR is readily available on the official websites of the companies; you can check it from there. Remember, the higher the claim settlement ratio, the higher the possibility of hassle-free and timely claim settlement.

Affordable Premium 

It should be one of the major deciding factors when it comes to health insurance companies. Calculate the premium with a health insurance premium calculator available on their official websites. Also, check the tax exemption limits, co-payment percentage, and sub-limits to make sure you choose the health insurer that offers you maximum benefits at an affordable premium.

 Get the List of Network Hospitals

Do you know you can avail cashless facility under your policy only at the network hospitals? These hospitals have tie-ups with health insurance providers. You should get the list of network hospitals online that are impaneled with the company. So, pick the company that has the maximum number of network hospitals.  

Check Waiting Period

Health insurance companies have waiting periods also. It is the duration in which none of the claims will be admissible.  It can vary from 30 days to 48 months, depending upon policy and history of pre-existing diseases. Thus,  choose the company that has less waiting period. Also, leading players like Care Health Insurance offers add-ons for the reduction in the waiting period. Check their official website for more details.

Read Online Reviews

It would also help if you read online customer reviews and check the ratings about the health insurers. It gives you an idea about the companies’ credibility, claim settlement process, and customer services so that you can make the right choice. 

Top Health Insurance Companies in India

You can check the list of India’s five top health insurance providers:

Health Insurance CompanyClaim Settlement RatioNetwork Hospitals
IFFCO Tokio92.66%4000+
Care Health Insurance92.3%11000+
HDFC Ergo90.32%10000+
Max Bupa Health Insurance83.92%4500+
Star Health78. 15%8800+

Source- Companies’ Official Websites

Over to You

Therefore, an informed decision is always the right decision. Please read the fine prints of the health insurance companies available on their official websites.  Get yourself acquired with as much information about the health insurers. It helps you to choose your trusted health insurance partner. After all, it is a matter of your health and hard-earned money. 

Christie Lewis
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