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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
MP HC sets up judicial commission to probe water contamination in Indore
Indore (PTI): The Indore bench of Madhya Pradesh High Court on Tuesday set up a commission of inquiry comprising a former HC judge to probe the issue of water contamination in city's Bhagirathpura, saying the matter requires probe by an independent, credible authority and "urgent judicial scrutiny".
It also directed the commission to submit an interim report after four weeks from the date of commencement of proceedings.
A division bench of Justices Vijay Kumar Shukla and Alok Awasthi constituted the commission while hearing several public interest litigations (PILs) filed simultaneously regarding the deaths of several people in Bhagirathpura due to the consumption of contaminated water.
The HC reserved the order after hearing all the parties during the day, and released it late at night.
The state government on Tuesday told the HC that the deaths of 16 people in Indore's Bhagirathpura area was possibly linked to a month-long outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The government presented an audit report of 23 deaths from the current gastroenteritis epidemic in Bhagirathpura before the bench, suggesting that 16 of these fatalities may have been linked to the outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The report, prepared by a committee of five experts from the city's Government Mahatma Gandhi Memorial Medical College, stated that the deaths of four people in Bhagirathpura were unrelated to the outbreak, while no conclusion could be reached regarding the cause of death of three other people in the area.
During the hearing, the high court sought to know from the state government the scientific basis behind its report.
The division bench also expressed surprise at the state government's use of the term "verbal autopsy" in relation to the report, sarcastically stating that it had heard the term for the first time.
The HC expressed concern over the Bhagirathpura case, stating that the situation was "alarming," and noted that cases of people falling ill due to contaminated drinking water have also been reported in Mhow, near Indore.
In its order, the HC said the serious issue concerning contamination of the drinking water supply in Bhagirathpura area allegedly resulted in widespread health hazards to residents, including children and elderly persons.
According to the petitioners and media reports, death toll is about 30 till today, but the report depicts only 16 without any basis or record, it said.
It is averred that sewage mixing, leakage in the pipeline, and failure of civic authorities to maintain potable water standards have led to the outbreak of water-borne diseases. Photographs, medical reports, and complaints submitted to the authorities prima facie indicate a matter requiring urgent judicial scrutiny, the HC said.
"Considering the gravity of the allegation and affecting the right to life under Article 21 of the Constitution of India and the need for an independent fact-finding exercise, the Court is of the opinion that the matter requires investigation by an independent, credible authority," it said.
"Accordingly, we appoint Justice Sushil Kumar Gupta, former judge of the Madhya Pradesh High Court, a one-man commission of inquiry into the issues relating to water contamination in Bhagirathpura, Indore, and its impact on other areas of the city," the HC added.
As per the order, the commission shall inquire into and submit a report on the cause of contamination -- whether the drinking water supplied to Bhagirathpura was contaminated; and the source and nature of contamination (sewage ingress, industrial discharge, pipeline damage etc).
The panel will also probe the number of actual deaths of affected residents on account of contaminated water; find out the nature of disease reported and adequacy of medical response and preventive measures; suggest immediate steps required to ensure safe drinking water as well as long-term infrastructural and monitoring reforms.
It will also identify and fix responsibility upon the officers and officials found prima facie responsible for the Bhagirathpura water contamination incident, and suggest guidelines for compensation to affected residents, particularly vulnerable sections.
The commission shall have powers of a civil court for the purpose of summoning officials and witnesses; calling up records from the government department, hospitals, laboratories and civic bodies; ordering water quality testing through accredited laboratories; conducting spot inspections.
All state authorities involving district administration, Indore Municipal Corporation, public health engineering department and Madhya Pradesh Pollution Control Board shall extend full co-operation and provide records as sought by the commission, it said.
The state government shall provide office space, staff, and logistical support to the commission, it said.
During the hearing in the day, the state government also presented a status report to the court in this matter.
According to reports, a total of 454 patients were admitted to local hospitals during the vomiting and diarrhea outbreak, of whom 441 have been discharged after treatment, and 11 are currently hospitalised.
According to officials, due to a leak in the municipal drinking water pipeline in Bhagirathpura, sewage from a toilet was also mixed in the water.
