The current COVID-19 pandemic has awakened everyone to the fact that medical emergencies are unpredictable and can lead to difficult-to-manage financial upheaval. Since there is currently no effective vaccine and a high infection rate, people are beginning to realise how important having quality health insurance is.
In addition, access to high-quality medical facilities and hospitalisation costs can be difficult financially, given the rising cost of medical expenses. Therefore, obtaining health insurance for you and your family can give you the extra security you require in situations like these. When it comes to protecting health, Digit Health Insurance and Acko Health Insurance have gained significant traction. Though both health insurance offers a multitude of health benefits to the customers, each has its own set of specialities.
Continue reading to learn more about the Digit Health Insurance and Health Insurance by Acko.
What is Digit Health Insurance?
Go Digit General Insurance Limited, a startup founded in 2016 with support from Fairfax Financial Holdings Limited of Canada, provides health insurance, which offers protection for a variety of medical costs to both individuals and families.
Digit health insurance ensures your financial security while you or any of your insured family members receive hospital treatment, regardless of whether the condition is caused by COVID-19, heart-related ailments, vector-borne diseases, or any other condition. With Digit health insurance, you can get financial assistance when you need it and safeguard your family from unanticipated medical issues that could otherwise ruin your finances. With Digit health insurance, you won’t have to worry about your medical care and won’t have to worry about rushing from one place to another at the last minute. They achieve this by having a sizable network of hospitals—10,500+—where you can receive medical care.
Understanding Acko Health Insurance
Acko Insurance offers comprehensive health policies with extra benefits like preventive medical care and death benefits, in addition to basic hospitalisation coverage for the cost of medical treatment for illnesses, injuries, and more. The main selling point of Acko’s health insurance is the variety of sums insured available, including 10 Lakhs, 25 Lakhs, 50 Lakhs, 1 Crore, and Unlimited options. Acko Health Insurance also makes it easy for you to receive the best medical care thanks to its 7100+ network hospitals.
What Distinguishing Features and Benefits Does Digit Health Insurance offer?
Here are the salient features and benefits of choosing Digit Health Insurance.
- Cover for medical expenses
In the event of an unfortunate accident or illness, Digit health insurance will cover your pre- and post-hospitalization-related expenses, which would otherwise deplete your bank account.
According to the National Family Health Survey-3, 63% of rural and 70% of urban households rely on private hospitals, where the cost of healthcare services is typically much higher. As a result, people from the middle and upper classes are more likely to use a private hospital.
- No Co-payment Based on Age
If you’re looking to buy health insurance, you may have read that every insurer has a different set of co-payment requirements. But why do you have the right to manage the money from your health insurance? This is where the importance of Digit Health Insurance comes in!
With Digit health insurance, there are no co-payments based on your age. This implies that there is no cost involved in making a medical insurance claim.
- Wellness Benefits
The customers with Digit Health Insurance will get premium wellness benefits through the Digit App in association with reputable health and wellness partners.
- Maximize your tax savings
Who wouldn’t want to save more money on taxes? Anyone who purchases Digit health insurance for themselves or their parents may be eligible for tax benefits under Section 80D of the Income Tax!
- Big Hospital Network
Digit Health Insurance offers the best cashless hospitals across India, offering coverage to people across ages. It has secured a network of over 10, 500 hospitals and clinics across the country and makes it easy for you to find your nearest hospital where you can get all your treatment on a cashless basis.
- Claim Settlement of Digit Health Insurance
With a high claim settlement ratio of 48.94% (FY 21–22), Digit Health Insurance stands out. This not only aids in enhancing and maintaining its reputation with current customers but also draws in new ones.
The primary benefit of health insurance by Digit is that it provides a safety net for consumers’ finances in the event of serious illness or expensive medical care.
- Group Insurance Benefit
A predetermined number of individuals are covered with Digit Health Insurance. The health insurance by Digit is a great addition to your benefits and your employees’ health because it offers coverage for everything from in-patient hospitalisation and daycare therapy to organ donor costs and infertility treatment.
Major Acko Health Insurance Features and Benefits
Planning to consider Acko Health Insurance? Let’s take a look at the incredible features and benefits of Health Insurance by Acko.
- Wide Network of Hospitals
Acko Health Insurance has a wide network of more than 7100+ hospitals across India. The insured people can receive cashless treatment at these network hospitals without having to pay anything.
- Lifetime Renewability Benefit
If you pay the health insurance premium, Acko’s health insurance offers you lifetime coverage.
- In-patient Treatment
This takes care of the customers’ hospital expenses. In-patient treatment costs cover things like rent for the room, nursing costs, ICU costs, doctor visits, and more.
- Daycare Procedures
Daycare procedures cover minor surgeries like tonsil removal, cataract removal, and similar procedures that don’t require more than 24 hours of hospitalisation.
- Peace of mind
Do you recognise the sensation of having a safety net in place? Acko Health Insurance offers precisely that. Being confident that you and your loved ones are covered in the event of a medical emergency can be brought on by having coverage. It is comparable to having a health guardian angel.
- Coverage for non-medical expenses
Acko Health Insurance also covers these non-medical costs for admission fees, surgical kits, syringes, etc.
- Doctor On Call
As a result of the COVID-19 pandemic, teleconsultations have become more popular. Instead of physically going to the clinic, it is simpler to call or video call a doctor and receive a remote consultation.
- Cashless Hospitalisation
With cashless hospitalisation offered by Digit Health insurance, the hospital’s medical bills are paid in full upfront. As a result, receiving medical care without concern for cost is made simpler for the insured.
- Tax Benefit
Along with several coverage advantages, you may also be eligible for tax advantages on the Acko Health Insurance premium paid under Section 80D of the Income Tax Act of 1961.
Differences Between Digit Health Insurance & Acko Health Insurance
If you are still in a dilemma about whether to go with Digit or Acko Health Insurance, it’s time to pause your thoughts for a while and take a look at the below-mentioned comparison table.
|Parameters||Digit Health Insurance||Acko Health Insurance|
|Network Hospitals||Digit Health Insurance has 10,500+ Network Hospitals across India.||On the other hand, Acko Health Insurance has more than 7100 Pan India Network Hospitals, allowing you to get the best treatment from the hospital of your choice.|
|Claim Settlement Ratio/Incurred Claim Ratio||It has an impressive claim settlement ratio of 48.94 (FY 21-22) as per the IRDAI report.||When it comes to the claim settlement ratio, Acko (in the Health category) has an attractive ratio of 103.75 (FY 21-22) as per the IRDAI report.|
|Add-ons||Digit Health Insurance comes with a Consumable Cover as an add-on cover.|
Health Insurance by Acko comes with add-ons that include;
|Post Hospitalization||Digit Health Insurance covers post-hospitalisation expenses of up to 180 Days.||Does the Acko Health Insurance cover post-hospitalisation expenses? Well, yes, it covers post-hospitalisation expenses of up to 120 Days.|
|Co-Pay||No, there is no co-pay available under the Digit Health Insurance.||The same can be said about Acko Health Insurance.|
|City-Based Discount||There is an additional benefit of considering Digit Health Insurance which is that it covers up to 10% Discount.||No, there is no such kind of discount under Acko Health Insurance.|
|Wellness Benefits||Yes, the Digit Health Insurance offers wellness benefits that are readily available from 10+ Wellness Partners||The wellness benefit is available with the health insurance by Acko.|
|No Room Rent Restriction||There are no room rent restrictions. Customers can choose any hospital room they prefer.||Also, there is no room limit under the Acko Health Insurance.|
|Pre-Hospitalisation Expenses||Yes, Digit Health Insurance covers pre-hospitalisation expenses.||Acko Health Insurance also covers pre-hospitalisation expenses.|
|Tax Benefits||Anyone who purchases Digit health insurance for themselves, their parents, or anyone else is eligible to claim tax benefits on the annual premium under Section 80D of the Income Tax!||Yes, Acko Health Insurance offers tax benefits.|
|Mobile App||When it comes to managing, renewing, and cancelling, there’s a dedicated ‘Digit Insurance App’, specifically for customers who want to save their time and effort.||With Acko Health Insurance, customers can download the ‘ACKO app’ to manage their health insurance with ease.|
|No. Of Health Plans||There are six plans||There are twelve plans|
What Should You Choose: Digit Health Insurance or Acko Health Insurance?
Both Health Insurance, as you can see, have their own set of specialties which make each of them unique and trustworthy. Remember that buying health insurance entirely depends on your needs and coverage.
To make it clear, let’s understand this. If you are looking for health insurance with a greater number of network hospitals, then Digit Health Insurance is an ideal choice. On the other hand, if you want health insurance with a higher claim settlement ratio and multiple add-on covers, then Acko Health Insurance will never disappoint you.
It is suggested that you thoroughly contrast Digit Health Insurance and Acko Health Insurance based on your particular needs and preferences. To make an informed decision, you should also consider speaking with a financial advisor or insurance specialist.