Health Insurance

How To Choose The Right Health Insurance Company

How To Choose The Right Health Insurance Company

The insurance sector is being commended and recognized for the financial security and investment option it offers. The Indian Health insurance market is currently calculated at $122.11 bn in 2022 and is expected to surge to $198.45 bn by 2027. Health insurance companies carefully curate each policy to best fit the needs of their customers. The growing awareness has directly impacted the increase in sales and many market companies are offering several policies.

With so many companies offering various policies, one might need clarification about choosing the right plan to cater to their needs. While laughter is known to be the best medicine, you should make sure that your insurance coverage doesn’t just cover chuckles and giggles. Let us know more about how to choose a health insurance company and some of the top health insurance companies out there.
 

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How To Choose The Best Health Insurance Company?

The need for a health insurance policy is gaining the recognition it deserves and is expected to grow profoundly in the coming years. From covering almost every aspect of major and minor medical expenses to additional benefits like health check-ups, bonuses, wellness programs, etc., there isn’t a reason not to buy a health insurance policy.

And while selecting the best health insurance policy is definitely an important decision, choosing the right insurance company becomes one too. The insurance company you select will determine how your insurance journey will be, right from policy purchase to customer service to claim settlement.

Do your research before choosing an insurance company. Here are a few factors that you can consider -

  • High Coverage With Low Premiums

    Have a look at the products offered by the insurance company. Check if they have health insurance plans with a good cover amount and premiums that don’t burden your wallet.

  • Claim Settlement Ratio

    An essential aspect of choosing the right insurance company is to check its claim settlement ratio. This ratio is calculated as the number of claims settled against the number of claims raised. Here, you will have to choose a company that has a higher claim settlement ratio, as you will have a higher chance of claim settlement.

  • Network Hospitals

    Choose an insurance company with a vast list of network hospitals. Most health insurance companies have now come up with cashless treatment options where the insurer directly pays the bills to the hospital. It’s a good choice to finalise an insurance company that has network hospitals in your locality with cashless facilities.

  • Solvency Ratio

    According to the guidelines of IRDAI, insurance companies are mandated to have a solvency ratio of 150% to eliminate any risk of bankruptcy. The solvency ratio reflects an insurance company’s ability to pay claims. You should pick an insurance company with a high solvency ratio.

  • Options And Benefits Offered

    The insurance market continually expands and many options are available to buyers. Have a look at the policies that the insurance company offers like individual health insurance, family floaters, women or senior citizen-specific plans, etc. You should also have an in-depth understanding of the various benefits and features of the plans. This will determine that you are getting the best out of your buck.

  • 24/7 Customer Support

    One of the most important factors to consider is the customer service of the insurance company. A company that is available 24/7 to solve your insurance concerns by giving you holistic customer support through emails, chatbots, and calls will navigate you calmly in stressful times. You don’t want endless automated calls and bad claims experience at an already worrying time!

  • Check Reviews And Talk To Their Customers

    This is the easiest way to choose your health insurance provider. You can access the reviews about the insurance company on its forum, community, or other sources. Conduct research by talking to past and existing customers about the company’s query-solving and claims process. If possible, try to gain insights about the time taken for resolution and the rapport they establish with customers. It will help you better understand the insurer's service, etc.
     

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Top Health Insurance Companies In India

No two people can have the same kind of needs and interests. What you consider essential may be less significant for another person. The same applies to evaluating health insurance companies. For instance, you might feel that the network hospital and cashless facility are more important. On the other hand, your friend might feel that customer service has more relevance.

Here’s a comparison of the top health insurance companies in India -

  Care Health Insurance ICICI Lombard Health Insurance Bajaj Allianz Health Insurance Aditya Birla Health Insurance

Introduction

Care Health Insurance Limited (formerly Religare Health Insurance Company Limited) has a stunning growth graph in a short time span. It was awarded ‘Best Health Insurance Product’ and ‘Best Health Insurance Agents’ at the Insurance Alerts Awards, 2021. ICICI Lombard General Insurance Company Ltd. is a leading private insurance company. Armed with customer-oriented culture, it was recently voted as General Insurance Superbrand by consumers. Bajaj Allianz General Insurance Company Limited, a leading private insurance company, is a joint venture between Allianz SE and Bajaj Finserv Limited. It was honoured as the Best Insurer in India 2020 by IDC Financial Insights Innovation Awards. Aditya Birla Health Insurance Co. Limited is a joint venture between Aditya Birla Group and MMI Holdings of South Africa. It received the Best Health Insurance company of the year by the Times Network National Marketing Excellence Awards for Excellence in BFSI Sector 2017.

Established in

2012 2001 2001 2015

Incurred Claim Ratio (FY - 21-22)

53.32% 101.63% 96.88% 78.36%

Claim Settlement Ratio

84% (FY - 22) 87.28% (FY - 22) 91.93% (FY - 21) 87.54% (FY - 22)

Network hospitals

19000+ 6700+ 8000+ 10051+

In-house claim settlement

Yes Yes No Yes

 

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Conclusion

Choosing the best health insurance provider entirely depends on each person’s healthcare needs and perspectives. What may work for you may not work for others. We hope this article will help you make the right choice!