Zerodha's Nithin Kamath says Indians one hospitalization away from bankruptcy
India is grappling with one of the highest rates of medical inflation in Asia, standing at 14%, coupled with a burden on individuals who pay for their own healthcare. A staggering 71% of Indian workers cover their healthcare costs out of pocket, a figure that is alarmingly high compared to global standards. According to 2021 data, India ranks 28th globally for out-of-pocket health expenditure, surpassing even many low-GDP African nations.
Nithin Kamath, co-founder of Zerodha, has underscored the critical need for Indians to secure comprehensive health insurance. In a post on X, Kamath warned that the majority of Indians are "one hospitalization away from bankruptcy," highlighting the financial vulnerability of those without adequate health coverage.
Kamath advised that to avoid financial distress during medical emergencies, Indians should opt for insurers with a proven track record of at least five to ten years, and a favorable claim settlement ratio of around 80-90%. "A good health insurance plan is mandatory," Kamath emphasized.
Reflecting on his personal experience, Kamath, who suffered a stroke in February of this year due to factors such as lack of sleep, overwork, fatigue, and the loss of his father, stressed the importance of selecting an insurer with an incurred claim ratio between 55-75% and a network of 5,000–8,000 hospitals.
Kamath also recommended avoiding health insurance policies with room-rent restrictions and disease-specific sub-limits, as these can lead to substantial out-of-pocket expenses. He advised choosing plans with minimal waiting periods for pre-existing conditions, restoration benefits, and coverage for daycare treatments, along with pre- and post-hospitalization care. Additional features to consider include domiciliary care (at-home care), free annual health checkups, loyalty bonuses, wellness discounts, and coverage for alternative medicine.
The challenges of healthcare costs in India were further highlighted in a report by Insurtech company Plum titled "Health Report of Corporate India 2023." The report revealed that only 15% of workers received health insurance support from their employers, leaving the majority to shoulder the burden of their healthcare expenses.
Compounding the issue are difficulties in getting insurance claims approved. A survey by Local Circles, which included 39,000 participants across 302 districts, found that 43% of respondents faced challenges in having their claims authorized. The reasons cited included inadequate disclosure of policy limitations, confusion caused by technical jargon, and denials due to pre-existing conditions.
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Cong says LoPs not invited to Putin banquet, takes swipe at Tharoor for accepting invite
New Delhi (PTI): The Congress on Friday said Leaders of Opposition Mallikarjun Kharge and Rahul Gandhi have not been invited to the banquet for Russian President Vladimir Putin, and took a swipe at its own MP Shashi Tharoor for accepting the invite.
Congress general secretary in-charge communications Jairam Ramesh said, "There has been speculation whether the Leader of the Opposition in the Lok Sabha and the Leader of the Opposition in the Rajya Sabha have been invited for tonight's official dinner in honour of President Putin. The two LoPs have not been invited."
Congress' media and publicity department head Pawan Khera accused the government of breaking protocols daily and not believing in democratic principles.
"There is no invite to both the LoPs, Mr (Mallikarjun) Kharge and Mr (Rahul) Gandhi. This comes as a surprise but I don't think we should be surprised. This government is known to be breaching all protocols. What else to say, ask the government," he told PTI Videos on the sidelines of an event.
Asked about party MP Tharoor getting invited to the banquet and accepting the invitation, Khera said, "Ask Mr. Tharoor. All of us who are in the party, if our leaders don't get invited and we get invited, we need to question our own conscience and listen to our conscience. Politics has been played in inviting or not inviting people, which in itself is questionable and those who accept such an invite is also questionable," Khera said.
"We would have listened to our voice of conscience," he added.
Earlier, Tharoor said there was a time when the chairman of the external affairs committee was routinely invited but that practice seems to have stopped from some years.
"It has been resumed ...I have been invited, yes. I will definitely go," the chairman of the Parliamentary Standing Committee on External Affairs said.
On the LoPs reportedly not getting an invite, Tharoor said, "I don't know on what basis invitations were sent. I think the custom that usually used to be followed was for a wide representation. Certainly, I remember in the olden days, they used to invite not only the LoPs, (but) various other cross section of representatives of different parties. It conveys a good impression."
"I dont know the basis (of invitation), this is all done by the government, by the protocol by the Rashtrapati Bhawan, what do I know. All I can say I have honoured to have been invited. Of course I will go," Tharoor told reporters in the Parliament House complex.
Gandhi on Thursday had alleged that the government tells visiting foreign dignitaries not to meet the Leader of the Opposition due to its "insecurity".
His remarks had come hours ahead of Putin's two-day visit to India.
Gandhi had said it is a tradition that visiting foreign dignitaries meet the LoP but Prime Minister Narendra Modi and the Ministry of External Affairs were not following this norm.
"Normally the tradition is that those who come from abroad have a meeting with the LoP. This used to happen during (Atal Bihari) Vajpayee ji's time, Manmohan Singh ji's time, it has been a tradition but what happens these days is that when foreign dignitaries come and when I go abroad, the government suggests to them to not meet the LoP," Gandhi had told reporters in Parliament House complex.
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