Health Insurance India Needs Upgrading

Majority of people in India are not aware abut health insurance plans and those who know, many of them do not trust health insurance Indian providers. Thus, overall health insurance India condition is too poor and needs improvement. It can be done by spreading health insurance awareness among Indian population.

Current healthcare statistics show that out of $40 billion expenditure on healthcare in India, only $2billion is financed by health insurance. This shows that there is a large pool of people who are still not uninsured. It is one of the serious concerns that are responsible for the backwardness of the country. Health insurance India will surely improve the lifestyle of people and thus, will contribute in improving the overall condition of the people.

Government needs to play an important role by spreading health insurance awareness among the masses. They should start several programmes to educate people about the same. Health Insurance providers should further contribute by designing products according to the healthcare needs of people. The plans should come up with simple terms and conditions, free of jargon so that people could understand them and could make their choice accordingly. A plan chosen on the basis of healthcare needs will be much beneficial and helpful in reducing the number of claim rejection.

At the same time, medical cost is probably going too high over next few years, which means that uninsured individuals will not be able to avail quality medical treatment. Thus, all the associated bodies should combine together to work upon this problem, before it take a severe turn.

Apollo Munich, a joint venture between the Apollo Group of Hospitals and Munich Health, is the organization that has come forth to demystify health insurance India. They have brought easy-to-understand plans with their policy wording free of jargons. The company is looking forward to offer health cover to over 500 million people in India over next five years.

What should be done to Improve Health Insurance in India?

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.