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I wanted to take Health insurance for my parents who are aged 54 and 51 currently as of 2024. I managed to get my parents to participate in this search to an extent. So, we decided to update this sheet made by K R Laxminarayanan rather than reinventing the wheel. We made some additions, updated most of the sheets based on the recent policy wordings. So have a look. This may be helpful to you too!

Initially K R Laxminarayanan (referred to as KRL from hereon) made this sheet to get health cover for his family. He had used Incurred Claims Ratio as a filter to zero in on a few insurers after which, upon a detailed comparison of the policy wordings, premium projections were done. He then picked up an insurer and finally took a decision.

However, ICR as Pattu mentioned in his YT video and article (https://freefincal.com/health-insurance-policy-comparison/), isn't a very good filter. Yes, it gives us a fair idea of the company's profits, how the premiums may be hiked, the overall health of the pool of insured folks, probability of rejections. But the fact that the ICR is low may simply mean that the premiums are too high already. It could be anything.

So we haven’t used this filter but have still updated the sheet just in case one wants to use it (Now named as ICR). We also wanted to understand the market share of each of these 33 Health Insurers and this can be availed from the 'Market Share Sheet' (Calculated based on Premiums Collected). 44% market share is with the PSU Health insurers whereas the rest is with private players. Among Private insurers, Star Health has the highest share i.e. 15% followed by the HDFC and ICICI Lombard which have about 5% share each.

We then added a sheet on our Goals or rather the requirement which helped us decide the sum insured required and the kind of insurer my parents would need. We were comfortable with PSUs given our general distrust of the private insurers which we share with Pattu. So, we have mostly compared PSU Health insurers only here. There are four public insurers but we have decided to drop New India Assurance Company as our family doctor doesn’t prefer this one for various reasons.

That leaves us with three potential insurers and the following sheets give the detailed overview of the policy wordings, premiums and the projections (Special thanks to KRL for this)
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