🚨What to do with your LIC policies?

Most households have traditional Life insurance policies with an "Assured Sum of money" from LIC and other insurers

Most do not know what to do with these policies now

A thread🧵 on what you should do with ur LIC Policies?👇 What is life insurance?

A Life Insurance policy provides financial security to the family of the insured, in case of their death during the policy period, and in some cases a maturity benefit to the insured person, after a set period of time.

A 1cr health cover for a 30-year-old can be built in a little over Rs 12,000!

A simple hack that can help u get u a 1cr cover 20-50% cheaper than a single policy!
What is a super top up?

A thread🧵 on how to optimally build a 1cr health insurance cover?

Let's go👇 What is the need for a larger cover?

Medical Inflation in India is in the range of 10-15%

A 10 lakh surgery today will cost
20 lacs in 10 years
75 lacs in 20 years

Therefore for adequate coverage for old age u need to start investing in insurance from now itself!

🚨Checklist to buy Health insurance

100s of different health insurance policies are available,

Are you confused on,
What are the things to keep in mind while buying health insurance?

A thread🧵on a 12-point checklist to keep in mind before buying health insurance?

Lets go👇 Which health insurance policy to buy?

Health insurance policies come with 100s of variations such as:-

🩺Some have co-pay
🩺Some have lower premium
🩺Some have higher new claim bonus
🩺Some have caps on various things

So which one to buy?
Here is a 12 point checklist

🚨Health Insurance Policy Analyser

Tata AIG Medicare Premier
Tata AIG is all set to overhaul its compressive policy.

The policy will now have
🩺Unlimited Restoration
🩺Female Care
🩺Dental care cover
🩺OPD Cover

A thread🧵on the features of TATA AIG Medicare Premier👇 Room Rent Limit and Associated Deductions:-

This policy doesn't have a room rent limit.
All charges relating to room rent will be borne by the company

🚨Claims Settlement Ratio(CSR)❌❌

HDFC Ergo has high CSR,
It has numerous cases of claim rejection

Star Health has a low CSR,
It has numerous cases of claim acceptance

Is the Claims settlement ratio even relevant?🤔🤔

A thread🧵on why claims settlement ratio is one of the most useless metrics and what you should do?👇 What is the claims settlement Ratio(CSR)?

Simply put it is the number of claims paid by the insurance company out of the total claims received

Claim settlement Ratio = No. of claims settled/No. of claims received

🚨Which health insurance to buy?

A comprehensive policy is the only health insurance policy to buy
But which are the top 5 comprehensive policies available?

A thread🧵 on features of comprehensive policies and top 5 comprehensive policies to buy? 👇 What are the features of a comprehensive policy?

https://x.com/NIKHILLJHA/status/1722062439900930354

🚨High premiums in health insurance

So many people are angry with the premium hikes!
Sometimes the premium rises by as much as 20-50%!🤯🤯

Are there any hacks to reduce your premium?🤔🤔

A thread🧵on 5 ways to lower the premium for ur health insurance?

Lets go👇 Why do health insurance premiums rise?

There are three reasons why health insurance premiums rise
1. Insurer takes company-wide premium increase due to massive increase in claims
2. Your age band changes
3. Rise in medical costs

🚨Corporate health insurance

I have health insurance of 5 Lakhs from my Office
What is the need for personal health insurance?

But what if,
The employer terminates the cover for ur parents?🤔🤔

A thread🧵on the features of a corporate cover & should be relying on a it?👇 What is a corporate cover?

A Corporate Health Insurance Policy is a type of insurance that covers a group of professionals working under an organization against illness, accidents, & other health issues.

Corporate Health Insurance is basically a Group Health Insurance Plan.

🚨Health insurance premium rise

Many people complain,
Premium was Rs 25,000 last year
The premium rose to Rs 40,000 at renewal🤯🤯

Why does premium rise in health insurance and what can u do about it?🤔🤔🤔

A thread🧵On why does premium rise and ways to counter it?👇 Rise in Medical costs

🚨India's Healthcare Scenario:-

🩺India's medical inflation=14%
🩺Cost of treatment nearly doubles every 5 years
🩺A 10L cover today will be reduced to a 5L cover in 5 years time
🩺63% of the hospitalization bill is paid from the pocket

Sum Insured=10L
Claim=5L

Insurer rejected the claim stating nondisclosure of pre-existing diseases.😱😱
The ported policy was 13 year old

Does Moratorium period of 5 years apply to non disclosure?🤔🤔

A thread🧵on what is material non disclosure and the confusion around it?👇 How is a health insurance policy issued?

When you approach an insurer to buy a health insurance policy,
Insurer underwrites ur policy,
All existing medical conditions need to be checked whereby insurer decides if he wants to rake the risk and issue a policy or not!

Insurer has the right to reject ur policy if he feels the risk is too high.

🚨Acko Health care study
A report on healthcare costs in India

Acko has carried out an interesting study
🩺Medical inflation is at a staggering 14%
🩺Heart and tumor diseases are on the rise for young Indias

A thread🧵on medical inflation & how to protect urself from it?👇 🚨The alarming Medical inflation in India

India has crazy medical inflation
🩺14% Medical inflation means costs are doubling every 5 years
🩺Costs a bomb to treat cancer and heart diseases
🩺7% of people are pushed into poverty
🩺63% of healthcare expenses are borne from own pocket rather than health insurance

The need for health insurance is real

🚨Health Insurance for Senior Citizens

Senior Citizens find it hard to get a health insurance policy

But,
🩺HDFC Ergo
🩺ICICI Lombard
🩺Niva Bupa
🩺Care
🩺Aditya Birla and others
Now Provide policies for senior citizens

A thread🧵on 7 good senior citizen policies available?👇 Why do senior citizens find it difficult to get health insurance policies?

As life goes on our vulnerability to developing diseases increases manyfold.

Chances of contracting diseases like
1. Hypertension
2. Diabetes
3. Knee or joint pain

increases!

From,
🩺HDFC Ergo Optima Secure vs Niva Bupa Aspire Vs ICICI Lombard Elevate
🩺TATA AIG Medicare vs Acko Platunium vs Star health optima

Our policy Comparison series b/w health insurance policies helps people make better choice

A thread🧵of threads on the policy comparison👇 Tata AIG Medicare
Vs
Acko Platinum
Vs
Star Health Optima

Almost all of these policies have a policy condition lag
🩺Tata AIG Medicare doesn't have unlimited restoration but provides maternity and OPD+Dental cover
🩺Acko Platinum comes with a 1cover with waiver of 2 year waiting period
🩺Star Health Optima comes with maternity and OPD cover

Here is a detailed comparison on all three policies👇

Sum Insured=5L
Claim Amount=5L
Insurer paid=2.5L🤯🤯

Insurer used the clause:-
Proportionate deductions

Proportionate deductions is one of the most toxic clause in ur health insurance policy

A thread🧵on what is prportionate deductions and how to save urself from it?👇 What is a room rent limit in a health insurance policy?

Every health insurance plan comes with a set of components that can drastically change the claim amount during the time of billing.

Sum Insured=10 Lakhs
Claim=6 Lakhs

Insurer Paid=4 Lakhs🤯🤯

The insurer applied a clause called the "Reasonable and Customary Clause" to not pay the entire bill.

What is a "reasonable and customary clause"?🤔🤔

A thread🧵explaining reasonable and customary clause

Lets go👇 What is reasonable and customary charges?

There is no regulation that places a limit on how much a hospital can charge for a particular service. Therefore, theoretically, a hospital can charge any amount they please for a treatment.

🚨Health Insurance for Senior Citizens

As age goes on,
Senior Citizens tend to contract some disease or the other
It becomes very difficult to get a new health insurance policy for them

A thread🧵on how should on go about buying health insurance for senior citizens?👇 Problems with Senior Citizens:-

As age goes on many senior citizen may contract diseases such as
1. Hypertension
2. Diabeties
3. Heart related illness
4 Cancer
5.Arthiritis and many other illnesses

🚨Healthcare for All

Government has now approved Ayushman Bharat for all Senior Citizens above 70 years

What is Ayushman Bharat?
Who is eligible for the scheme?

A thread🧵on everything u need to know about Ayushman Bharat Scheme

Lets go👇 What is Ayushman Bharat?

Ayushman Bharat is a health protection scheme to provide health insurance to citizens.

It provides insurance coverage of up to Rs.5 lakh on a family floater basis to beneficiaries every year in order to receive primary, secondary, and tertiary healthcare services.

🚨IRDAI master circular

From,
🩺Policy issuance in seven days to
🩺Policies for cancer and heart patient?

IRDAI has tried to make health insurance customer-friendly with its circular yesterday.

A thread🧵on IRDAI master circular and what does it mean for u?👇 What did the IRDAI do?

IRDAI yesterday released a circular to safeguard the rights of the policyholders.

It had provisions for both life and health insurance.

Basically,
IRDAI wants to simplify the whole process of health insurance and claims.

After porting the health insurance policy

Sum Insured=25L
Claim amount=2L

New insurer,
Rejected the claims stating non dislosure of previous ailment

A thread🧵on why portability is leading to claim rejection and how u can save urself?👇 What is health insurance portability?

You bought a health insurance policy.
After some time when u read the policy terms and conditions.

You realize the policy has
🩺Room rent limit
🩺Copay
🩺Isnt a comprehensive policy

Now u want to change the policy!
What do u do?

Sum Insued=10L
Claim amount 5L

Insurer paid only 2L,and used the clause room rent limit and associated deductions.

Room rent limit is one of the most toxic condition in health insurance

A thread🧵on room rent limit and how to save urself from it👇 What is room rent in health insurance?

Room rent is the rent u pay for occupying a room in the hospital.
It is calculated on a per day basis and it inclused sugeons charges nursing charges etc.

Sum Insured=25L
Claim amount-4L

Insurer rejected the claim stating excessive drinking is the cause of liver damage!

Can your health insurer reject you claim due to smoking & drinking?(even if u declare it)

A thread🧵on claims due to smoking and drinking in health insurance?👇 How does smoking and drinking affect your health insurance?

Both smoking and drinking are injurious to health

For Smoking:-
If you smoke more than 6 cigettes a day no insurer issues a policy.

For Drinking:-
If you drink upto 200ml per week insurers may issue a policy but they may load the premium