Health Insurance Claim Settlement Ratio & How is it Calculated?

Are you wondering what health insurance claim settlement ratio is and how it is calculated? Allow us to explain. A Claim Settlement Ratio or a CSR helps you gauge how reliable a health insurance provider is since it proves the percentage of claims the provider settles annually. This means that the higher the ratio, the better the health insurance provider is for you. 


The health insurance claim settlement ratio determines how promptly your insurance provider is, how easily you will be able to access your insurance coverage during an emergency, etc. This is very crucial for when unforeseen events befall you, and financial aid is an urgent and immediate requirement.

No Room Rent Capping | No Medical Check-up up to 55yrs | Tax Benefit up to 75k | Buy Health Insurance starting @ ₹244 pm

Why Is Health Insurance Important? 

In India, where healthcare costs are increasing rapidly every year, the importance of health insurance can’t be understated. A health insurance plan becomes an effective tool to help avoid any financial distress that can occur when dealing with an illness. Without a policy, you would have to pay hefty medical bills, which does more harm than good.

 

Read on to learn the importance of health insurance, how to choose the right policy, and the benefits you enjoy with it.

  • Offers Cashless Facility 

With health insurance, you can avail a facility termed as a cashless treatment where you do not have to foot any medical bills. This is because insurance providers have tie-ups with numerous hospitals where the company directly settles the bill.

 

Simply show your cashless card to the hospital billing desk and your insurer will take care of the rest. By getting treatment from a network hospital, you can focus on your health and not worry about settling the bill. The importance of health insurance goes without saying because of such features.

  • Provides Enhanced Protection

Sometimes, your base health policy may not offer coverage that is extensive enough to cover all kinds of medical expenses. During such times, health insurance add-on covers can come to your rescue. For example, if a doctor diagnoses you with a critical illness, then the add-on cover will cover it. 

 

However, such covers are available at an additional cost but are more cost-effective than buying a separate policy. So, you can get enhanced protection from certain predefined aspects in health insurance at an affordable rate.

  • Grants Financial Security

The importance of health insurance is best explained by pointing out the financial safety net it offers. Financial security for most individuals means having enough savings. However, in the event of a medical emergency, the healthcare expenses can easily burn through your life savings. Here, a health plan can offer great relief as it covers your medical bills which ultimately safeguards your savings.

 

You can easily opt for insurance that secures the health needs of you and your dependents at an affordable premium. If you are worried about the policy going unused, then fret not as you get a No Claim Bonus offered by many insurers.

  • Customisation

Not every individual has identical insurance requirements and thus, health insurance providers offer various options to ensure that you get the coverage you want. From individual and family floater to senior citizen and critical illness policy, health insurance has got you covered.

 

Moreover, you can select the right policy within your budget and get maximum benefits by comparing plans. Hence, you can go on to personalise insurance policies instead of relying on plans offered by your employer.

  • Regular health check-ups

When talking about the importance of health insurance, this is a point that cannot be overlooked. A majority of the insurers today offer regular health check-ups along with an affordable insurance policy. This makes it easy for you to stay healthy and ensure that you get the right treatment at the right time. 

  • Protects Against Ailments

Over the past few years, lifestyle illnesses have seen a rise due to a sedentary work life and increasing pollution. Whether you sit and work for most parts of the day or have a fast-paced routine, you may not be giving your health the attention it needs. As a result, certain ailments catch up to you in the long run.

 

Because of this, the importance of health insurance increases. The cost of treatment and medication for age or lifestyle-related diseases can easily impact your savings, which you can avoid with a health insurance plan. 

Check Out Health Insurance Plans Available at Bajaj Markets

 

Bajaj Allianz Health Guard Gold

Aditya Birla Activ Assure Diamond Plan

Care Health Insurance Plan

Features

Ayurveda/Homeopathy Cover, Maternity benefits, Organ Donor expenses, NCB

Free yearly health check-up, SI restoration benefits, Ayurveda/ Homeopathy cover

Varying Sum Insured options, Automatic recharge, No upper limit on entry age, 

Hospitalisation Cover

₹3 Lakhs - ₹50 Lakhs

₹3 Lakhs - ₹50 Lakhs

₹4 Lakhs - ₹50 Lakhs

Premium

₹4,171

₹3,887

₹5,277

Disclaimer: The premium mentioned above are indicative and may vary depending on the coverage you select.

How To Choose A Health Insurance Plan? 

Knowing how to choose the right health insurance is just as vital as knowing the importance of health insurance. Your choice ensures that you get the right cover and are not under or over-insured, both which can be bad for your financial health. To help you get started, here are tips on how to choose the right policy:

  • Asses your needs

This is a crucial point to consider when you are evaluating the importance of health insurance for you and your family. You can look at the current health, individual medical history, and family medical history to get a holistic idea of what you may need. 

 

Knowing the health needs will allow you to choose a plan that offers cover for a majority, if not all of your needs. This way, you can rest easy knowing that your health and finances are covered. 

  • Check the different insurance plans available

Given the rising importance of health insurance, there are many insurance providers who offer great benefits at an affordable price. You can understand which plan is the best for you only after you check and compare the health insurance plans available. 

Benefits Of Buying A Health Insurance Plan 

There are many factors that speak to the importance of health insurance, among which are the benefits it offers to your and your family. Here are a few top benefits that you can enjoy with the right policy. 

  • Offers financial support 

When you have health insurance, you need not worry about the rising medical costs. This is because the insurance provider will cover the cost of your medical treatment. Additionally, the availability of cashless claim facilities has made it easier to avail any medical health without having to worry about the payment. 

 

Even if you opt for reimbursement, you can be rest assured that the insurer will pay you back for the expense borne. However, keep in mind that the cover is only offered and extended based on the terms and conditions of your policy. 

  • Extensive cover for varying health needs

An important benefit of health insurance is that you can customise it and get extensive cover for different health needs. You can do this by choosing a plan that already gives you the cover you need or by opting for a basic coverage and enhancing it with the help of add-ons. These add-ons offer cover for things that are generally not included in a regular health insurance plan. 

  • Enhanced coverage at affordable cost

When you make the most of the benefits that come with health insurance, you can stay safe and healthy. This may reduce your chances of filing for a claim in a policy period, which can make you eligible for No Claim Bonus (NCB). Through NCB you can avail great discounts on premium at the time of renewal. This will allow you to get the cover you want at an affordable and possibly discounted price.

  • Tax Benefits

Another pointer that stresses the importance of health insurance are the tax benefits. Health insurance is an excellent option for saving your money on taxes while enjoying the coverage. Under the Income Tax Act there you can get tax benefits on your health insurance

 

Depending on your and your dependent’s age, you can claim a deduction of up to ₹50,000 for the premium you pay. This way, you can minimise your tax liability and safeguard your health and your dependents health with the right insurance.

 

Now that you know the importance of health insurance, how to choose the right policy, and the benefits you can get with it, choose wisely. You can visit Bajaj Markets to browse through some of the best health insurance plans that you can get and customise at an affordable price. 

 

This way, you keep your overall health and finances safe and secure.

Best Health Insurance Plans Available at Bajaj Markets

FAQs

  • ✔️Can I have multiple health insurance policies?

    Yes, you can have multiple health insurance policies. Currently, there is no limit on the number of health insurance policies an individual can have. However, keep in mind that you can’t file a claim for the same expenses against multiple insurance policies. 

  • ✔️Will I have to go through medical tests before purchasing a health insurance plan?

    Generally, insurance providers may require you to go through a medical test if you currently are suffering from a medical condition, or have in the past, or are a senior citizen. However, this is at the sole discretion of the insurance provider and may vary for each insurer.

  • ✔️Do smokers have to pay more for health insurance?

    Generally, smokers are charged a higher premium when compared to non-smokers. This is because smoking exposes the individual to greater risk of developing various health complications.

  • ✔️What Is Excluded Under the Health Insurance Plan?

    The exclusions of your health insurance policy depend on the coverage you have selected and on the insurer. However, there are certain general exclusions based on the guidelines by IRDAI. 

    These include cosmetic surgeries, dental surgeries, congenital diseases, and more. You can check what is included and excluded by going through the policy document or checking with the insurer.