In this Star Health Insurance Review, we look at the coverage and features of this health insurance company. The article discusses features such as hospital list, claim status, Rejection ratio, and investment limits. It also looks at how much the insurance company charges for an annual visit and how much a policy will cover if you need to make a claim.
Star Health is India’s first standalone health insurance provider, with a reputation for providing excellent service and innovative products. Its products and services range from health insurance to personal accident insurance and overseas travel insurance. The company has a strong relationship with various banks and has a hospital network of more than 11000 cash hospitals and 640 branches nationwide.
One of the most critical factors in a health insurance plan score is the network of hospitals it covers. This network should include hospitals that offer cashless hospitalization, which means the insured does not have to pay for hospital bills out of pocket. The insurance company has a website that lists its network hospitals. It also recommends that its policyholders choose a hospital in its network.
Claim status is a crucial element to be aware of when it comes to Star Health Insurance. To ensure you are being paid the right amount, you should know how the company processes claims. However, there are some blind spots in the claims process that you should know about before you get a policy. Some of these blind spots can be the advisor’s fault or their lack of knowledge. For example, the company may not pay for physiotherapy if the plan does not cover the condition. And, if the condition is pre-existing, Star Health Insurance will deny the claim.
A high rejection ratio is indicative of a poor health insurance company. However, Star Health and Allied Insurance Co. Ltd. have a contract with twelve thousand hospitals around the country. Star Health will pay for emergency treatment and accident-related hospitalization, provided you receive the treatment within the network. However, you must meet specific pre-determined criteria to receive treatment in a non-network hospital.
Another metric to evaluate the insurer is its claim settlement ratio. This measure tells you how many claims the insurance company settles every year. A higher claim settlement ratio means the insurer is more likely to settle claims than reject them. For example, a 60% claim settlement ratio means that 60 of every hundred claims are settled. On the other hand, a high claim rejection ratio means that the insurance company rejects more claims.
This means that the insurer is not making much money on health coverage. However, the company has reported profits from its core business – underwriting and investing. These profits are 63-65 percent, compared to an industry average of 70-80 percent.