The Rising Cost of Healthcare in India: An Urgent Call for Health Insurance
Healthcare expenses in India are escalating at an alarming rate, highlighting an urgent need for comprehensive health insurance. A recent report by insurance company ACKO, titled the India Health Report 2024, revealed that the average claim for health insurance has surged to ₹70,558 in the fiscal year 2023-24, marking an 11.35% increase from ₹62,548 in the previous year. This rise not only reflects the burden of health-related expenses but also underscores the growing prevalence of lifestyle diseases among the population.
Financial Impact of Hospitalization
The report emphasizes that many families experience significant financial strain when faced with hospitalization. For instance, a claim exceeding ₹1 crore related to heart disease was reported. Such extreme financial burdens highlight the critical importance of having adequate health insurance coverage. Additionally, the costs associated with common medical procedures are expected to rise dramatically in the coming years. For example, the cost of angioplasty, which ranged from ₹1-1.5 lakh in 2018, is projected to escalate to ₹2-3 lakh by 2024 and may reach as high as ₹6-7 lakh by 2030. The high expenses connected with kidney transplants have also doubled, raising fears about the long-term financial impact of serious health issues.
Age-related Health Concerns
The report further delineates how the prevalence of certain health issues varies across different age groups. For children under 18, respiratory problems account for over 11% of claims. While these issues tend to decrease after this age, claims related to tumors and heart diseases substantially increase as individuals get older. This pattern indicates a critical need for proactive health management and insurance planning tailored to address age-specific health risks.
Significant Health Claims: A Deeper Look
Among the health claims detailed in the report, there was a staggering ₹1.1 crore claim for heart disease and a ₹24 lakh claim related to kidney disease. Geographically, heart diseases are more prevalent in metropolitan areas such as Kolkata and Mumbai, while kidney-related claims are predominantly arising from the Delhi NCR region. Furthermore, the report reveals that 69% of maternity claims pertain to C-section deliveries, indicating a noticeable trend in child delivery methods, which may contribute to increased medical costs.
Table: Average Health Insurance Claims by Gender
| Gender | Average Claim Amount (₹) |
|---|---|
| Men | 77,543 |
| Women (Excluding Pregnancy Claims) | 69,553 |
The Need for Comprehensive Health Insurance
The substantial rise in healthcare expenses and the various claims underscore the pressing need for families to secure comprehensive health insurance coverage. With the growing incidence of lifestyle diseases and the considerable financial implications of severe health issues, ensuring adequate health insurance is not just a precaution but a necessity. Families must proactively engage in financial planning and seek suitable health insurance options to safeguard their financial futures.
