Health Insurance in India | Only 2% Indians are having health insurance protection
Indian health insurance is marking 35% growth rate yearly from 2000 onwards. It is expected to reach the mark of Rs. 28, 000 Crores by the end of 2015. But when compared to that of other countries, Indian health insurance range is limited. For instance, the per capita health insurance level in India is 1.1 dollars i.e. Rs. 50.6, while it is 2300 dollars i.e. Rs. 1, 05, 800 in America and 63 dollars in Brazil i.e. Rs. 2,898. According to the available information, insurance regulatory and development authority (IRDA) the range of health insurance field is RS. 5,125 Crores. Only two percent of the people in the country are having health insurance policy. It is a known fact that the population of India is 120 Crores.
Private sector is permitted sine 2000 according to the new amendments made in that year. From then, this field is rapidly growing. In 2005, the share of health insurance in total insurance policies is 10 percent and it has increased up to 25 percent by 2009.
The total amount of money spent on health insurance is only three percent of the total amount of money spent on health expenses. It is five percent in China.
Companies are playing important role in the development of health insurance field. Companies are providing insurance coverage to their employees. Of the total amount of premiums paid by the people, corporate companies have fifty percent share and the government and retail companies have fifty percent together. Though there is an increase in the expenses of premiums of the corporate companies by ten percent every years, companies are ready to bear the additional expenses so that they wonâ€™t loose the employees to the other companies.
In India, per capita health protection expenses are Rs. 944. This is above Rs. 1,20,000 in America.
While the ratio of number of people and number of beds is 1000: 4 in the world, it is 1000: 0.7 in India.