A health insurance policy is one of the most important products in your insurance portfolio. As such, taking this form of insurance must be a well-thought decision. It won’t help to simply jump at the first health insurance plan that comes your way. You need to explore many options, calculate the affordability, and check the coverage that is included. Most important, you need to inspect the insurance company from whom you will be making the purchase. With this in mind, we have listed out 5 points that you must consider when evaluating a health insurance provider.
- Accessibility of customer support
The reason you invest in a health insurance policy is so that you can claim the funds when the need arises. In order to be able to make claims smoothly, you would want to have access to plenty of customer support from your insurance provider. Check their website to see what kind of options you have to contact them. Ideally, you should have access to a toll-free number and instant WhatsApp support so that you can get in touch from anywhere, especially if it’s an emergency.
- Affordability of plans
Now, the price tag of a health insurance policy should not be the sole factor of consideration when buying coverage. However, it is an important one. Compare different insurance providers to check which one offers you plans that you can afford. A little bit of research can often reveal very similar types of coverage offered at different price ranges by various insurance providers. So, choosing a more affordable plan does not always mean less coverage. Sometimes, it means you did good spade work.
- Claim settlement ratio
The claim settlement ratio refers to the percentage of claims that the insurance company has honoured in the past financial year. This percentage is calculated based on the total number of claims that were received by the insurance provider. As a rule of thumb, it makes sense to opt in for an insurance company with a high claim settlement ratio.
- IRDAI registration
Always check whether a health insurance provider has been listed on the IRDAI website as a registered insurer. IRDAI stands for Insurance Regulatory and Development Authority of India and it oversees the functioning of the insurance industry in the country.
- Customer reviews
It always helps to know what other people have to say about a particular insurance company. Make sure to read reviews posted on online forums and in social media. Do pay attention to specific complaints and note whether a lot of customers seem to talk about the same issues.
These are some of the points to keep in mind when selecting a health insurance company. Doing thorough research might take up a bit more time but, it will prove worth it in the long run as you end up with a truly customer-centric insurer. Finally, remember to renew your health insurance policy on time so that you always have your coverage handy when you need it. Take care.