Healthcare costs in India have risen sharply in 2023-24 with the hospitalization cost increasing by 12.8 per cent yearly in the fiscal year compared to the previous fiscal, according to data analysed by health insurance claims at ACKO General Insurance. Healthcare inflation in India is at 14 per cent, so an overall challenge with rising medical costs.
The health insurance claim average in India for 2023-24 stood at Rs 70,558 compared with Rs 62,548 in the previous year. The average claim size for women was Rs 69,553 while it was Rs 77,543 for men excluding maternity claims. Procedure costs have been on an upward spiral.
Common medical procedures have become quite steep in price. Angioplasty now comes between Rs 2-3 lakh, steeply up from Rs 1-1.5 lakh in 2018. ACKO estimates that it will have risen to Rs 6-7 lakh by 2030. Kidney transplants have followed the same pattern. What was Rs 5-8 lakh in 2018, now costs Rs 10-15 lakh in 2024. Projections suggest this could shoot to Rs 20 lakh within six years.
Higher Risks for Middle-Age Patients
It also explains the health risks of different age groups, particularly those 41-50 years. As per the released statistics, the age group of 41-50 patients is 2.8 times more prone to be hospitalized for cancer treatment as compared to the patients of the age group 31-40. Now, shocking news: the average age of diagnosis of breast cancer in India is 52 years old, three decades younger than that of the US and Europe whose average age is 63 years old. The same story is true for lung cancer, diagnosed at an average age of 59 in India but at 70 years of age in the West.
Hearing Disease Gains Unprecedented Traction Among Indians
Heart condition is a subject of significant concern among anyone above 40 years of age. Indians aged 41-50 years had 6.88 per cent of heart-related claims, and Indians within the range of 31-40 years have 2.24 per cent. According to ACKO, Indians run a 20-50 per cent higher chance of developing coronary artery disease as compared to other people because of diet and lifestyle and some genetic vulnerability.
C-section Deliveries
It also brought out a starkly different scenario of public and private healthcare in the country. While here 69 per cent of maternity-related claims made at private hospitals were of C-section deliveries, which accounted for only 22 per cent of deliveries at government facilities.
With Indian healthcare costs going through the roof, the financial implications for individuals when they are in the hospital are becoming extremely crucial, and health insurance planning does pay off these days.
