Health Insurance in India is one of the sectors, where there is lot of scope, waiting to be explored or tapped. Statistics show that the current healthcare costs is around $40 billion, but only $2 billion is financed by health insurer. This difference between both these figures is not an insignificant number. It means that 85% of Indian population is paying medical expenses from their pocket. It is not a small number to be ignored?
Medical cost is increasing rapidly and is expected to go too high over next few years. Thus, if the same condition persists, it will become difficult for Indian people to avail quality medical treatment. But, in several severe cases, people have to go ahead with quality treatment, regardless of the thought of the money arrangement. Family members are forced to either borrow money or sales off household assets to pay for the medical expense. But, it is not a right approach.
Government and health insurance providers should take some effective steps to improve this scenario. Government should start programs to educate people about the rising medical costs and the need of health insurance. Medical insurance providers should also lend the helping hand by spreading this awareness among Indian masses. Regulators should make changes in their guideline to encourage only right player to enter the market. Health insurance providers should design products to offer wide coverage at reasonable rates.
Apollo Munich is the only organization that has seriously looked into this problem. The company has emerged with the aim to demystify health insurance for the people of India. As a result, they have brought simple plans that could be easily understood. All the clauses stated in policy wordings are free from jargons. It designs its products on the basis of healthcare needs of the people. Thus, it can be said the right approach to improve condition of health insurance in India.
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