Our lives are so full of little odds and end these days that it is difficult to compartmentalize and sort out our priorities. Often, we find that health takes a backseat, much against our wishes. In such a scenario, it is hardly surprising that buying health insurance does not even feature in our to-do list. But this may be a huge mistake on our part. In fact, having a strong financial back-up for health can help us prioritise better. And what better way to enable this than by buying a health insurance policy? If still in doubt, take a look at the best insurance companies’ claim settlement ratio.

What is the claim settlement ratio?

As the name suggests, it is the ratio of the number of claims paid by the insurance company to the insured, to the total number of claims received by the company. The best insurance companies have a claim settlement ratio in percentages above 90. This means that more than 90% of the people who go in for health insurance get adequate returns on their investment. This is enough to show how profitable buying health insurance can be.

What makes health insurance worth buying?

Here are some benefits of taking a health insurance policy:

• First of all, you will have a sound financial back-up in case a health crisis hits you out of nowhere. Even if it is a lingering chronic health condition, your bills won’t burn a hole in your pocket if you opt for a suitable health insurance policy. By paying a fixed premium amount and monthly instalments, you can rest assured that the insurance company will take care of your hospitalisation bills when you need them. This facility can be utilised after the waiting period is over, except if it’s an accident, in which case the waiting period is waived. If you take the cashless claim facility, you don’t have to shell out any money yourself. Your insurer will take charge of the transactions with your hospital, without you having to make any major payment. The reimbursement method requires you to make the payment yourself first, and then get the money back from your insurer.
• Alternative treatments such as Ayurveda, Unani, Homeopathy, etc. can also be covered by some insurance companies.
• Some additional benefits such as recovery or convalescence benefit, free periodic health check-ups, tests, etc. are also available, depending on the type of policy and the insurance company.
• Having a health insurance as a back-up will prevent you from holding yourself back when it comes to check-ups and minor treatments. This could prevent minor ailments from escalating into something serious.

Thus, no matter what the payment mode is, you can leave aside your monetary worries and focus on recovering in peace. Make sure that you go through the policy terms and conditions and choose one that is best suited for you.