The need of encouraging people to buy medical policy

Large number of people in India are uninsured. They should buy medical policy in order to get health cover. It is one of the areas, where lots of efforts are to be made to make medical treatment affordable and accessible. Apollo Munich has actively participated in helping people understand the benefits of health insurance.

India is a country where condition of health insurance is not good enough. Majority of people pay themselves for the medical treatment, instead of getting the same financed. To make the picture clearer, total healthcare expenditure in India is about $40 billion and the amount financed by health insurance is $2 billion. There is a difference of $38 billion, which is still paid by people from their pockets. Hence, this is one of the areas, where Government of India needs to focus in order to make medical care affordable and accessible for the people of India.

This sector needs improvement at the earliest before rising medical costs give financial blow to the Indian people. The pool of uninsured individuals should be encouraged o buy medical policy such that no financial hurdle comes across at the time of seeking quality healthcare. It ensures peace of mind to them, as they get an access to quality medical treatment in case of medical emergency.

The first important step that Government has already taken is privatization of this sector. Looking into the untapped potential, many joint ventures between a foreign company and an Indian company has started setting up health insurance businesses in India. Looking into the need of an hour to spread health insurance awareness, they should encourage people to buy medical policy.

The next important step that the Indian Government should look into is to help people in understanding the benefits of health insurance. Though several programs regarding the same have been started but still a lot more is required to be done. There are several perceptions in their mind that prevent them to buy such product. These wrong perceptions need to be replaced with health insurance benefits.

Besides Government, all the associated bodies should play an active role in the same field. Regulator should frame their guidelines in such a way that only a right player could enter the market. Medical care providers should educate people about the expected medical costs. Health insurance providers should make people understand the benefits of health insurance so that they could buy medical policy. In addition, they should understand their health needs and design their plans accordingly.

One of the health insurance providers that are actively participating is Apollo Munich. It is a joint venture between the Apollo Group of Hospitals and Munich Health. They have brought various TVC to help people understand that health insurance is an uncomplicated product.