Which is India's best health insurance company?

Identifying the Best Health Insurance Company in India

Rising expenses and surmounting inflation make us think of our survival multiple times a day. The biggest fear strikes when we have to bear a lump sum hospitalisation bill for our family members. This is when we people break their savings to spend a fortune and continue treatment.

This is where a medical insurance policy helps to incur the expenses to a considerable extent. The real question is, ‘Which is the best health insurance company to buy a policy?

As of IRDAI, the list of health insurance companies in India is comprised of seven entities. All of these companies offer different policies that consider contemporary requirements.

So, how can you find the best health insurance company offering the right plans? Here is what makes a health insurance service provider the best in class.

Claim Settlement Ratio

The biggest factor that makes a difference in choosing the right insurance company is the claim settlement ratio.

This is the ratio or percentage of claims that a company successfully processes and settles with the medical service providers in a year. For instance, an insurance company settles 4000 out of 5000 claims in a year.

So, its claim settlement ratio or percentage will be = [(4000/5000) x 100] % = 80 %

The general rule suggests that the higher this ratio or percentage, the better an insurer is. This ratio explains how much relief a customer has got from the settlement annually on average. Hence, the best Mediclaim company in India will have the best claim settlement ratio.

Network of Hospitals Accepting Issued Insurance Policies

Another way to find the best health insurance company is to check the network of hospitals covered by a service provider. Network hospitals offer cashless treatment for medical emergencies. It means you can admit a patient without any fear of instant financial commitment.

Network hospitals directly coordinate with the insurance service provider for financial transactions. So, the top insurance service will have the biggest network of hospitals in its reach to offer such smooth financial services.

Degree of Coverage

Policy seekers generally choose a prebuilt plan according to their specific requirements. Generally, seekers want full coverage of in-patient hospitalisation, pre- and post-hospitalisation expenses, etc.

The best mediclaim company in India will cover these areas.

Hospitalisation charges
Ambulance charges
Medical tests
Doctors’ visits
Procedures during hospitalisation, etc.

You now have an idea of where to start and find a reliable service provider like Star Health. Your first step should be making a list of health insurance companies in India. Find out what you need and select the plans from these service providers.

Compare the premiums and consider the degree of coverage, claim settlement ratio, and network hospitals to make a brilliant choice.