Diseases not only harm people physically, but also ruin them financially. The ever-increasing cost of treatment has made diseases an economic issue. Once you fall ill, your years of savings are wasted in its treatment. Zerodha’s Nitin Kamath has also raised this sensitive issue now.
Being admitted to hospital will make you bankrupt
Zerodha’s co-founder and CEO Nithin Kamath recently updated a post on this on the social media platform X. In that post, Kamath explains how big an issue this has become. He wrote – Most Indians are just one hospitalization away from becoming bankrupt. This means that most people in India can become bankrupt if they have to be hospitalized for any reason.
Kamath explains the seriousness of diseases and treatment in financial terms and says that in today’s time a good health insurance plan is necessary for everyone. Along with the post, he has also explained how a health insurance plan should be chosen. For this, he has guided people by telling 3 steps.
It is most important to check the track record of the company
According to Zerodha co-founder, while choosing health insurance, first of all it is necessary to choose the insurance company. For this, it is important to know about the track record of the company and the hospitals in its network. For the track record, one can look at the CSR (Claim Settlement Ratio) and ICR (Incurred Claim Ratio) of the insurance company.
All these features must be there
In the second step, Kamath explains some essential features in a health insurance product. According to him, whatever plan you choose, it should not have co-pay, room rent restrictions and sub-limits according to diseases. Features like low PED waiting period, pre and post hospitalization care, restoration benefit and day care treatment should be there in the insurance.
Most Indians are just 1 hospitalization away from bankruptcy. A good health insurance plan is mandatory. pic.twitter.com/9GzKpT6EE9
— Nithin Kamath (@Nithin0dha) August 30, 2024
If you get these features then it will be icing on the cake
Kamath says that the benefits increase further if some other features are offered with your health insurance. Such good-to-have features mentioned by Kamath include domiciliary cover (at-home admission), free annual health checkup, alternative treatment cover (Ayurveda, Yoga, Naturopathy, Unani, Siddha, Homeopathy) and loyalty bonuses and wellness discounts.
Also read: Shock to stock market investors, now there will be no exemption from brokerage charges on Zerodha
