Health Insurance is one of the most complicated insurance!

100s of policies and complex wordings make it worse!🤯🤯
What are the features of the policy u should buy?🤔🤔

A thread🧵explaining the features of a comprehensive policy?👇 What is a comprehensive Policy?

Health insurance policies come with a lot of variations
Some come with
🩺Room Rent Limit
🩺Co-Payment
🩺Sublimits on treatment
🩺High no claim bonus

Which one to choose?

Most households have traditional Life insurance policies with an "Assured Sum of money"

Kangana Ranaut has 50 LIC policies!🤯🤯

What are the returns on these policies?
Should u buy them?

A thread🧵on traditional life insurance policies and the real returns of these policies👇 What are traditional insurance policies?

Traditional plans include with-profit money-back, whole-life, endowment policies and guaranteed plans.

Nearly 85% of insurance policies today are traditional policies.

Sum Insured=25L
Claim amount=5L

The insurer only paid 2 lakhs

One of the most toxic and hidden conditions of health insurance,
Room rent limit and associated deductions

A thread🧵 on what is room rent limit and how it limits the claim paid?👇 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=10Lakhs
Claim amount=27 lacs

Insurer paid=27 lacs

How is this possible?🤯🤯

Unlimited Restoration benefit is one of the most important benefits of health insurance

A thread🧵 on what is restoration benefit & why is it particularly useful?👇 What is Restore benefit?

Suppose A and B as covered under a family-floater plan of 10 lakhs.
In January
A used the cover and claims for 10 Lakhs
Under normal policies,
The sum assured would be exhausted and no more claims would be admissible

Term Plan is the only life Insurance to buy

Insurers have now come up with an interesting concept
Return of premium(TROP) for term plans!

What is this concept?🤔
Should u buy the TROP?🤔

A short thread🧵on the return of premium on term plan & if u should buy or not?👇 A term plan with return of premium is a type of term insurance plan that comes with a maturity benefit.

In simple words,if nothing happens to the insured person during the duration of the policy

The insurer will return the premiums

For a 30-year-old,
1cr base policy=Rs 30,000
10L(base)+90L(Super top up)=Rs 17,300

Why is the base policy+Super top 30-50% cheaper than a base policy?🤔🤔
Is there any hidden condition in super top-up?🤔

A thread🧵analyzing Base policy vs Base policy+Super top-up combo? First things first

What is a super top-up?

https://x.com/NIKHILLJHA/status/1764841184554303521

Health Insurance is very very complex🤯🤯

From,
Checklist to buy health insurance to
Room Rent limit to
Policies for Senior Citizens,

I have written 23 threads simplifying health insurance

A thread🧵of threads on all topics simplifying health insurance👇 1/ Checklist to buy a health insurance policy

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

Niva Bupa Reassure 2.0

Premium doesn't rise in a Health insurance policy?🤯

This policy has a unique feature of not increasing the premium until u make the first claim

A thread🧵 analyzing the features of Niva Bupa Reassure 2.0

Lets go👇 Niva Bupa launched Re-Assure in October 2020

They have now come up with some new features under the brand Niva Bupa Reassure 2.0

Lets find out the features of the policy👇

🚨HDFC Ergo Optima Secure

HDFC Ergo now offers Optima Secure to Senior Citizens above 65yrs

The Policy comes with the feature of increasing cover by 4x at no additional cost
It also provides 2x cover from day 1

A thread🧵on the features of HDFC Ergo Optima Secure

Lets go👇 1. No Room Rent Limit:-

Optime secure plan does not come with any room rent limit for in-patient hospitalization or ICU admission.

🏥60 days before hospitalisation
🏥180 days post hospitalization is covered

🚨IRDAI made some changes on April 1

News being spread
🩺The insurer cant reject claim after 5 years?
🩺Senior Citizen after 65 can get a policy?
🩺Pre-existing disease waiting period is 3 years?

What is the true ground reality?

A thread🧵on the reality of the IRDAI changes👇 What is the Moratorium period in health insurance?

Insurance Regulatory and Development Authority of India (IRDAI) in its guidelines on standardization of terms and clauses in health insurance said that after the expiry of the eight-year moratorium period, no health insurance claim can be rejected after this period

However this has exceptions,
The exceptions are proven fraud and permanent exclusions specified in the policy contract.

🚨From April 1,
IRDAI brought down the moratorium period in health insurance to 5 years

Does this mean insurer can't deny your claim even if you do not disclose pre-existing diseases?🤔🤔

A thread🧵on what in the moratorium period & why the insurer can still deny your claim?👇 What is the Moratorium period in health insurance?

Insurance Regulatory and Development Authority of India (IRDAI) in its guidelines on standardization of terms and clauses in health insurance said that after the expiry of the eight-year moratorium period, no health insurance claim can be rejected after this period

However this has exceptions,
The exceptions are proven fraud and permanent exclusions specified in the policy contract.

🚨Health Insurance Analyser Series

From,
Niva Bupa Aspire to,
HDFC Ergo Optima Secure to,
Acko Health insurance to,
Star Comprehensive to,
Care Supreme

We have analyzed 20 policies uptil now.
The analysis is unbiased to help retail investors decipher health insurance

A thread🧵of threads of the policies we have reviewed

Lets go👇 1. Niva Bupa Reassure 2.0

https://x.com/NIKHILLJHA/status/1733676257987191138

Sum insured=10Lakhs
Claim Amount=4 Lakhs

Insurer Paid=ZERO🤯🤯
The insurer also canceled the policy under "Material nondisclosure of important information"

This can easily happen to you

A thread🧵on what is material nondisclosure clause & how to avoid it?👇 What is Insurance?

Health insurance is a contract b/w u and the insurer where all pre-existing conditions need to be clearly disclosed to the insurer.

Only then the insurer can properly underwrite your policy and determine whether to accept or reject your policy

Sum insured=5 lacs
Hospital bill=1 lacs
The insurer only paid Rs 40,000🥲🥲

This could easily happen to u!

Most health insurance policies have a room rent limit and a proportionate deduction hidden clause

A thread🧵on what is room rent limit & how it could limit ur claim?👇 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.

A Term insurance is the only life insurance to buy!

How much cover to buy?1cr?2cr or more?🤔
Uptil what age should u be covered?🤔
What are the riders to buy?🤔

A thread🧵covering each and every aspect of term life insurance

Lets go👇 First things first:-

What is a term insurance?

It’s a pure risk cover that pays the Sum Assured to the nominee of the policyholder in case of death of the life insured during the policy term.

In case the policy member survives till maturity of the plan
There is no payout

🚨Healthcare for All

Ayushman Bharat is a health protection scheme by the government of India to provide affordable health insurance to citizens

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

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

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.

Insurance Analyser Episode 7

Niva Bupa just launched a new policy "Aspire"

The policy comes with Maternity Benefit and a Global Health cover🤯
The policy also covers doctor consultation under Out Patient Department(OPD)

A thread🧵on the features of Niva Bupa Aspire

Lets go👇 Niva Bupa Aspire comes in 4 Variants
🏥Gold+
🏥Diamond+
🏥Titanium+
🏥Platinum+

Gold is the base version and the cheapest policy.

Diamond,Titanium and Platinum plans come with Lock the clock feature.

🚨Super Top up in health insurance

Super top-up is like a mobile recharge!
It increases ur sum assured over and above ur base health insurance policy!

What is this super top-up?🤔🤔

A thread🧵on what is a super top-up plan,its benefits and limitations?

Lets go👇 What is a super top-up policy?

Super Top Up policy offers you coverage of Mediclaim above your chosen deductible limit

It offers you financial relaxation in the event that your hospitalization claim bill crosses your sum insured under any other Mediclaim policy.

🚨Waiting Periods & Health Insurance

So many people think,
After paying health insurance premiums everything is covered from Day 1
There are waiting periods/exclusions for various diseases

A thread🧵on what are waiting periods & exclusions in health insurance?

Lets go👇 Did u know even if you are healthy,
Certain waiting periods still apply after you buy a new health insurance policy?😥😥

That is why it is important to buy a policy young and serve these waiting periods before the onset of any diseases

Here are the waiting periods👇

A Term insurance is the only life insurance to buy!

How much cover to buy?1cr?2cr or more?🤔
Uptil what age should u be covered?🤔
What are the riders to buy?🤔

A thread🧵covering each and every aspect of term life insurance

Lets go👇 First things first:-

What is a term insurance?

It’s a pure risk cover that pays the Sum Assured to the nominee of the policyholder in case of death of the life insured during the policy term.

In case the policy member survives till maturity of the plan
There is no payout

Health insurance is a very complex type of insurance!🤯🤯

From room rent limit to which policy to buy to policies for senior citizens?
I have written 17 brilliant threads simplifying health insurance!😁😁

A thread🧵 of threads on all topics simplifying health insurance

Lets go👇 1/ Checklist to buy a health insurance policy

https://x.com/NIKHILLJHA/status/1722062439900930354?s=20