Healthcare expenditures, especially those associated with long-term care and hospitalization, can effectively devastate your personal finances. It makes the presence of medical insurance pivotal in your investment arsenal - a financial cushion that can prevent medical emergencies from turning into financial crises. But with the multitude of options available, the decision regarding the Best Medical Insurance Company in India can be travailing.
Here's a guide on factors you need to consider while choosing the best medical insurance company in India.
1 Claim Settlement Ratio:
Claim Settlement Ratio (CSR) refers to the proportion of insurance claims the insurer has paid out during a financial year. This plays a significant role when choosing the best medical insurance company in India. An insurance company with a high CSR is indeed a reliable choice.
2 Network of Hospitals:
An extensive network of hospitals ensures that policyholders can avail cashless treatment across numerous healthcare facilities and regions. Check the insurer’s list of network hospitals and ensure that it includes your preferred hospitals and those situated in your proximity.
3 Pre-existing Disease Waiting period:
Most medical insurance policies have a waiting period for pre-existing diseases, which means the insurance coverage for such diseases begins only after this defined period. The best medical insurance company in India provides an insurance policy with the least waiting period for pre-existing conditions.
4 Range of coverage:
The best company should provide a broad spectrum of coverage - hospitalization expenses, pre and post hospitalization expenses, day-care procedures and expenses such as ambulance charges. Also, look for add-ons like maternity and newborn coverage, organ donor expenses, etc.
5 Premium versus Sum Insured:
While everyone wishes for a policy with high claim amounts, the associated premium shall also increase proportionally. Finding the equilibrium between affordability of the premium and the sufficiency of the claim amount is crucial.
6 Renewability:
A lifelong renewability option ensures that you stay covered for as long as you live. The best medical insurance company in India offers policies that don't cease at a certain age but guarantee lifelong protection.
7 Customer Support:
Good and responsive customer service is crucial for policyholders, especially during emergencies. Ensure the company you opt for is known for its prompt claim support, assistance in network hospitals and understanding customer concerns.
8 Review & Ratings:
Go through customer reviews and ratings of the medical insurance companies in the market. This can give you a clear picture of their performance and how the company treats its customers.
Each of these factors contributes to finding the best medical insurance company in India. Spend time assessing, comparing, and deliberating on these factors before making a final call. Prioritize your health and insurance needs, and remember that the best company is one that can cater effectively to those needs. A decision made after careful consideration will help ensure your peace of mind and financial stability in times of medical emergencies.