Tips to Find the Best Health Insurance Companies in 2021?

With a number of health insurance companies available, choosing the best one is a daunting task. If you are not able to find the best health insurance company, this post is worth a read. In this post, we are explaining important factors that you should consider when searching for the best health insurance companies in India.
 

Plans Offered

The requirements of health insurance products for different people are different. Choose a company that offers plans to meet your specific medical needs. Some insurers design their plans to cover hospitalization expenses, other offer covers for all-around protection, which includes coverage for critical illness planssenior citizens, disease-specific policies and more. Choose a company that offers a wide range of plans covering all medical needs at a minimum premium.

Coverage Benefits

Coverage benefits under health insurance plans are also an important parameter to take into account. The best health insurance companies are committed to providing some of the most comprehensive health insurance products which offer all-around coverage, such as pre and post hospitalization (see the number of days under pre and post-hospitalization), critical illness expenses, nursing expenses, in-patient hospitalization, room rent, ambulance costs, ICU charges, hospital cash during hospitalization. Moreover, there are some health insurance providers that guarantee benefits such as:
 

  • OPD Benefits
  • Maternity Benefits
  • Prescription Drugs Benefits
  • Day Care Benefits
  • Dental Treatment Benefits
  • Annual Health Check-ups
  • Senior Citizen Health Benefits
  • International cover

    Portability

Choose a health insurance company that offers portability benefits. With this facility, you can move to a new insurer without losing existing credit points, waiting period and benefits like no-claims bonus and free medical check-ups for the existing medical insurance policy.

However, before changing your insurance company, make sure you exercise due diligence and compare the benefits and other facilities offered by your current insurer and the chosen company. With the portability option, you may also reap some added benefits. So, choose a company for yourself that offers portability benefits.

Network Hospitals 

Always pick an insurance company for a health policy that comes with a large network of cashless hospitals throughout India. With this option, it will be easier for you to find a hospital in your city for cashless claim settlement. It is therefore good to find a health insurance company that has the largest network of cashless hospitals. 

Claim Settlement Ratio (CSR)

Check claim settlement ratio of health insurance companies. The best company has high CSR which indicates that the insurer settles most of its claims. Moreover, the best company ensures an easy claim settlement process which means the insurer settles claims without any hassle. In general, choosing a health insurance provider with a claim settlement ratio of 90% and above and also those who have in-house claim settlement is a good idea.

Premium Rates

Premium rates are another factor to consider. Be assured of the pricing policy of health insurance companies. The best company is one that sets premium rates of its insurance policies affordably without compromising on the scope of coverage offered. Choose one that offers maximum coverage at minimum premiums.

List of Top Health Insurance Companies in India 

Bajaj Allianz Health InsuranceMax Bupa Health InsuranceSBI Health InsuranceManipalCigna Health InsuranceCare Health InsuranceStar Health InsuranceHDFC ERGO General Insurance
Aditya Birla Health InsuranceIFFCO Tokio General InsuranceMagma HDI Health InsuranceThe Oriental Insurance CompanyNew India General InsuranceGo Digit General InsuranceNavi General Insurance
Edelweiss Health InsuranceNational Insurance CompanyFuture Generali General InsuranceRoyal Sundaram General InsuranceLiberty General InsuranceUniversal Sompo General InsuranceICICI Lombard General Insurance
Cholamandalam MS General InsuranceUnited India Insurance CompanyReliance General InsuranceTata AIG General InsuranceBharti AXA General InsuranceAcko General InsuranceKotak Mahindra General Insurance

Consider the above 6 factors when searching for health insurance companies. These factors will enable you to pick the best insurance company to meet your needs. 

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