It is underlined that health insurance is an essential measure to manage the funds for health care facilities for an individual and family at the time of medical emergency. There are several plans available today in the market offering coverages for different age groups, requirements and even disease-specific plans securing people from various medical-related expenses. However, what becomes crucial is to sign up for the best plan according to your needs and requirements.
In addition to plans and their benefits, various other factors also play a pivotal role in choosing the right insurance company and the plans offered by them. Some of the factors that should be kept in mind to associate with the right health insurance company are mentioned below:
Cashless facility
Since medical expenses can be unmanageable at the time of emergency, the health insurance company must provide complete financial aid with its Cashless facility provision in its networked hospitals.
Network Hospitals
To facilitate the cashless facility, there is a need to admit to the network hospitals linked to the insurance company. Hence, ideally, the list of network hospitals of the insurance company should be long enough to be able to provide service for a variety of diseases including speciality and super speciality hospitals.
Market Share
The current market share of the insurance company translates the reputation of the company in the market which shows the trust of the masses in the company.
Solvency Ratio & Claim Settlement Ratio
Solvency and Claim Settlement Ratios are quite quintessential for the health insurance companies that describe the company’s status in terms of financial stability and ability to resolve medical claims raised by their customers. A higher solvency ratio means that the company has enough resources to pay off the claims. And Claim Settlement Ratio depicts the company’s capacity to resolve the claims and its customer service.
Based on the above-mentioned factors, there is a list of the top five insurance companies in the category of health insurance given below to help you choose the right company-
Star Health and Allied Insurance Company
Star Health and Allied Insurance Company of India, established in the year 2006, offers a wide range of health insurance cover and speciality products to cater to the needs of every individual. The company operates a pan India network with more than 640 branch offices and 10,200 networked hospitals offering cashless facilities. Its solvency ratio is 1.69% and claim settlement ratio is 99.9% within 3 months of duration in the year 2019-2020.
This insurance company offers about 12 health insurance plans including senior citizens, family optima, corona kavach and rakshak, and many more.
HDFC ERGO General Insurance Company
HDFC ERGO General Insurance Company stands in the top list with its wide range of health insurance products, designed to meet the requirements of most people. The company has a network of more than 200 branches spread across 170+ Indian cities and caters to the needs and requirements of its policyholders through 24*7 customer support services. The company offers a comprehensive set of insurance plans such as indemnity plans, fixed benefit plans, Mediclaim plans, critical illness plans, and Top-up plans with a lifelong renewal option. The company stands strong with a 1.77 solvency ratio, 99.8% claim settlement ratio within 3 months and a continuously growing market share in the last four years.
Religare Health Insurance
Religare Health Insurance has been a part of the Indian Insurance industry for over a decade now and gained recognition to be one of the most trusted insurance companies in the country. Its plans come with a bucket full of benefits, which specifically targets the health-related expenses of its customers such as healthwise policy plan, personal accident insurance, critical illness plan and many more. The company stands in support of its customers with easy payment options such as EMI. This insurance company has maintained a claims settlement ratio of 94% showcasing customers’ satisfaction.
Max Bupa Health Insurance
A renowned name in the Indian health insurance, Max Bupa Health Insurance provides comprehensive health insurance plans that cover all hospitalization expenses (including COVID-19), critical care, and accident care needs. The company has tie-ups with more than 5,000+ hospitals in its network offering cashless facilities and assists with facilities such as complementary health check-ups, pre and post-hospitalization costs, and coverage for pre-existing diseases. To stand apart, Max Bupa offers innovative various schemes and plans to facilitate its customers. For instance, the company promotes a healthy lifestyle and eating habits with the help of rewards and allows the insured members to track their health via the ‘Max Bupa Health App’.
Its claim settlement ratio is 99.1% within 3 months of duration and the solvency ratio of 1.64% for the year 2019-2020.
Tata AIG Health Insurance
Started in 2001, TATA AIG Health Insurance has managed to top the list of the top-rated health insurance company with its unique extensive range of products addressed towards the individual as well as business insurance needs. The company has 5,200+ networked hospitals, 22,000+ licensed agents and 550+ claim expert staff. Along with various essential health policies, the company has a special plan to offer for the women category which even covers cosmetic surgeries.