How to pick the Best HEALTH INSURANCE Policy for SELF and FAMILY?

Around 3 weeks back, my mom had an accident

and needed an immediate hip replacement surgery.

Me and Sugandh were travelling then.

We rushed back to India and I was consulting different surgeons.

One hospital advised a partial hip-replacement surgery

that would last her 5-10 years.

Another hospital advised a full hip-replacement surgery

that would last her a lifetime

along with quick recovery.

Their staff seemed inexperienced

and they had the best facilities.

They were charging around 2 lakhs

and they were charging around 3.5 lakhs.

While I was running around hospitals

worried about my mother's health, what I

absolutely did not have to worry about

was money

because she was covered under a health insurance policy.

I really hope that you don't need this video

but every year, 55 million Indians are pushed into poverty

because they have to pay for their own healthcare.

This incident made me realise how important health insurance is

because accidents can happen at anytime.

I am not an 'agent'. So I am not going to try and sell you a policy

but today by the end of this video, you will know exactly

what you need to do to buy the best health insurance policy

for yourself or your spouse, your children or your parents

because in today's video we are going to see..

What is health insurance and what are the parameters

you need to check before you buy one?

A step-by-step procedure to pick the best

health insurance policy.

And towards the end, I'll give you a Bonus Tip

to ensure that you 'touch-wood' never

have to claim a health insurance.

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I'll tell you as the video progresses.

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Let's begin.

Suppose you get hospitalised because of some illness

or accident, then the expenditure is going to be in lakhs

for the surgery, hospital room, medicines, tests etc..

But if you have a health insurance policy

then they will take care of all of these expenses for you

and in return, they'll charge you a small premium every year.

So obviously, health insurance is a smart thing to have

because it saves your health and it saves your bank balance.

But not every health insurance provider is good.

So, let's quickly see what are the 6 parameters

that you need to check before you buy a health insurance.

Don't worry, I'll also tell you where you need to check these parameters.

Let's start.

1. Claim Settlement Ratio.

It is the ratio of the number of claims settled by the insurance company

divided by the number of claims it has received.

So obviously, higher this ratio, more are the chances that

your claim will also be settled by this company without any issues.

Above 90% is a good number.

2. Network Hospital Covered

Now, there is something called as a 'cashless facility'

wherein, if that insurance provider has a tie-up

with the hospital that you are admitted in

then the hospital will directly send the bills to the insurance provider

and you don't have to pay anything.

But if there is no tie-up, then you have to pay the hospital bills first

and then get it reimbursed from the insurance company.

It is too much of a hassle if you are recovering

or have a patient to take care of.

So make sure that your insurance provider

has a tie-up with a large network of hospitals

and that your favourite hospitals are covered in that network,

especially the one's that are closer to your home.

3. Hospital room eligibility.

Before I arrived, my family admitted my mom

in some hospital in a shared room

and that other family was turning on the TV at high volume,

had too many guests walking in.

It makes the patient uncomfortable, who is already in distress.

So make sure that your insurance covers atleast the cheapest private room available.

4. Waiting period.

Health insurance policies cover pre-existing illnesses

after a certain wait period.

For example: Suppose you have diabetes,

then after 2-4 years of wait-period can you claim any

hospitalisation due to diabetes.

So if you have any pre-existing illness,

check that the waiting period of that insurance

is as less as possible.

5. Family Floater Health Insurance Policy

Now, instead of buying separate policies,

parents along with 2 minor children can be combined

in one plan. In that plan, depending on the insurance provider

each insured member will be given a separate coverage amount

or all the members will share a combined sum.

For example, suppose its a policy of 10 lakhs for 5 members,

so each of these 5 members can either have 2, 2 lakhs coverage each OR

they can share 10 lakhs together no matter who claims.

In my case, my mom's bill was around 3.5 lakhs

and because we shared the combined sum,

the insurance provider had to pay the entire amount

instead of just 2 lakhs.

The premium of such insurances is slightly higher

but they are a money saver because you don't

have to spend on multiple policies.

On a side note, if your employer is giving you a health insurance policy

then check if you can also include your parents in the same

because in my opinion, your company will be able to

negotiate with the insurance provider better than you

more so, if you do it as a group.

6. Miscellaneous charges

Along with the major surgical expenses

a good policy also covers ambulance charges,

pre and post-hospitalisation charges

and some even throw-in a few health-checkups here and there.

Apart from these 6 generic parameters,

the other parameters that very from person to person

that you need to check are these..

If you are planning a baby and want maternity expenses covered.

If your family has a history of cancer and you want to be covered

for chemotherapy, radiation or any other specific critical illnesses.

If you want day-care procedures like cataract surgery or even dental included.

Our requirements are different.

So, the best health insurance policy for me

will be different than the best health insurance policy for you.

But don't worry, I'll give you a step-by-step procedure of

how to find the best health insurance policy for you

in the next segment.

This was about health insurance.

Now, there is something called as a 'Life Insurance'

wherein the company pays a lump-sum to the beneficiaries

incase of the insured person's death.

So if you want me to make a separate video about

how to chose the best life insurance policy

then comment below and let me know.

So here is a 4 step procedure to find your best health insurance policy.

Step 1: Write down what your requirements are..

what hospitals you'd like,

whether you want your parents included in your policy,

do you want maternity expenses covered,

what illnesses you want covered etc..

Step 2: Now go to these health insurance comparison websites like PolicyBazaar, CoverFox etc..

They will show you the list of insurances that will be best for you,

according to your age and other details.

Here you will find policies as low as Rs. 9000/- per year

which is less than Rs. 25/- per day.

But more than premium, check their features

and features not covered.

While you are at it, also google,

'5 Best Health Insurance Policies of India'

just to get an idea of what policies people are talking about

and to read their reviews.

Step 3: Directly go the website of that insurance policy provider, call their executives

and tell them what your requirements are.

Talk to 3-4 executives (of different insurance providers) before you make a decision.

They'll only come to your office/home to give you the papers.

Now, an important point.

Sometimes these executives are in a hurry to just sell you the policy.

So it's your job to read it carefully

and fill-in if you have any pre-existing illnesses

because if you miss writing an illness

and if because of this, your claim gets rejected tomorrow

then these executives cannot be held accountable

because their job was only to sell you that insurance.

So don't be in a hurry, read carefully

and mention everything truthfully.

And Step 4: Do not forget to reap the tax-benefits of

paying your medical insurance premium under Section 80D.

And that's about it.

Now where are you going to invest the money

that you are saving from the taxes?

See, health insurance is an investment for life.

But as I have mentioned in my previous videos,

other long-term investments that you must consider investing in

are Mutual Funds and Stock Market.

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You can get a decent health insurance policy for

a premium of Rs. 25/- per day BUT

you can get the best health insurance policy...

for FREE!

Just eat at home, exercise for 20-30 minutes

and sleep well everyday and you can avoid

most of the lifestyle diseases that our generation suffers from today.

All the health insurance providers want the same thing...

for you to be healthy

because even they don't want to pay your hospital bills!

And I am sure you don't want to get admitted either.

After living in the hospital for 4 days and looking at

all types of patients, I've realised that

health is not wealth. It is...

MORE than wealth!

So today's bonus tip is this..

Take care of your health

because nobody else is going to do it for you.

On that note, if you want to keep receiving more 'Career'

and 'Finance' videos, make sure you subscribe to my channel

and hit that 'bell' icon.

Now, before I say goodbye, just a quick reminder..

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I promise to see you again in the next video, until then..

Keep fighting, The Urban Fight to be FIT!