Three Things to Consider When Choosing the Best Health Insurance in India

Charlotte Miller

Updated on:

Three Things to Consider When Choosing the Best Health Insurance in India

Health insurance is one of the best solutions to cope with the heavy expenses of medical emergencies. Unfortunately, people avoid buying health insurance unless they absolutely need a financial backup for medical treatment. Instead of purchasing insurance at the last minute, be prepared with adequate coverage to ensure smooth sailing through the medical emergency. 

Importance of Buying Health Insurance

Going through life without knowing what will happen the next moment sounds frightful. The global coronavirus pandemic gave us a picture of how vulnerable we are to life-threatening environmental elements. It also emphasised the importance of health insurance, particularly in India. The best health insurance in India will ensure that your savings remain intact and you receive timely treatments in credible hospitals. Furthermore, by paying a relatively affordable health insurance premium each year, you can beat the burden of medical inflation while opting for quality treatment without worrying about how much it will cost you.

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Things to Consider Before Buying Health Insurance

While buying health insurance may be a tough choice, there are some factors you must consider when zeroing down on a plan. Below are the three significant factors that you must look into before buying an insurance plan:

  1. Combination of Premium and Coverage

A plan with a lesser premium can be suitable if it offers you extensive coverage at a premium that you can afford. The other aspect is that a lesser premium may be at the cost of the insurance coverage. So, the best practice is not to look for the cheapest health insurance in India. It is to look for the reasons behind a reduced premium, as it should not be at the expense of insurance coverage. Check if there are any additional clauses of deductibles, co-payments, and sub-limits, and if there are, you would actually end up paying more at the time of claim. It would be best if you bought a plan that offers adequate coverage without compromising on the benefits and at a premium that you can bear.

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  1. Claim Settlement

The more straightforward the claim process and the faster the settlement of the claims, the better it is for the insured. Good customer support is an additional benefit you should look for. A company’s claim settlement ratio (CSR) refers to the total claims settled by the insurance company yearly over the total number of claims received. The higher the company’s claim settlement ratio, the more reliable it is. Thus, choosing an insurance company with a high claim settlement ratio is advised.

This way, the insured will be secure that the claim filed will not be rejected by the insurance company unless they have a reason. Make sure to understand both the cashless and reimbursement claim settlement processes to enjoy the best health insurance in India.

  1. Cashless Hospitalisation Benefits

The best health insurance company in India usually has tie-ups with network hospitals where the insured members can avail of cashless treatment during a medical emergency. It saves them from the tedious paperwork that is required at the time of admission and filing the claim. Moreover, the insurer can pay the sum insured directly to the network hospital. 

So you are not required to arrange for funds and file for its reimbursement. However, it will be helpful to check with your insurer for the list of empanelled hospitals and know all network hospitals in your vicinity.  

In a Nutshell

Health insurance is essential as it can help you prevent a financial crisis in the event of a medical emergency. However, with an extensive range of health insurance policies available in the market, choosing the best one requires proper research and understanding. Niva Bupa is without a doubt, the best health insurance company in India as it strives to help people make informed decisions by choosing the right policy per their requirements.