This episode of “Future of Health” by Apollo Hospitals discusses the importance of health insurance in India. While we take so many precautions in our everyday life for our safety and ourselves, why do we never take our health and health insurance seriously?
Today, Indian citizens need medical insurance plans taken by the government and private sectors which can later act as the savior for the patients. Just like your home insurance or car insurance, health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Depending on the type of health insurance coverage, the insured pays the cost out of this pocket and receives reimbursement later or the insurer pay directly to the care provider.
There are two main types of health insurance: Private health insurance, which can be categorized into individual health insurance, family floater plans and unit-linked health plans, a mix of investment and insurance. A part of your premium is invested while the remaining is used to buy the healthcare cover. Whereas, public or government health insurance include schemes like Ayushmaan Bharat. Today, 75% of Indians are not insured in terms of healthcare. At a time where NCDs are on a rise and an unhealthy lifestyle is becoming so common, not having insurance can be threatening.
Medicare or medical costs are rising year after year and inflation in Medicare is higher than inflation in food and other articles. While inflation in food increases in the single digit, Medicare cost usually escalate in the double digits. One way to provide for health-related medical emergencies is by taking health insurance, it offers flexibility in terms of disease and ailment coverage. Some health insurance plans cover up to 30 critical illnesses and 80 surgical procedures.
"Healthcare is one of the primary objectives of any government. So, if you look at what is the role of the state, it's to provide education, health facilities and it is supposed to provide other civic immunities. These are the three main functions of the government and if the government fails to provide these facilities then you won’t have a healthy or an educated population. Today, the workforce or the young power need to be qualified enough or they need to be healthy enough so that they can contribute to the overall creation of GDP in Indian economy for the betterment of the country." - Madan Sabnavis (Economist)
India needs to take strong steps to create awareness about health insurance and to do this all insurance agencies and government must work together to create an environment where insurance agencies do not cheat the people and ‘insurance' get the importance that it deserves. The government must come up with more health-centric plans.
Such was a story of Mr. Ghewarchand Mishimal Bhandari, when his liver gave up due to liver cirrhosis, his long-term investment in healthcare came to his help. He was at work when he suddenly vomited blood and immediately consulted a doctor. The doctor suggested him to get treated in Mumbai and after coming here, he consulted Mr. Hardik (Gastrologist) who kept him under treatment for 12 months. After a long time, he decided to register in other hospitals in Chennai and Hyderabad, where Apollo Hospitals confirmed his request. He later flew down to Hyderabad for his operation and due to his Apollo insurance, his treatment was cashless, and liver transplant was successful.
For a better future on must take correct and important steps starting today. Health insurance is a way to a brighter and a healthier future.
Watch the episode to know more about the importance of Health Insurance.