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Health Insurance 

 

 

 

INSSIDERS will suggest you the best Health Insurance plan for you and your family with maximum features and low premium. It is important to note that a higher claim settlement Ratio does not always mean that a company is doing well. Moreover, new players in the domain are likely to have a higher percentage owing to the fact that they may not have sold enough policies.

 

One should also take into account Incurred Claim Ratios of Health Insurance companies before buying a health policyThe Incurred Claim Ratio throws light on the amount paid by the insurer towards settling claims. It basically compares costs incurred on claims versus the income generated by the company through new business premiums.

 

In Short Claim settlement ratio explain number of claims settled by Insurance company against claims filled where as Incurred Claim ratio explains total amount paid in claims against total amount received in form of premium.

INSSIDERS Insight : You will always get better service in Hospitals if opting for Reimbursement of claims (Non network hospitals) rather than taking cashless treatments. In addition to above, you can control unnecessary expenses on disposables used in treatment which are mostly  high in cashless treatment and are mostly denied by Insurance companies at time of claim settlement.

 

Claim Settlement Ratio  of  Health Insurance  Companies,  as  reported  in  the IRDAI Annual Report 2021-22.

 

S.No.              Insurance Companies            Claim Settlement Ratio (within 3 months)

1                         Care Health                                                             100%

2                         Navi General                                                        99.99%

3                         Max Bupa                                                             99.99%

4                         Manipal Cigna                                                     99.90%

5                         Aditya Birla Health                                              99.41%

6                         Star Health                                                           99.06%

7                         Reliance                                                                98.65%

8                         HDFC ERGO Health                                            98.49%

9                         Liberty                                                                   97.30%

10                       Edelweiss General                                               97.26%

11                       United India                                                          97.25%

12                       Acko General                                                        97.20%

13                       ICICI Lombard                                                      97.07%

14                       Kotak Mahindra                                                    96.90%

15                       Bajaj Allianz                                                           96.59%

16                       Go Digit                                                                 96.09%

17                       Future Generali                                                     96.01%

18                       Royal Sundaram                                                    95.95%

19                       Universal Sompo                                                   95.77%

20                       SBI General                                                            95.04%

21                       Tata AIG                                                                 93.55%

22                       Raheja QBE                                                           93.30%

23                       Cholamandalam MS                                             93.23%

24                       New India Insurance                                             92.93%

25                       Magma HDI                                                           92.34%

26                       Oriental Insurance                                                90.18%

27                       IFFCO Tokio                                                          89.38%

28                       National Insurance                                                86.28%
 

Questions you must ask before buying a health insurance

  • Type of health Insurance plan ?

  • What does the policy will cover ?

  • What will not be covered under the policy ?

  • Does your health insurance policy cover routine tests ?

  • How is the policy premium calculated and what is the premium ?

  • What are the deductible and coinsurance ?

  • Waiting period for selective procedures?

  • List of network hospitals ?

 

Major Grounds for Claim Rejection

Keep in mind the reasons that could lead to your claims getting rejected. The following point may help you avoid such a situation in the foreseen future.

  • Not disclosing pre-existing illnesses

  • Non-adherence to standard claims process of the Insurance company

  • Incomplete forms and incorrect information

  • Wrongfully withholding personal information

Insurance policy is designed by Insurance company but sold by many intermediates. INSSIDERS assure you best premium quote by discounting our share. 

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Health Insurance Companies

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