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
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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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.
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...
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..
If you think Upstox is the right discount broker for you,
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I promise to see you again in the next video, until then..
Keep fighting, The Urban Fight to be FIT!