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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''Has India outsourced its foreign policy to US?'' asks Karnataka Minister Priyank Kharge
Bengaluru/Kalaburagi, May 13 (PTI): Terming Prime Minister Narendra Modi’s address to the nation as ‘yet another monologue’, Karnataka Minister Priyank Kharge on Tuesday sought to know why the US President Donald Trump announced the "ceasefire" and not the Indian Prime Minister.
Kharge, the son of Congress president Mallikarjun Kharge, wondered whether India has outsourced its foreign policy to the United States.
"Prime Minister has given yet another monologue," the Minister told PTI in Kalaburagi.
He was referring to Modi’s address to the nation on Monday night.
Kharge said the Congress and all the opposition parties have clearly stated that they were with the government for any decisive decision that they are taking in the interest of the country.
“We are asking the PM for an all-party meeting, brief us on what has happened, what the ceasefire is for, what the conditions of the ceasefire were, and why the American President Donald Trump announced the ceasefire and not the Prime Minister of India,” the Minister said.
He said the Congress has asked the BJP-led Centre to convene a parliament session to inform the nation what has happened during the ‘Operation Sindoor’.
"But unfortunately, as usual, the PM chooses to go in for a monologue rather than the dialogue with the people of the country,” the Minister said.
Kharge said the Congress and other opposition parties had made it clear that they were with the government and the Indian army “but things need to come clear”.
“Has the government of India, has the Prime Minister, or the External Affairs Minister outsourced the foreign policy of the country to the United States of America?” the Minister said.
He added, “Why is the US President tweeting not once but thrice saying that he is the mediator for the ceasefire and he is saying, he has gone to the extent of saying that he spoke to both the Prime Ministers and it is more of an economic ceasefire, rather than a military ceasefire.”
Priyank Kharge underlined that it was the Prime Minister of India whom the Indians look up to and not the president of another country.
He also sought to know why a bilateral issue is becoming an international issue when Modi is at the helm of affairs.
Congress MLC B K Hariprasad said Modi did not even show 0.1 per cent of the courage and determination of late Prime Minister Indira Gandhi.
He recalled that in 1971, Indira Gandhi faced several impediments and adversaries in the international forum, but she divided Pakistan into two.
“It is obvious to remember Indira Gandhi on this occasion, who had earned the fame of the Iron Lady in the entire world,” Hariprasad told reporters in Bengaluru.
