Rise Of Tech-Driven Solutions: Things You Should Keep In Mind When Choosing Health Insurance

The health insurance segment in India is far from satisfactory. So, whether you are trying to find a specific insurance policy or information, choosing the right insurance company is crucial.

Aside from other factors, one of the most important considerations when purchasing health insurance is the availability of cashless options.

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By Pankaj Vashistha

The adage "Health is Wealth" has gained widespread acceptance in recent years. Simply put, good health is the only treasure that can bring people peace of mind. To maintain that peace in life, it is essential to have the right insurance policy in place. When the need arises, an individual and their family need to receive the best care possible and have the chance to get better. Traditionally, choosing and buying health insurance was a whole different ballgame. Agents are used to explain all the benefits of a specific plan.

However, ever since digitalisation barged into our lives, the process of purchasing insurance has improved. By streamlining the process and increasing customer satisfaction, technology is revolutionising the insurance sector. In this context, cutting-edge technologies such as artificial intelligence (AI) help detect false claims and trigger alerts that make it easy to identify fraud. Besides, it also helps personalise services to cater to the diverse needs of consumers. According to Precedence Research, global artificial intelligence in the insurance market is expected to grow at a CAGR of 33.06 per cent to reach $79.86 billion by 2032, with the Asia Pacific region following suit.

As a result, from getting the best-fitting insurance policy to cashless treatment facilities, the advent of tech-driven solutions with professional insurance aggregators has transformed every aspect of the insurance sector. In fact, according to Statista, in 2023, over 550 million people across India were covered under a health insurance scheme, covering 37 per cent of the country's population. So, let's dive into some key points to consider while choosing health insurance in today's digitally-driven world.

Top Tips To Keep In Mind

Choose The Right Insurance Company

The health insurance segment in India is far from satisfactory. So, whether you are trying to find a specific insurance policy or information, choosing the right insurance company is crucial. However, today, picking the best and right health insurance company can be daunting, demanding careful consideration. It requires careful consideration of individual needs, family dynamics, and the country's healthcare system. So, every decision you make takes you closer to a secure future where unexpected health problems are met with a plan that guarantees your well-being. 

Go For High-Claims Settlement Option

You get a wealth of information when you search for the finest online health insurance solutions. And this could lead to a great deal of uncertainty about what to pick and what not to. Nowadays, the information is easily available online, so you must check the insurance company's claim settlement ratio, as it shows how well they can settle claims for a sizable portion of the beneficiaries. In addition, make sure that the hospital and the insurance company have the same information, as this could cause a delay in the payment of the claim.

Check For Cashless Treatment Facility

Aside from other factors, one of the most important considerations when purchasing health insurance is the availability of cashless options. Check whether the insurance company offers reimbursement or cashless therapy. Therefore, you must choose a cashless service that will only assist you with expenses, whereas refunds will take a considerable amount of time to appear in your bank account. With cashless facilities, beneficiaries can receive treatment without exhausting their resources and can seek treatment at any networked hospital without worrying about the cost.

Health Insurance Is A Necessity, Not A Luxury

Due to the growth in lifestyle changes, technological breakthroughs, and rising healthcare expenditures, selecting the correct health insurance has become more of a necessity than a luxury. Thus, remember the aforementioned tips while choosing the finest health insurance. 

(The author is the CEO & Co-Founder at Policy Ensure)

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