Indian Health Insurance Industry and the Scope of Improvement

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Published: 30th April 2013
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Looking into the increasing medical care expenses and the problems associated with it, one should ponder over the need of buying health insurance in today’s life. It is the only tool that could be used to make medical treatment easy and affordable. People should be educated about the health insurance plans that could help them in staying away from medical anxieties.


India is an under developing nation, where the potential of numerous sectors need to be explored. At one end, there is a lot of improvement and progress going on while at other end, a large percent of people are below poverty line. The later have to struggle hard to earn their livelihood. One of the areas which should be looked into is healthcare sector. Majority of the Indian citizens are not able to avail the quality medical care because of the high cost factor associated with it. Moreover, these medical expenses are expected to grow immensely over couple of years.


The research has shown that many people have to go through a series of problems in their attempt to pay off these medical bills, especially when a loved one goes through any sudden mishap. The only way out to cope up with this situation is to encourage the Indian people to buy health insurance, as it is the only tool that could make medical treatment easy and affordable. A person can seek the best available medical care without pondering over the financial factor associated with it. It is an ideal vehicle that helps in maintaining balance between the medical treatment and the wallet, thus giving a sigh of relief to the common individual.


On other hand, it cannot be denied that larger numbers of people are coming ahead and investing in these products, thus, bringing about much improvement in this field over last two-three years. However, yet there is a lot that is needed to be done to make medical care accessible for one and all. Right since the privatization has been brought about in this sector, there are lots of changes that have been brought to encourage not only the common man to invest in these products, but also the providers to come out with plans with new features. Working in this direction, regulators are also bringing in continuous changes to improve the condition of healthcare affordability in the country.


The increasing medical care cost not only keeps people away from the best available medical care, but is also affecting the medical industry, as people are not able to afford these treatments, because of financial hassles. Something needs to be done to wake them up and show them the direction or the path, paved by health insurance products. A person can realize the real picture only after looking at the huge difference between the healthcare expenditure of the country and the amount that is reimbursed by insurers. It shows that majority of people in the country are not able to take advantage of health insurance benefits.


Recently brought, the facility of portability has found to be much useful in increasing the level of services offered by health insurance providers. Portability, allows policy holders to switch from their initial provider to a new provider along with the accrued benefits, if desired. A policy holder can easily switch to the provider who offers good quality services. It has facilitated more cooperation in sharing of information between the different insurance players. In addition, the plan to enlarge the scope of RSBY, i.e., the health coverage in rural areas is a positive move.


A lot depend upon how people perceive these products. They should be educated about the health insurance plans that could help them in staying away from medical anxieties. Regulators, medical insurance providers and various other associated bodies should work in this direction to make quality medical care accessible for one and all. They should start various campaigns to spread the related awareness. Besides it, the product designers at health insurance in India should work hard in formulating products that could satisfy health needs of the Indian masses.


Equally important is to educate people about buying of the right product that could offer them coverage, when required. They should also try to know about products’ terms and conditions before buying the same to avoid confusions later.


Apollo Munich, a pure health insurance company in India, has adopted the ideology of designing products after identifying people’s health needs. The company has brought in best-in-class products, together with best features and facilities such that health insurance can be seen as an uncomplicated product.

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