One needs to top up their corporate health insurance policy or opt for a retail health insurance plan
With medical expenses rising at a faster rate than normal inflation at 14 per cent, the importance of health insurance in India cannot be undermined. However, according to 'ACKO India Health Report 2024', 82 per cent of urban households in India are not covered under any health insurance scheme.
Interestingly viral infections lead to the highest number of hospital admissions (33.7 per cent), kidney-related problems (14.2 per cent), eye-related conditions (11.6 per cent), and heart-related and respiratory problems much lower at 6.1 per cent to five per cent.
Children under the age group of 18 are more prone to respiratory conditions than any other age group, while tumour risks soar by 2.8 times after age 40. What is, in fact, scary is that with a 13 per cent increase estimated in cancer cases from 2020-25, India is set to become the cancer capital of the world.
According to the report, the risk of heart disease goes up with age and while it is 2.24 per cent between the age of 31-40, it goes up to 6.88 per cent between ages 41-50. Indians Indians have a 20-50 per cent higher coronary artery disease (CAD) mortality than other nationalities owing to dietary habits, lifestyle, and genetic predisposition. Also, according to the Global Burden of Disease Study, heart disease is the leading cause of death among women in India and accounts for almost 18 per cent of all female deaths. This is higher than that of breast cancer and other cancers combined.
Therefore, men and women need to take extra care of their hearts and consider diagnostic screenings at an earlier age.
Kolkata and Mumbai have the most heart disease claims while Delhi NCR has the highest share of claims related to kidney health. When it came to maternity, 69 per cent of claims pertained to the C-section.
Also, the report points out that while only 74 per cent of the bill is paid in corporate policies, due to policy terms and conditions that are determined by employers, 100 per cent bill is paid in retail policies. So essential for one to top up their corporate health insurance policy or opt for a retail health insurance plan. Such a plan is also important because one may be out of a job or between jobs when one will not be covered.
Says Rupinderjit Singh, senior vice president, health, ACKO: “Shedding light on critical health issues and claim behaviors is crucial for helping our customers make informed insurance decisions. The insights from the ACKO India Health Report 2024 underscore the growing importance of personal health insurance in the face of rising medical costs. This report also highlights the necessity of comprehensive coverage that ensures 100 per cent bill payment."