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How to Choose the Right Health Insurance Company?

You can purchase the right health insurance policy for yourself by following a few simple guidelines such as evaluating the insurer, enquiring about cashless facilities, sub-limits, waiting period, renewal age, co-payment facility, and so on.
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Buying a health insurance policy is something which has now become more of a necessity than an option. Every day, costs of medical treatments, doctor’s fees, medicines, diagnosis, tests, etc., is rising at an alarming rate. With this inflation, many people can no longer afford to receive quality healthcare, and those who can, often have to break into their precious savings in order to fund the expenses that arise due to a medical emergency which often requires life-saving treatment. Considering all this, it has now become an absolute necessity for one to be covered under a health insurance plan.

In India, there are several general and stand-alone insurers which offer health insurance plans. There is also a large variety of health insurance policies which are now available in the market and cater to the varied needs of customers. When it comes to choosing a policy, there is ample literature available on the topic. However, what is seldom talked about is how to choose the right health insurance provider. With the plethora of options available, it may seem challenging to choose one insurer over the other. To help you in this regard, here is a list of parameters which you can keep in mind when choosing a health insurance provider.

Check The Company’s Credentials:

The first and foremost thing to check in a health insurance company is the firm’s credentials. Why is this important? Because, a company’s credentials will give you a fair idea of the kind of coverage they can offer you. If you are investing in a health insurance policy offered by a certain company, what are the chances that your claim will be honoured? After you have purchased the policy, it is likely that you may have some doubts or questions relating to your policy. In this case, does the insurer have an easily approachable customer support system where customers can get their queries resolved? Also important to find out is the insurer’s claim settlement ratio and solvency ratio which will give you a fair idea about the claim settlement probability.

Look For Variety:

Having a variety of plans is always a good thing when looking at insurance. When you are looking for a health insurance provider, look for one which offers you multiple options to choose from. Insurance companies often offer plans for a variety of budgets. An ideal insurer would give you multiple variants of a policies under different budgets or premium range. This is helpful as it allows one to choose a policy which fits their needs the best.

Cashless Hospital Network:

The facility of cashless hospitalization is something which is provided by most health insurance providers and is of great benefit to the policyholder. The basic idea behind cashless hospitalization is to provide the policyholder with a choice of network hospitals to choose from where they can get treated for a covered medical illness/condition. After the treatment/hospitalisation period is over, the bill for the same will be settled directly between the insurance provider and the hospital. The insurer will cover all expenses which are a part of the policy that the insured has taken. All other expenses that are not covered under the policy must be borne by the policyholder. This facility also spares the policyholder of the hassle of collecting the bills and receipts for the treatment and submitting the same under a claim later. This facility can help the policyholder hold on to their savings as the treatment expenses are borne by the insurer. Also, the greater and more wide-spread the network of cashless hospitals, the better. In times of an emergency, the last thing anyone wants to do is drive to a network cashless hospital which is miles away, especially when time is of the essence in saving a dear one’s life.

Sub-Limits on Treatments:

Most health insurance providers put sub-limits on costs related to medical treatment such as the consulting doctor’s fee, hospital room-rent, etc. For instance, your health insurance provider offers a health insurance plan which carries a sub-limit on room rent such that the daily room rent must not be over 1-1.5 times of the sum assured. So, if your policy carries a sum assured of Rs.2 lakh, you can only claim room rent up to the amount of Rs.2000/day under your policy. The remaining cost of room rent must be borne by you. Therefore, do check if your health insurance company has sub-limits attached to any clause under the health insurance plan that they offer.

Waiting Period on Coverage:

Almost all health insurance providers put terms and conditions on the time period from when the plan coverage shall commence. The gap period between the start of the policy and the time when it starts to provide coverage for covered illnesses or even pre-existing diseases is known as the policy waiting period. This means that the policyholder will have to undergo the waiting period before they can be covered for a pre-existing disease or an illness which comes with conditional coverage of undergoing a waiting period. When choosing an insurer, try to seek those who have the lowest waiting periods for covering pre-existing diseases and illnesses. Any claim that arises during the policy’s waiting period will not be taken up by the insurer.

Co-Payment Option:

Under the co-payment option, a part of the which is a part of many health insurance policies, the policyholder is asked to bear a part of the of doctor’s bill cost, before the insurance policy starts coverage. The co-pay or co-payment clause is mentioned in your health insurance policy, as is it’s specific limit. Most insurers include this clause mainly to deter people from making unnecessary claims on their policy. However, this clause is not beneficial to a policyholder as it may prevent them from seeking adequate medical care at the time of an emergency or even otherwise.

Renewal Age on Plans:

Most health insurers offer plans which can be renewed only till the policyholder reaches 70 or 80 years of age. This isn’t helpful as it is well-known that one’s health deteriorates with age. Considering this, it is only more likely that one will be in poorer health at an old age as compared to when they are young. The costs of medical treatments for older individuals are more expensive, which makes it all the more to have a health plan which covers you for a longer time. Choose an insurer which provides you cover for a longer period or till an older age.

Pre/Post-Hospitalization Expense Cover:

In addition to covering the cost of medical treatment, health insurance plans routinely also provide cover for pre and post hospitalization charges. Normally, health insurers provide cover for pre-hospitalization expenses for 60 days before start of treatment and 90 days after the treatment has concluded under post-hospitalization. An ideal choice of an insurer would be one which provides the maximum time period for coverage of pre and post hospitalization benefits.

No Claim Bonus:

The concept of no Claim Bonus is also present in the health insurance segment, like the motor insurance industry. The working of the concept is the same. If the policyholder has not raised a claim during the past policy year, they will be entitled to a No Claim Bonus when they get their policy renewed with the same insurer. Also, like a motor insurance policy, one can have their health insurance No Claim Bonus transferred from one insurer to the other. Therefore, go for an insurer which offers you a No Claim Bonus on your plan.

Streamlined Processes:

At the time of an emergency, the last thing that a person wants to do is be stuck trying to figure out the process to file a claim. This is one of the main reasons why it is important to choose an insurer which has set processes when it comes to policy related actions such as raising a claim, applying for a policy, tracking your application, etc.

Efficient Customer Care:

If you have a problem with your cellular connection or internet, getting in touch with the customer care is the most difficult thing on the planet. Almost all of us have gone through this. However, in case of health related emergency, this scenario can mean the very difference between life and death. When scouting for a health insurance provider, it is recommended to choose an insurer which has a dedicated and efficient customer support division that is easy to reach.

Online Presence:

In an age when groceries are available online, health insurance providers are fast catching on the trend. Actually, most major insurance companies have an online presence by way of a website which customers can access to not only buy a policy but also find out about other policies offered by the insurer, pay premiums, view NAV, fund value, calculate policy premiums, reach the customer care team, and do much more. The biggest advantage of having an online presence is that customers can access the products of the insurer from anywhere, as long as they have a working internet connection. With the help of a website, it also becomes much easier for the customers to get in touch with the insurer or request for assistance on policy related matters. These are some of the primary reasons why it is important to choose an insurer which has a website, therefore making it easy for the customer to choose from a variety of policies and also apply for one.

How To Choose The Right Health Insurance Company Reviews

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  • review Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken my health insurance with Adiyta birla insurance, there service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me was nominal, i use to pay through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • Religare Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my health insurance with Religare insurance from long time,their service is good, they have tie up with many hospital , and they have shared me an excel with there location, and the agent had explained me clearly about the policy benefit,overall service is good.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 23, 2019
  • ICICI Lombard Health Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    I took my health insurance with ICICI Lombard. The customer service is good. I got the insurance paper on time. I have no claims. I have taken the policy for myself and wife. The medical coverage is 5L for both. I think have paid hardly 8K for one year.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 23, 2019
  • United India Health Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My company has given me a health insurance from united India. My entire family has been covered in this policy. I had no claim experience so far and i have not checked about the list of hospitals. I'm happy about the coverage amount they have given to me.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 22, 2019
  • Apollo Munich Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my health insurance with Apollo Munich, there service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me up to 13,000, i use to pay through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • United India Health Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    I have chosen the United India health insurance policy without any reason. I got this policy for my entire family. I pay the premium amount of Rs. 16000 nearly. I have a claim experience with them and they have processed the claim in 3 days. They have given a claim upto 80%
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • review Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have a health insurance policy with BHARATHI AXA , this policy cover accident claim and there customer support team have explain me about this policy . And the premium i pay per year it nominal, i pay through on line. Till now i have no claim experience with them, i have took the policy like in every five years they will reduces 5 % if i do not claim it, till now there service was good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 22, 2019
  • United India Health Insurance
    "Good Policy to take"
    0.5 5.0/5 "Blown Away!"
    I have purchased my United India health insurance in the year of 2002. I pay the premium amount of Rs. 12000. This is a primary plan. Me, my wife and my son has been covered in this policy. I have received the covered amount of Rs. 10 lakhs. I have not faced any issue in this policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 22, 2019
  • HDFC Ergo Health Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have been using my health insurance with HDFC ERGO, they have charged me premium amount up to 500 rupees , this health insurance is a complimentary insurance issued my bank as i took this bank credit card, the premium amount it was to get deducted on yearly basis, and it use to get deducted from this bank credit card, and after that it converted in to Emi option, and till now i had no experience with this insurance, there is cash less treatment option available.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • Bajaj Allianz Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I took my Health insurance with Bajaj allianz general insurance, they have tie up with many hospital, and they have shared me location regarding this, so far there was no claim experience with them . There is cashless treatment option available , the premium amount they have charged me previously on monthly basis, it was nominal premium charges, i have been paid for 4-5 years continuously, now maturity period got completed.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • HDFC Ergo Health Insurance
    "Not satisfied with the service"
    0.5 1.0/5 "Really Bad"
    It was not quite a good experience i had with them where i had started this insurance policy in the year of 2009 and i had been paying the premium amount of 50,000 annually. There was not any single claim which i had made so far, until last year i had tried for a claim and the bill was around 40,000 and they had provided me with only 12,000 which was really a bad experience.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 21, 2019
  • HDFC Ergo Health Insurance
    "Its Good"
    0.5 1.0/5 "Really Bad"
    Before four month my health policy got expired I don't have interest to renew it again. HDFC Ergo representative called me for the renewal. I don't have claim experience but I believe they provide ac room hospitalization for per day Rs. 3000 will be charged from the insured value and they do have no bonus feature.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 21, 2019
  • Star Health Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my health insurance with Star health insurance, there service is good,i have applied two health loan , one for me and one for my parents, i had claim experience with it , as one year ago,i avail this insurance for my parents, there was cashless option available , and the premium amount they have charged me was nominal, for my parents i use to pay up to 27,000 as yearly basis, and for me 12,000 as yearly basis.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • HDFC Ergo Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my health insurance with HDFC ERGO , the agent that explain me clearly about the policy, and there benefits,and they have tie up with many hospital and they have shared me excel regarding this, i had claim experience on 2016 , my claim experience with this bank was good, the premium amount they have been charged on yearly basis,they have charged premium nominal.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • Universal Sompo Health Insurance
    "Speedy claim recovery"
    0.5 4.0/5 "Great!"
    Holding my health insurance from Universal sompo. I'm not getting any mails or messages from Universal Sompo regarding the updates. The policy is really good. This is a 100% covered policy. They have processed the claim immediately with the cashless treatment. The hospital list is really good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • ICICI Lombard Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my health insurance with ICICI Lombard general insurance, there service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me was nominal,i use to pay on yearly basis.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Ergo Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I took my medi claim with HDFC ERGO, they have tie up with many hospital,and they have shared me the location regarding this,they have mention the location on excel,and the premium amount they have charged me is nominal,they have charged me on yearly basis.overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • Apollo Munich Health Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My organization has given me a health insurance from Apollo Munich. I have not gone through about the documents and hospital list. My entire family has been covered in this policy. They have given me a satisfied coverage value. I have not contact the customer care so far.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Jan 20, 2019
  • HDFC Ergo Health Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have purchased the health insurance from HDFC Ergo. For some enquiry, i have called the customer care service and they have resolved my query immediately. I have not made any claim experience so far. I pay the premium amount of Rs. 37000 and myself has been covered in this policy.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Jan 20, 2019
  • Star Health Health Insurance
    "Less premium with Extra benefits"
    0.5 3.0/5 "Satisfactory"
    Taken my health insurance policy recently from Star. Till now i have not spoke with the customer care. Since my age is above 50, i made the premium amount of Rs. 17000. Myself, my wife and child has been covered in this policy. They have given me a coverage value of Rs. 4 lakhs. Almost major hospital has been covered in this list.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
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