How to decide whether a company is good to buy health insurance?

Many financial experts from around the world have corroborated that health insurance is a must-have investment in every person’s insurance portfolio. Even before you plan for your life goals, you must invest in a good health insurance plan. It is mainly to keep you secured from the expenses incurred due to a medical emergency. Many factors should be considered while choosing a health insurance plan. But at the same time, you must take the same amount of efforts to select the right health insurance company.

Health insurance should be purchased as a shield to protect you against the expensive hospitalisation bills that you may incur in an emergency. While it is not mandatory to buy a health insurance policy at a young age, several experts recommend purchasing a healthcare plan before you attain the age of 30. The benefits of buying a health insurance policy at a young age can’t be denied.

Health insurance acts as a protective shield against the burden of hefty hospitalisation expenses. 

It is essential to buy a health plan from a highly reliable insurance company as it can help you get the aid in time and also make the process easy. Here are some things to consider while choosing the insurer-

  1. Customer Service – Insurance largely depends on the quality of service. You need to know the customer service the insurer has offered to the policyholders. A good insurance company is one which provides quality and consistent customer service. It should enable its customers to reach the company with different communication modes such as telephone, emails, and even online chats depending on the method that is comfortable for a customer.
  1. Experience – As discussed earlier, insurance is a service-oriented product and checking the company’s management competence is crucial. The insurer company’s management and key staff should possess the necessary qualification to provide the customers with accurate service. For this, the company must also encourage continuous learning and upgradation programs for its employees. Considering a large part of the younger generation is tech-savvy, make sure the company is providing adequate information about products, process, and general insurance information on its blog. The blog must be updated time-to-time as per market relevance. It also applies for the website, as majorly people opt to buy insurance online nowadays.
  1. Claiming process – You buy health insurance so that the insurance company helps you with financial aid if you need it during a medical emergency. At such times, you are already fighting an emotional trauma and getting into unwanted tug with the insurer is the last thing you would want to face at that moment. Hence, the claim process must be quick and easy. It is the insurance company’s responsibility to keep the process simple and work on claims with speed. Although understandably, not all claims can be settled, the insurance company must work on rejecting the least number of applications.
  1. Honesty and transparency – Although almost every company claims to disclose all the terms and conditions in their brochures with complete transparency, there are still some companies who will err. To avoid being fooled, you must know all the jargons and understand the actual offer as once the document is signed, it cannot be changed. Go for an insurance company who keeps it simple and transparent.
  1. Reputation – Insurance involves a significant amount, and hence you must make sure that you choose a licensed company only. The best option is to choose a company with a good reputation and positive customer feedback. Also, it is easier to transact with a company which has been around for a long time.

These are some features that make a good health insurance company. You must make sure your insurer provides such features.

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