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Why every Indian needs to get a HEALTH INSURANCE - Health Insurance explained #HealthInsurance - YouTube
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health insurance is one of the most but
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least discussed topic in india
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it is so important that it should
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actually be taught in schools and
[7]
colleges but if you go
[8]
and speak with a typical college student
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as to what they know about health
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insurance
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this is the type of a typical response
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you would get no i don't really have any
[16]
idea about health insurances
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my mom actually looks into all this
[20]
stuff i know it is important
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but it all seems a bit daunting to me
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and i really have no clue about health
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insurances
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so on today's video i am going to cover
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three specific points
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number one why do you need health
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insurance why is it critical to have
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health insurance
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number two what are some of the
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specifics in terms of buying health
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insurance because it is very complicated
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to buy health insurance
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third and finally i will show you which
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insurance do i use and how i have bought
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that now just a very quick disclaimer
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that i am not an insurance expert i did
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a lot of background research to prepare
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this topic
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some of the details might be off my
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primary research comes from speaking
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with my friends at ditto
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which is a online platform for
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simplifying insurance buying solutions
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so let's get this video started just a
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very humble request that if you like
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these type of topics please like and
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comment that would indicate to me that
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you appreciate this type of content
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thank you so much and let's get started
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so let's first quickly talk about that
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why is it
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that you need health insurance let me
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explain this by narrating two very short
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anecdotes
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so the first anecdote is about my
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neighbor he is extremely rich he is a
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property developer in delhi and he makes
[90]
insane amount of money
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during this pandemic several of his
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family members got coveted
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and they had to be hospitalized now this
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was the peak
[98]
of the second wave of karuna virus and
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you might also relate with this story
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that many people who were admitted in
[103]
hospital
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ended up amassing massive amount of bill
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so in his case
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his family ended up spending 70 to 75
[110]
lakhs in terms of treatment which even
[112]
to a rich family is a huge
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amount so the point that i want to drive
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home is very simple that the world is
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getting more and more uncertain there
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are new health care related challenges
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that are coming up and we don't know
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what kind of emergency expenses
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might amass now if as a middle class or
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an upper middle class family if you had
[128]
to unfortunately go through such a
[130]
situation
[130]
it can put immense stress on your entire
[133]
family
[134]
for even a generation to come now you
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might say akshat that you know what
[137]
karuna virus was a one-off event it
[139]
happens once
[140]
in every generation so to say then and
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it has happened in our generation so why
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should we even look
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and go buy a health insurance now which
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brings me to story or fact number two
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there were 151 000 people
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151 000 people who passed away due to
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road accidents in india last year
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these 151 000 people unfortunately
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passed away but there would be a lot
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more number
[160]
of people who would require
[162]
hospitalization due to accidents now
[164]
situations like accident have the
[166]
potential to wipe out the entire savings
[168]
of your family
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now you can make a lot of money in the
[170]
stock market i teach people how to make
[172]
money in the stock market i talk a lot
[174]
about finance how to grow money
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how to save money now imagine doing this
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for decades and all of this
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getting wiped out due to one single
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incident in your life
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that is really physically and mentally
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jarring for anyone now these two simple
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stories should narrate the value of
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buying insurance and why every single
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person in india
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should have a health insurance now there
[193]
are other peripheral reasons of buying
[194]
insurance so let me just quickly cover
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it so number one the cost of healthcare
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treatment in india is going up every
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year
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india is actually becoming a big
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destination for medical tourism
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more people are actually coming to india
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to get medically treated at least this
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was the case before corona virus
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and this is going to become the case in
[211]
a few years from now so the point is
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that the cost of health care due to the
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increasing demand and increasing
[216]
pressure on health care
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it is going to go up now if the costs
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are going up and if you are uninsured
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then it can actually put again
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a lot of stress on you in terms of
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availing any medical treatment now if
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you're convinced that buying a health
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insurance is actually the right step
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which according to me i highly advocate
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that you have a health insurance then
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comes a series of questions which health
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care insurance should i buy how much
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coverage should it have which hospitals
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would it cover
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what type of diseases would it cover
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should i buy it for my entire family or
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should i buy it at an individual level
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there are hosts and hosts of questions
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and trust me buying a health insurance
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is so complicated
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it's so complicated that people get
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really bogged down in terms of the
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research
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so let me break down this section into a
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q a format so
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let me ask and let me go through some of
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the key questions or the most important
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questions that you need to be aware of
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before you are buying your insurance so
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the first question is that hey should i
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buy health insurance just for me as an
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individual
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or for my entire family so in my case i
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am an individual
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and i have a family of three so me my
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wife and my kid why am i not considering
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my parents because i am above 25 and i'm
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not dependent on my parents so they
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would constitute as a separate family so
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am i better off buying an individual
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health insurance for me or should i take
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one plan that covers all three members
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of my family so the answer is that i
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should take a health insurance that
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covers
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all three pool of members of my family
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and let me explain this via an example
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so let's say that i take a cover of 20
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lakhs for
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my family and if one of the family
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members gets sick
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they expense let's say 8 lakhs right
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then 12 lakhs are remaining now if the
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second member also has to go through
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some kind of medical emergency
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then the money from that 20 lakh can
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again be availed so that's a 20 lakh
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cover for the entire family on the flip
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side if i'm buying insurance
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just for me then i can't use that 20
[319]
lakh cover for my entire family i can
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just use that 20 lakh cover just for me
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right
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so if you buy a health insurance that
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covers all three or four members or five
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members of your family
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that entire pool of the money can be
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utilized by different family members
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now comes the second question that how
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much cover should i take should i take a
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10 lakh rupee policy or should i take a
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20 lakh or 30 lakh or 40 lakh or 50 lakh
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policy
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what type of cover should i take now
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cover essentially means let me quickly
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explain that that for example if for
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some reason
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like one of the members of my family has
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to get hospitalized
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and we end up spending 30 lakhs right
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and if my cover is only 10 lakhs then i
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will be reimbursed only up to 10 lakhs
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because the cover that i had bought was
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only for 10 lakhs
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so should i have taken a 30 lakh cover
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now let me discuss this point briefly
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now first and foremost this really
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depends on your individual circumstances
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your age your health condition number of
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family members etc etc but my friend
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from ditto who is a specialist
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in terms of healthcare insurance she
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told me categorically that people
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usually take
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a cover of 3 lakhs to 20 lakhs that's
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the general range
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now it's needless to say that if you
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take a higher cover you will have to pay
[381]
higher premium every year
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just to share some numbers for example
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if you take a cover of 10 lakhs for a
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good insurance then your premium amount
[388]
will come out to be approximately 20
[390]
000 per year but now you would say that
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you know what what if a bad situation
[394]
like corona virus happens where people
[396]
actually ended up paying
[397]
60 lakhs 70 lakhs 18 lakh says hospital
[400]
what do i do then i only have a cover of
[402]
10 lakhs so in such a situation you can
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actually adopt for a hybrid plan
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now hybrid plan essentially means that
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you buy a base cover for example 10
[410]
lakhs and then you take a top up it is
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called a super top-up
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companies term it differently it's
[414]
usually a top-up and you can buy a
[416]
top-up of 50 lakhs so let's assume that
[418]
you wanted
[418]
an entire cover of 60 lakhs by a base
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cover of 10 lakhs and buy a super cover
[423]
of 50 lakhs
[424]
now in these hybrid plans where you are
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having a base cover and a super top up
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you can buy the super top up separately
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that's the first key advantage and the
[432]
second key advantage is that the super
[434]
top up
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premium rates are actually on the lower
[436]
side so you actually end up saving money
[438]
for example if you were to buy a one
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crore
[440]
base cover that would cost a lot more
[442]
premium compared to you buying a 10 lakh
[445]
base cover plus 90 lakh super top up now
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this might sound a little confusing so
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you can check the links in the
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description box and you can schedule a
[451]
call with people from ditto and
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understand your
[454]
own specific requirements and purchase a
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plan accordingly but hopefully this
[458]
small discussion should have given you
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an understanding of what type of base
[461]
cover to take and what type of super
[463]
top-up to take in case you require that
[465]
now comes a very important question that
[466]
what type of diseases
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and what type of facilities are covered
[470]
under your health insurance so you must
[471]
be very very mindful of this
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now first and foremost in general sense
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i am speaking generally here it would
[477]
depend on your plan and specific policy
[479]
that you purchase
[480]
but generally speaking if you are a
[481]
healthy individual and if you are taking
[483]
a health care insurance then almost all
[485]
the diseases are covered right from
[486]
cancer to hypertension
[488]
to diabetes etc etc so if such a disease
[491]
occurs after you have bought the health
[493]
insurance you will be covered by your
[495]
health insurance
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that is one hospitalization is generally
[498]
covered right
[499]
day care is generally covered now
[501]
usually consultations with doctors where
[503]
you're just going and speaking with a
[504]
doctor and you know getting that bill
[506]
and getting it reimbursed this is not
[508]
covered on majority of the policies
[510]
so if this is important to you please
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check with your policy provider
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second thing sometimes people have
[515]
special requirements for example
[517]
i want to be treated only through
[518]
homeopathy or i want to be treated only
[521]
through ayurveda
[522]
now these type of insurance also exist
[524]
so please identify whether these are
[526]
your requirements or not
[527]
if these are then buy a policy which
[529]
matches with this you must
[530]
also check whether your health insurer
[532]
provides domiciliary care
[534]
right what that means is you might have
[536]
heard that during corona virus times
[538]
people were not getting beds in
[540]
hospitals so what they used to do was
[541]
that they used to set up home icos
[543]
now that used to cost a lot of money
[545]
that comes under domiciliary care right
[548]
so you can actually just get treated
[549]
from home now if your hospital is
[551]
refusing you if you have some emergency
[553]
you go to a hospital hospital refuses
[555]
you that you know what we don't have any
[556]
beds
[557]
go set up a home icu then whether your
[559]
health insurance covers that or not so
[561]
domiciliary care especially in regions
[563]
where there is healthcare infrastructure
[565]
shortage
[566]
it becomes very important and you must
[568]
look at it before buying an insurance
[569]
you must look at room types
[571]
because what you might imagine is that
[573]
you have bought a premium insurance now
[574]
i'll get an executive suite in some
[576]
hospital then you go and fight rightly
[578]
why am i not getting it so that
[580]
situation should not arise please check
[581]
what type of rooms you will be eligible
[583]
for if you are buying a health insurance
[585]
from a certain provider now there is
[586]
something called a sub disease
[588]
spent clause now what it essentially
[590]
means is that for example if i am buying
[592]
a health insurance
[593]
and that health insurance covers
[595]
hypothetically speaking 10 diseases
[597]
right but that policy also indicates
[600]
that hey
[600]
you know what if you get this particular
[602]
disease let's say a kidney transplant
[604]
we will only reimburse five lugs right
[607]
now that's a sub disease clause spent
[609]
right they are assigning a certain
[611]
dollar value
[612]
to that particular disease so be very
[614]
very mindful
[615]
right that you don't get into policies
[618]
where this sub disease clause is there
[619]
especially if you are prone or if your
[621]
family is prone to such diseases right
[623]
because it might wipe you out you might
[624]
imagine that hey i have bought a very
[626]
good insurance it's one crore cover and
[627]
everything
[628]
but check the sub disease clause spent
[630]
that is a very very important point for
[632]
you to understand so in summary your
[634]
healthcare insurance would have a bunch
[636]
of clauses
[637]
so pay a special emphasis on it
[639]
understand the terms and only then buy
[640]
the insurance now let me also quickly
[642]
touch upon two very basic concepts here
[644]
one is around
[645]
network hospitals so essentially what
[647]
happens is that if you buy an insurance
[649]
from
[649]
hdfc now hdfc has a partnership with
[652]
apollo hospitals
[654]
so apollo hospitals have a range of
[656]
network right
[657]
now if you buy the hdfc policy you will
[659]
get covered under the network hospital
[660]
called as apollo and bunch of other
[662]
hospitals with which hdfc would have a
[664]
tie up with so this is called as network
[666]
hospital
[667]
now majority of the network hospitals
[669]
offer something called as cashless
[670]
facilities
[671]
right cashless facilities essentially
[673]
means that while taking your treatment
[675]
you don't need to put up the entire
[677]
amount
[677]
they might ask you for a little bit of
[679]
security sometimes but you don't need to
[681]
put up
[681]
the entire amount now this is very
[683]
different when you are getting treated
[685]
at a non-network hospital
[686]
what happens at a non-network hospital
[688]
is in majority of the cases you will
[690]
have something called as reimbursement
[692]
clause
[693]
right so you will be reimbursed there is
[695]
no cashless facility there right
[697]
for example if you have bought a policy
[699]
x a healthcare policy x
[701]
now you go to hospital abc you go there
[704]
you
[704]
have some issue and if that abc hospital
[707]
is not a network hospital of policy x
[710]
you will have to put up the entire
[712]
amount upfront right in majority of the
[714]
cases
[714]
so that can become a big headache so
[716]
before buying a healthcare policy please
[718]
check
[718]
whether your insurer has enough number
[721]
of network hospitals and they offer
[722]
cashless facility
[724]
and what are the reimbursement rate and
[725]
reimbursement clauses are like right so
[727]
please be very very mindful of these
[729]
mind new things because you might go and
[731]
invest a lot of money right now
[733]
and then you know when the dire
[734]
situation comes that insurance might not
[736]
be very useful or fruitful for you now
[738]
the final two things that i want to
[739]
touch upon here is something called as
[741]
co-payment clause
[742]
right co-payment clause means that for
[745]
example sometimes at the time of selling
[747]
insurance your insurance agent might
[749]
tell you that he accept buy this policy
[751]
the premium is 20 000
[752]
but if you opt for co-payment option we
[754]
will give you a 10
[756]
or 20 discount on premiums annually now
[759]
what happens in co-payments plan is very
[760]
simple
[761]
that let's say that you go to a hospital
[764]
you have to get hospitalized and the
[765]
total bill comes out to be one lakh
[767]
rupees
[767]
right if the total bill comes out to be
[769]
one lakh rupee your insurer will say
[771]
that hey
[772]
you opted for this co-payment option now
[773]
you will have to pay 10 percent of the
[775]
entire amount we will only pay
[777]
90 therefore it is called as co-payment
[779]
because both the parties are paying
[780]
right
[781]
so be very very mindful of that now
[783]
don't go for a policy where there are
[785]
co-payment options
[786]
finally you must take a look at the
[787]
claim processing time and claim
[789]
processing rates now these days
[791]
almost all the major healthcare
[792]
insurance providers have a very good
[794]
claim processing rates
[796]
but they can really mess you up in terms
[798]
of claim processing time this is
[800]
especially true in situations where you
[801]
get reimbursed where you put up the
[803]
money first and then
[804]
ask for reimbursement from your
[806]
insurance provider so please be very in
[808]
how much time do they process such
[810]
reimbursements
[811]
so check all these points and then buy
[813]
your insurance i have tried to break it
[815]
down this is a super complex topic and
[817]
again a very quick disclaimer that these
[819]
are points for your own understanding
[820]
for you to understand how to buy health
[822]
insurance
[823]
what are some of the key points to keep
[824]
in mind but at the end of the day
[826]
do your own due diligence as well now
[828]
finally let me show you which health
[830]
insurance am i buying and why
[831]
so i am buying hdfc ergo and this is the
[834]
health insurance that i'm buying if you
[836]
go on detail you will find all the good
[838]
things simplified in a very simple
[839]
manner
[840]
they have been doing a wonderful job in
[842]
terms of bringing out financial news you
[844]
might have heard of fin shots which is
[845]
again a free platform for developing
[847]
your financial acumen and financial
[848]
knowledge
[849]
they are doing the same in the insurance
[850]
space so just give it a read it's very
[852]
easy to follow
[853]
what will be covered versus not for
[855]
example you can see i spoke earlier
[857]
about that you can pick
[858]
any room that you like this is a very
[859]
important concept so this is important
[861]
to me you will never have to split the
[863]
bill
[863]
so this is the co-payment option that i
[865]
was explaining it to you earlier
[867]
you will have full coverage of disease
[869]
you will have pre and post
[870]
hospitalization expenses
[872]
and bunch of other things you can read
[873]
it up more and finally what is
[876]
lacking here so you can see that hey no
[877]
cover for alternate medicines now i
[879]
respect ayurveda homeopathy etc but i am
[881]
buying the health insurance
[883]
to actually get covered for slightly
[884]
more expensive emergency like situations
[886]
so if i have to take homeopathy and
[888]
ayurveda then probably it might not
[890]
lead to a lot of expenses to begin with
[892]
so therefore not having this feature is
[894]
okay with me right so
[895]
this is the option that i am opting for
[898]
what is the cover that i am taking
[899]
i am taking a 20 lakhs cover so i can
[901]
actually go here i can buy from litto
[903]
or i can speak with an executive then i
[905]
can directly buy so i will buy a family
[907]
plan
[910]
and then i will fill out my information
[912]
i will finally get the hold of the
[913]
premium and i will buy this policy
[915]
so this is how i would end up buying now
[917]
very quickly why am i buying this policy
[919]
so number one i actually travel a lot
[921]
outside india i spend significant amount
[923]
of time outside india so i will have a
[924]
separate insurance for traveling abroad
[926]
which i'll buy in that local country
[928]
right i'll not buy that insurance from
[930]
india
[930]
and i'll buy an indian insurance so i'm
[932]
picking up the hdfc insurance because
[934]
hdfc is a good brand that's my personal
[936]
opinion i'm personally invested in a lot
[937]
of stocks of hdfc
[939]
i've advocated investing in hdfc stocks
[941]
i believe in the firm
[942]
that's one second is that hdfc has a tie
[944]
up with apollo so
[945]
whenever i'm in india i spend most of my
[947]
time in delhi so
[948]
hdfc has a good network here so that
[950]
network hospital clause gets covered
[952]
so i can easily avail services here
[954]
that's true and number three i was told
[956]
that the processing time for hdfc
[958]
insurance is actually very good
[959]
so from that angle it fits a lot of
[962]
features that i'm looking for
[964]
and therefore i'm buying this insurance
[966]
so i hope you found this video to be
[967]
knowledgeable
[968]
i mean i don't know whether this was
[969]
enjoyable it was a lot of complex work
[971]
and complex understanding
[972]
but i hope i was able to simplify this
[975]
really complex topic of buying a health
[977]
insurance again
[978]
as a summary please go and buy a health
[980]
insurance this is a necessary
[982]
investment if you speak with 10 people
[984]
who understand finance and if you ask
[986]
them should you be buying health
[987]
insurance or not
[988]
i can guarantee you i can guarantee you
[991]
they will all say that please buy a
[992]
health insurance
[994]
please buy the correct health insurance
[995]
it can actually save your life please
[997]
like and comment and please share this
[999]
with your friends i never ask you guys
[1001]
to share my videos
[1002]
right but this is one video that you
[1004]
should definitely look to share the
[1005]
reason is very simple that this can
[1006]
actually save
[1007]
people's life thank you so much for
[1009]
watching and i'll see you on the next
[1011]
[Music]
[1021]
video
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