The cost of healthcare is increasing at a hazardous rate. According to the available data, for treatment of a serious illness, hospitalization charges may be more than Rs 5 lakhs. If you are not covered under an insurance plan then it may be difficult to meet these expenses and as a result financial disasters can occur.
More than 25 companies provide such insurance plans in India with different premiums, facilities and borders. Most people opt for low premium policies, even if they are offered by a relatively unknown insurer. This can be a very big mistake, because the insurance plan has no advantage if the claim is not settled or the settlement is delayed.
Claim settlement ratio
This is an important metric to consider while evaluating health insurance companies. This ratio provides information about the number of claims made during the year and how many of these were successfully paid. This ratio will provide an estimate on the possibility of settlement of your claim when required.
The claim settlement ratio is important when selecting the best health insurance plan. Buyers are advised to select a company with a more disposable proportion, even if they need to pay some extra premium.
Claim dismissed
Users should also analyze the claims rejection and the ratio of closed claims closely. In both of these examples, the policyholder failed to get the sum on their claims. Many reasons are possible; Presence of a situation or failure already existed to provide factual information. However, if the ratio is more than 10%, further analysis of the reasons is appropriate and if the ratio is consistently high, then users are advised to select a health insurance policy offered by another company.
Growth of pending claims
While a high settlement ratio is beneficial, the average time taken for settling the claims should also be kept in mind. Completing the pending claims will help you understand the efficiency of the settlement process. If there are more pending claims then you need to consider choosing another company.
Royal Sundaram is a leading insurance company in India and has enjoyed a fairly high claims settlement ratio. The Lifeline Health Plan offers many benefits to policyholders, such as cashless hospitalization in a wide network of free medical checkups, hospital cache and hospitals and nursing homes.
More than 25 companies provide such insurance plans in India with different premiums, facilities and borders. Most people opt for low premium policies, even if they are offered by a relatively unknown insurer. This can be a very big mistake, because the insurance plan has no advantage if the claim is not settled or the settlement is delayed.
Claim settlement ratio
This is an important metric to consider while evaluating health insurance companies. This ratio provides information about the number of claims made during the year and how many of these were successfully paid. This ratio will provide an estimate on the possibility of settlement of your claim when required.
The claim settlement ratio is important when selecting the best health insurance plan. Buyers are advised to select a company with a more disposable proportion, even if they need to pay some extra premium.
Claim dismissed
Users should also analyze the claims rejection and the ratio of closed claims closely. In both of these examples, the policyholder failed to get the sum on their claims. Many reasons are possible; Presence of a situation or failure already existed to provide factual information. However, if the ratio is more than 10%, further analysis of the reasons is appropriate and if the ratio is consistently high, then users are advised to select a health insurance policy offered by another company.
Growth of pending claims
While a high settlement ratio is beneficial, the average time taken for settling the claims should also be kept in mind. Completing the pending claims will help you understand the efficiency of the settlement process. If there are more pending claims then you need to consider choosing another company.
Royal Sundaram is a leading insurance company in India and has enjoyed a fairly high claims settlement ratio. The Lifeline Health Plan offers many benefits to policyholders, such as cashless hospitalization in a wide network of free medical checkups, hospital cache and hospitals and nursing homes.
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