Living in a fast-paced lifestyle leads to various untimely ailments affecting people from all age-groups. The costs incurred for the treatment of these medical conditions have also increased. For this reason, having a health insurance plan has become a necessity. There are various companies in the market, among which companies that settle the maximum claims are considered to the better ones. One minor accident or suffering from an illness can make you realize the importance of having a health insurance plan. But, why wait for a mishap? Hence, buying a health insurance plan is recommended to people for all age-groups.
Religare Health Insurance offers the best health insurance plans in the country catering to all age groups. It offers various policies such as comprehensive health insurance plans, family floater plans and health insurance plans for heart disorders. These health insurance plans not only safeguard an individual from present and future healthcare expenses but can also guide you on the path of well-being in the long run. All insurance companies differ in terms of their reputation, claim settlement and customer service.
Understanding Claim Settlement Ratio
The claim settlement ratio is the number of claims passed by the insurance company in a particular period. It is an important factor to consider before opting for a health insurance plan. If a health insurance company settles a huge percentage of insurance claims that have been intimated. It will then have an increased claim settlement ratio. An increased claim settlement ratio assures the increased chances of a convenient claim settlement process. If not then the purpose of investing a health insurance plan will be beaten if the claims are denied by the insurance company. Therefore, it is important to ensure that the insurance company has a good claim settlement ratio.
Benefits of Claim Settlement Ratio
Having a claim settlement ratio enables an individual to know the history of the insurance company, and how well they are at handling the claims. It is an important factor in deciding between the two insurance companies. If two different plans from two different insurance companies have the same benefits but one of them offers 95% insurance claim settlement and the other has only 60%, then an individual may go with the former policy. Religare Health Insurance offers one of the top health insurance claim settlement ratio at 93%. An increased claim settlement ratio does not indicate the qualities of a health insurance company. An individual should also consider the regularity of insurance claim settlement ratio for several years.
Mentioned below are certain reasons why the claim settlement ratio is important:
- Encourages great value products: A suitable claim settlement ratio is between 80-90% of companies with great value and is good for investment. They provide a wide range of health insurance plans with maximum cover and an enhanced claim settlement process. Hence, it is recommended to opt for companies with an increased claim settlement ratio.
- Accuracy: New insurance companies will have a lower claim settlement ratio than older requires. Therefore, it is advisable to go through the claim history of the insurance company. You can enquire about the number of claims settled so far and claims that have put on hold.
- Ensures good financial health of the company: A good claim settlement account reveals that the insurance company has decent financial health, earns a profit and meets the customer’s expectation. This type of company is credible to invest your savings.
Takeaway
When opting for a health insurance plan, it is advisable to consider the claim settlement ratio. Religare Health Insurance had a claim settlement ratio of 92.58% in the previous financial year. This company has handled 7,00,596 claims in the financial year and settled almost 93% of them. Therefore, whenever thinking of opting for a health insurance plan, it is always suggested to conduct proper research about the claim settlement ratio. It tells you about the history of the organization. You can also go through the family floater health insurance plan and health insurance plans for senior citizens offered by Religare Health Insurance. This insurance company has garnered positive reviews for its various health insurance plans.
