Ultimate Guide For Health Insurance 2024 | Best Health Insurance Plans

Take a look at this tweet by Nitin Kamat on the screen. Nitin Kamat is saying that most of the Indians only have one medical bill away from bankruptcy. That is, once you fall ill and have to go to the hospital, the job is done. Because most Indians have neither emergency funds nor health insurance. And this is the reality. And today, if you get hospitalized in a private hospital for 2-3 days, then the bill of lakhs is guaranteed. And in the coming time, this is not going to decrease. On the contrary, it is going to increase. Because medical costs in India are increasing by 14-15% annually. Which is 2-2.5 times more than our inflation rate. And this is one aspect. On the other hand, today's lifestyle is such that stress has become normal. Overwork has also become normal. And because of this, as you can see in the news, there is talk of toxic work culture everywhere. And with this, today's average Indian diet is such that heart-related diseases, which used to come in the 60s and 70s, have now come in the 30s and 40s. And the sad thing is that it doesn't seem that these things will change. Now, Finvations by Prasad is not a health-related channel. That's why I won't tell you about any diet plans or what to eat and what not to eat. But our channel is financial health-related. So I can tell you a good medicine to save these medical bills. That is a good health insurance for yourself and your whole family. Because if we see, even today in India, 50% medical bills are out of the pocket. That means people pay with their pockets. Whereas in Western countries, health insurance covers most of the medical bills. In some places, the government pays for it. So in some places, people hedge it through insurance. There, people don't have to pay with their pockets. And that's why health insurance is necessary. Now you will say that Prasad, I understood that health insurance is necessary. But which one? Because in India, more than 30 companies offer health insurance. In which there are 6 stand-alone health insurance companies and the rest are 24 general insurance companies. Which offers health as well as other insurances. Although people want more options, but when they get more options, they get more confused. But if you watch this video till the end, I can guarantee you that all your confusion will be solved today. So that you can understand easily, I will divide this video into 3 parts. In the first part, we will talk about 5 parameters with which you can easily choose the best health insurance companies. In the second part, we will talk about 9 parameters that will help you choose the best health insurance plan. And in the last part of this video, I will tell you about my personal 3 best companies and their best plans. Which will be backed by data and facts. So to solve all your health insurance related confusions, watch this video till the end. Namaskar! I, Prasad, welcome you to this video. So let's start with the first part. If I talk about the parameters to select the best companies, then first you have to look at the claim settlement ratio. Claim settlement ratio means how many claims have been passed by the insurance company out of 100. The higher the figure, the better. Whenever you take health insurance, you think But if the claim settlement ratio is low, and more claims are not being passed, then what's the point? You should pay attention to the claim settlement ratio before buying any health insurance. If I talk about the claim settlement ratio and the last 3 years' data, then India Assurance is the highest with 99%. Then comes HDFC with 98%. Then comes DJ10 SBI with 97%. And Aditya Birla with 95%. Because we take insurance for the claim, and what's the point if we don't get the claim? Apart from this, you have to pay attention to one more thing which will make it very easy for you to get the claim. And that is that you have to take insurance from a trusted insurance platform which will help you in the claim settlement. And I would like to tell you what other insurance aggregators do. When you fill the form on their website, enter the number, then you start getting spam calls. And after calling many times, such insurance policies are stuck to you which are less beneficial to you and more beneficial to them. But the platform I'm talking about is not like that. So who am I talking about? I'm talking about Ditto. Because Ditto has no spam policy. Here, they won't call you again and again and bother you. Nor will Ditto's experts suggest you a plan which is not suitable for you, which is not beneficial for you. And yes, Ditto is backed by Zerodha, which is a trusted brand. If you haven't taken your health insurance yet, then go to the description and comment box below and book a 30-minute counseling session with Ditto where their experts will help you choose the best health insurance plan. And their specialty is that they never call you. They don't bother you at all. So go ahead and take your health insurance right now. And ask them your doubts without hesitation. Now let's talk about the second parameter, which is the hospital network. The more hospitals there are in an insurance company's network, the better. Because you will be able to claim cashless there. Otherwise, you will have to pay a bill from your pocket first and later you will get a reimbursement from the insurance company. If we talk about the numbers, HDFC Ergo has a network of 11,500 plus hospitals. Star Health has a network of 14,000 plus hospitals. And Digit has a network of 16,400 plus hospitals. And you have to keep in mind that the nearest hospital in your city or town should also be in the network of your insurance company. The third thing you have to see is the product portfolio. Everyone has different requirements. Some people get simple health insurance, which is fit. But many times there are pre-existing diseases for which you can take disease-specific policies. Which policies are available for which diseases? You can also connect with Digto for this. They will tell you everything. You will get the link in the description below. The fourth thing you have to see is the company's track record. What is their reputation in the market? What do people say about the company? You have to see and listen to all this. And the fifth thing you have to see is the company's services. Generally, we see that the process of private companies, whether it is on-boarding or claim, is better compared to the government. Private companies also provide better services in health insurance. These are the 5 parameters to select the best health insurance company. You have selected the company. But the company has many plans. Which plan should you select? Now we will talk about 9 parameters with which you can easily choose the best plan. If I say 9 parameters, don't be scared. I will tell you one by one, step by step. The first is co-payment. This clause means that you have to pay a certain percentage of the bill yourself. Generally, this clause is in your group health insurance or senior citizen plan. So you have to make sure that this clause is not in your policy at all. If it is, then understand it like a red flag. If it is 20% co-payment, then you have to pay Rs. 1 lakh on a bill of Rs. 5 lakh. The second thing you have to look at is room rent restrictions. You have to make sure that there is no room rent restriction in your policy. Or at least, there is an option of a private room with AC. Many expenses are associated with the room rent limit. So it is possible that you will face a loss. So make sure that this limit is not in your policy. If it is, then understand it like a red flag. The third thing is the waiting period. If you have pre-existing diseases, then insurance companies generally don't cover them for 2-3 years. So you have to make sure that the waiting period in your policy is minimum. If you have to pay a little more to reduce this waiting period, then still, go for it. Pay a little more, but keep the waiting period minimum. If you want to know which plan offers the minimum waiting period, then you can directly ask the Ditto team. You will get their link in the comments. So these small problems that come, sometimes we forget that we are not getting the answer on Google. So I think Ditto is very useful for that. The next point is that when you go to the doctor, they recommend different tests to you. Like CT scan, MRI, that is, 30-60 days of pre- and post-hospitalization benefits should be in your policy. The next point is to make sure that you are given the option of cashless policy. And the more network hospitals it covers, the better. Nowadays, a lot of policies also offer you alternative treatment. Like homeopathy, Ayurveda. So a lot of policies have started giving this. So if it is in your case too, then it is better. It's a good thing to have. Next is no claim bonus. Sometimes it happens that you take a policy and after a few years, that cover amount starts looking less. So in this case, you can see that there is an option of no claim bonus in your policy. So if you don't claim any year, then either your premium will not increase or the coverage amount will be increased by a specific percentage. Like 10-20%. The next important point that you have to keep in mind while selecting a policy is the restoration benefit. This is a good feature if you are taking a family floater plan. If two people in the family are hospitalized in a year, then after the first hospitalization, your coverage amount is restored. Which you can use during the second hospitalization. And the last point is the price. My request is that never compare the insurance policy with the price. This is a very big mistake that most people make. They will not look at the above 8 things, they will only look at the 9th thing, which is the price. Different policies have different benefits. So if you buy cheap policies, then in the future, you can incur a lot of loss. Such policies, whether you buy it or not, are often of no use. So of course, you have to look at the reasonable price. But you also have to look at the benefits. How many benefits are you getting in that price? So these were the 9 parameters that you can see on the screen. And keep all these in mind. Take a screenshot of them. And while selecting any health insurance policy, check all these 9 things. And you don't have to follow the 9th thing. Now let's come to the last part of this video, i.e. the third part, which everyone was eagerly waiting for. Now here I will talk about the 3 policies of my choice. Completely data-driven. So my top 3 choices are HDFC, Aditya Birla, and CARE. If we talk about their best plans, HDFC's Optima Secure, CARE's CARE Supreme, and Aditya Birla's Active One Max. As I told you, these 3 plans fit best among the 9 parameters. The claim settlement ratio is above 90% for all. None of these have a co-payment clause. DG-specific limits, room rent limits, day care, Aayush coverage, restoration benefits, all these features are included in this plan. You can see the comparison of these 3 plans here on the screen. According to me, these are the best plans. But if your requirements are different, then you can find plans according to your requirements. And I have told you the parameters. Simply follow the parameters. And you will get the best of the best policies. And if there is any problem, then Ditto is with you. You will get the link in the description and comment box. All your friends, family members, those who are planning to take health insurance, those who don't have it, inform them. Send this video to them. And tell them that you have to take health insurance. And explain all these parameters to them. Or simply share this video. And make sure that people around you, as Nitin Kamat said in the first tweet, don't face such a situation. And for that, your best hedging is your health insurance. Take it today. And clear all your confusions through this video.