Around 3 weeks back, my mom had an accident and needed an immediate hip replacement surgery. We also gun were traveling. Then we rushed back to India, and I was Consulting different surgeons. One hospital advised a partial hip replacement surgery that would last her fi to 10 years, another hospital advised of full hip replacement surgery that could 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 35 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 in a health insurance plan.
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 health care. This incident made me realize how important health insurance this, because accidents can happen at any time. I'm not an agent, so I'm 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're 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 policy. And towards the end, I'll give you a bonus step to ensure that you should never have to claim a health insurance.
Let's begin. Suppose you get hospitalized because of some illness or accident. Then the expenditure is going to be in lakhs for the surgery, hospital room, medicines test, 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 six 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 now. Move one 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 you more are the chances that your claim will also be settled by this company without any issues above 90% is a good number. Number two, Network Hospital covered. Now, the something called as cashless facility we're in. If that insurance provider has a tie-up with the hospital that you are admitted in, then the hospital will directly send the bill to the insurance provider, and you don't have to pay anything. 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 favorite hospitals are covered in that Network, especially the ones that are closer to your room number 3 hospital room.
The 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's already in distress. So make sure that your insurance covers at least the cheapest single private room available number for waiting period, health insurance policy. These cover pre-existing illnesses after a certain weight period. For example, suppose you have diabetes. Then, after two to four years of wait period, can you claim any hospitalization due to diabetes? So if you have any pre-existing illness check that the waiting period of that Insurance is as less as possible number 5 family floater health insurance policies. Now, instead of buying subgrade Lucy's parents, along with two minor children, can be combined in one plan in that plan. Depending upon the insurance provider, each insured member will be given a separate coverage amount, or all the members will share a combined. Some, for example, suppose it's a policy of 10 lakhs for five members. So each of these five members can either have to 2 lakhs coverage each, or they can share 10 lakhs together, no matter who claims. In my case, my mom's bill was 35 lakhs. And because we shared the combined, some the insurance provider had to pay the entire amount instead of just 2 lacks.
The premium of such in choices is slightly higher, but they are Money Saver, because you don't have to spend on multiple policies. On a side note, if your employer is giving you a the insurance policy, then see 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 number six miscellaneous charges now, along with the major surgical expenses, a good policy also covers ambulance charges pre and post hospitalization charges, and some even throw a few you health check-ups here in there. Now, apart from these six General parameters, the other parameters that vary from person to person that you need to check are these if you're 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 daycare procedures like cataract surgery or even Dental included see 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's something called as life insurance. We're in the company pays a huge sum to the beneficiaries in case of the insured person sian's death.
So if you want me to make a separate video about how to choose the best life insurance policy, then comment below and let me know. So here are the four step procedure to find your best health insurance policy. Step number one, write down what your requirements are, what hospitals you'd like, whether you want your parents included in the policy? Do you want maternity expenses covered what illnesses you want covered, Etc. Step number two. Now go to these health insurance comparison websites like policy Bazaar cover Fox. 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 nine thousand per year, which is less than 25 rupees per day, but more than three miam check. Their features and features not covered value-added also Google five best health insurance policies of India, just to get an idea of what policies people are talking about and to read their reviews. Step number three directly, go to the website of that insurance policy provider, call the executors and tell them what your requirements are talked to three to four executors.
Before you make a decision, they're only come to your office or go 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 executors cannot be held accountable because their job was only to sell you that insurance. So don't be in a hurry. I read carefully and mention everything truthfully and step number 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're saving from? The taxes? See, health insurance is an investment for life. You can get a decent health insurance policy for a premium of 25 rupees per day, but you can get the best health insurance policy C for free. Just eat at home exercise for 20 to 30 minutes and sleep well every day. And you can avoid most of the lifestyle diseases that our generation suffers from today.
See, 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'm sure you don't want to get admitted either after living in the hospital for four days. And looking at all types of patients. I've realized 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 & Finance videos, make sure you subscribe to my channel and hit that Bell icon. Now, before I say goodbye, just a quick reminder.
