This is serious. Look up for health insurance in India on Google, and you are sure to get as many as 40,800,000 searches, all leading to the various companies that offer health insurance in India, the foreign companies that are all set to open operations here, and to the growing need of health insurance for every Indian.
Yes, India is a great market for MNCs setting up their operations here, we are a great market for FMCG products as we are big spendthrifts, for publishing as we are voracious readers, for travel and tourism industry as we are holiday lovers, for fashion and textiles as we are a bunch of fashion conscious people, for outsourcing as we are great at customer service and have mastered the global language and so on.
But, all understood, it is now important to know what makes health insurance for India a potentially growing market for health insurance and why should Indians buy health insurance? Well, there are not one, but many reasons stating that the need of health insurance among Indians is increasing. Let’s find out…
Firstly I am not going to define health insurance, because given the vigorous marketing and promotion by numerous private and public sector health insurance companies in India, you simply can’t be ignorant of the term. But chances are that you still prefer being aloof from health insurance, undermining its importance.
So, it becomes increasingly necessary that you know - According to a report by the Asia Insurance Review, in India, there will be many more people who would require health insurance in the age bracket (60-75 years) as age is the prime reason for contracting several diseases and ailments.
The healthcare costs are rising and all the more there is no standardization of healthcare costs. In a reputed Indian hospital, charges for treatment of a big surgery, like, Open heart surgery, costs Rs. 2,50,000 to Rs. 4,50,000.
It is only when a Health insurance policy is taken by a person, can he take care of the hospitalization costs of such magnitude. All the more, different hospitals charge different rates, and there is no fixed cost anywhere. This makes it even more pertinent for you to be insured, as you never know the cost of a treatment in the hospital you would be admitted for a particular ailment or injury. Also, if insured, you can relax and get good treatment from a hospital of your choice. Else, when left to finance for health costs by yourself, you will prefer that hospital, which charges the least, but the quality of treatment too could suffer then.
No authenticity of health procedures
It is not just the costs, but there is also a lack of standardization and accreditation in healthcare facilities leading to difficulty in judging the authenticity of procedures. While some doctors may prescribe certain tests to get done, those tests may not be necessary at all from the other doctor’s point of view. Again, because of this fluctuation of costs and procedures, a patient becomes the soft target, and pays as per what he is told, thereby making a dent in his pocket.
Lifestyle illnesses can mar growth
A study shows that a growing number of people are estimated to suffer from lifestyle diseases such as heart diseases, diabetes, stroke and this will have a negative impact on the economic growth and the chances of the IT sector being hit by lifestyle diseases is the highest. All the more, it is said that the cost involved in the treatment and cure of chronic diseases could be more than £100bn over the next 10 years.
As a result of work stress, night shifts, long working hours, and a sedentary lifestyle, people are prone to such disease, as has been confirmed by The Indian Council for Research on International Economic Relations.
Ravi Kasliwal, a well-known cardiologist at New Delhi's Indraprastha hospital, said that between 2000 and 2030 heart disease is projected to account for 35% of deaths among India's working-age population citing data from the World Health Organization.
According to the World Bank report, 85 % of the working population in India do not have Rs. 5,00,000 as instant cash. 14 % have Rs. 5,00,000 instantly, but will subsequently face a financial crunch. Only 1% can afford to spend Rs. 5,00,000 instantly and easily and this means that 99 % of Indians will face financial crunch in case of any critical illness. Hence, the need for health insurance is pertinent.
But this person does not require a Health Insurance-
A person who has no issue with financial liquidity, and who is able to make immediate payments for big hospital bills, of the order of Rs 3,00,000 to Rs 5,00,000 need not opt for health insurance for india as in this case he is directly doing self insurance. This means that he will be making the payment himself as and when the need arises. But, are you this person?
This growing need for health insurance in India, has attracted umpteen number of foreign as well as Indian companies to begin operations here, and hence, it becomes pertinent that you choose the right type of health insurance plan from the Health Insurance Expert and thereby buy yourself peace of mind and the ability to pay for treatment.
Let’s stand together and pledge for a healthy and vibrant India!