Munish Daga, CEO, Remedinet Technologies, expounds on the scope and possibilities of digital platforms for healthcare insurance in India. This article was first published in the January edition of Express Healthcare.
Despite the technological evolution of the healthcare sector over the past two decades, health insurance in India continues to grapple with the same difficulties such as lack of adoption and complex utilisation. As a result, the adoption numbers struggle to make it past a disappointing percentage figure in a country with the second largest population in the world. On the flip side, the situation in which the health insurance industry currently finds itself, also presents tremendous opportunities to evolve, possibility to scale, and scope to become profitable. The emergency of the situation, in several cases has not only served as a business opportunity, but also led to the adoption of digital frameworks as foundational pillars that ensure last mile delivery of health insurance for the policyholder.
This article was first published in Ehealth.
The economically weaker sections of the Indian society often find it difficult to afford quality healthcare. Indian population living below the poverty line does not have necessary financial means to avail quality healthcare services. According to various studies, India has abysmal record on health care spending and one of the world’s poorest populations. India is home to the largest number of poor with one-third of the world’s 1.2 billion extreme poor living here. With 4 percent of GDP expenditure on healthcare, India ranks among the bottom five countries with the lowest public health spending globally.
With a view to provide affordable treatment to economically backward sections in Tamil Nadu, the Government of Tamil Nadu has introduced a scheme called the “Chief Minister’s Comprehensive Health Insurance Scheme”. Members of families whose collective annual income is less than Rs. 72,000 are eligible to avail benefits under this scheme. The scheme currently covers 1.32 crore families in Tamil Nadu, where beneficiaries can get cashless treatment across 800+ hospitals for a set of pre-defined medical conditions. Each member is issued a card by the government, which can be used to avail medical treatment at any of the participating hospitals. This scheme is entirely cashless, and the premium is paid by the Government of Tamil Nadu on behalf of the beneficiaries to the Insurance Company. Read the rest of this entry »