Wednesday, January 29, 2014

Health Insurance Company Choose In India

The identifying the best health insurance company in India, it is essential that you understand what exactly the health insurance product offers. The features offered by most products in the market are similar and hence selecting the best health insurance company to suit your needs becomes a difficult task. Assuming that you are not fully aware about the different kinds of features offered under medical policy by different companies, I take this opportunity to help you make a better decision.

Basically there are two aspects to be considered when judging a company as the best health insurance company:
I. The quality of the product offered
II. The quality of after-sale services offered

The quality of product offered:

This pertains to the features and benefits of the product. A medical policy product offered by the best health insurance company would include-

.Basic coverage benefits – hospitalization expenses covered, longer duration for covering expenses incurred  prior and post hospitalization, daycare treatment claim made possible, greater limit on ambulance cost, etc.
.Additional advantages – Organ donation expenses covered, Ayurvedic/Homeopathic treatment costs are also reimbursed, more amount of cumulative bonus, facilitating health checkups, etc.
.Special features – No sub-limits on hospital room rents, lower co-payment percentages, lesser pre-existing illness waiting period, etc.
.Options – Option to cover entire family under a single health insurance policy.
.Premium – Affordable premiums on the benefits opted.

The quality of after-sale services offered:

The level of services provided by the company after selling the health insurance policy determines the standard of that company.

A best health insurance company will-

.Facilitate simple & instant new policy bookings and renewals through internet – The best health insurance companies    
 will allow you to browse the product offering online, calculate premiums instantly and purchase policy in simple steps.
.Facilitate immediate help to the customers when desired – This can be evaluated by contacting the company and asking for help prior to booking a health insurance policy. The best insurance companies will revert within no time.
.Facilitate hassle-free claim process with least documents – Claim settlement process proves to be the most crucial element in ranking an insurance company. A best health insurance company allows you to make claims online with minimum documents required. Moreover, the turnaround times i.e. the time taken by the company to settle claims and reimburse the amount.
.Facilitate cashless services – cashless services under a medical policy are provided in hospitals which has a tie-up with that company. It is essential to identify the network of hospitals that the company has tie-ups with. More the number of such hospitals around, the better it is during emergencies to avail a cashless treatments.

As I mentioned earlier, many companies offer similar benefits at different rates. Narrow down your scope of evaluation to location-based benefit and performance.

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