If you are the one thinking of buying a health insurance plan, you must have heard the term claim settlement ratio. And if you are at a research stage, you must have encountered a saying, “always check claim settlement ratio of health insurance companies” before buying health insurance. This blog is for everything who is buying Health Insurance. Here’s Why You Need to Check the Claim Settlement Ratio of Health Insurance Companies.
Well, it’s right! The claim settlement ratio of health insurance companies is such an important factor that if one says that it can be an influential factor, it would not be wrong. Having a high claim settlement ratio can win you clients and having a low one can disrupt your market reputation. visit here
But what is this claim settlement ratio and why is it so important? Let’s find out!
What is the Claim Settlement Ratio of Health Insurance Companies?
In lame words, it is a factor used to measure the success rate of health insurance companies. The higher the claim settlement ratio, the more successful the company is in handling the claim settlements of its customers. SO, if you choose a provider with a high claim settlement ratio, you increase the probability that if there emerges a need to get your claim settled, the procedure will take less time and will happen smoothly. It also increases your trust and validation over the insurance company.
In the case of medical insurance, getting your claims reimbursed is one of the toughest tasks. This is because insurance companies often reject claims due to insufficient or improper availability of a particular kind of document, hospital issues, and other related issues.
Even though the IRDA’s guidelines direct providers to only reject the claims when there are solid grounds or reasons found, still some companies sometimes play a foul game and reject claims.
That’s where checking the claim settlement ratio of health insurance companies plays a part. It gives you an upper hand and places you in a better position while leveraging the amenities from your health insurance plan.
Why Check The Claim Settlement Ratio Of Health Insurance Companies Before Buying A Health Insurance Plan?
Claim settlement ratio is important. As per IRDAI guidelines, all insurance providers have to process insurance claims within a stipulated period, following the regulations. As an insurance buyer, it is imperative for you to know how it impacts your purchase decision.
Here are some of the reasons that make checking the claim settlement ratio of health insurance companies an important step-
- A validation for quality service
As it is used for measuring success or claim settlement percent, high values of claim settlements ratios reflect high-quality service. This clearly surfaces that your insurance providers handle claim settlement cases with utmost honesty. This increases the investment trust and ability of policyholders to place a bet on the company.
- Surety for efficiency
The high claim settlement ratio defines the robust skill of insurance companies. This shows how fast robust and reliable they are in settling customers’ claims. Therefore, if you want to buy health insurance from efficient providers, checking the claim settlement ratio of health insurance companies should be your first step.
- Reflects reliability
A claim settlement ratio of around 80-90% is said to be ideal and reliable. This precisely indicates that you can worry-free rely on your provider for settling up your claims faster and provide you most out of your health insurance’s benefits on time.
- Can become first or last decision point
As it provides reliability and efficient reflection, it can help to reach a decision. No matter at what step of research on health insurance providers you are stuck on, checking the claim settlement ratio of health insurance companies can save you from a dilemma. This can surely be your deciding point for opting or dropping certain insurance providers.
Kickstart your search for the best health insurance plan today!
As you now know the importance of the claim settlement ratio, you are ready to kickstart your search for the best health insurance. Just check the claim settlement ratio of health insurance companies and you are good to go.
Compare and contrast the claim settlement ratio of health insurance companies, narrow down your research and reach your ideal insurance provider. One of the providers having a high claim settlement ratio is Care Health Insurance with a claim settlement ratio of 95.2%. Check its plans now and purchase an insurance plan that best suits you.