A person asked God, "What surprises you most about mankind?" God answered, "They lose their health to make money and then money to restore their health."
Although life is less fleeting today than what it was a few decades ago and with lifespans and life expectancies across the globe increasing, the future of the triumvirate of health, healthcare and healthcare costs continues to be an area of concern for governments all over the world. The role of health insurance is paramount in achieving "Health for all".
Indian health and wellness market is said to be worth Rs.3,500 cr, and is growing at a CAGR of 40%. The growth is attributed to the change in the mindset that has come in our attitude towards health.
The old adage, "Health is wealth", was earlier thought to be for the elderly and well-settled sections of society but today it seems to influence the remaining sections of population. For instance, Jagdeep Kapoor, CMD of Samsika, says, "People in developed markets realize they can enjoy material goods only if they live long and well. In the case of our country, the lack of sensitivity to health was not because we were distracted by luxuries, but because we were distracted by necessities. But both markets are now aware of the need."
The increasing awareness among citizens about the importance of keeping good health as also the government's stand in raising the health standards of its citizens in general has transformed the healthcare market into a lucrative one in India. According to Article 47 of the Directive Principles of Indian Constitution, "The duty of the state is to raise the level of nutrition, the standard of living and to improve public health," of its citizens.
Despite the limited spread of health insurance in the country, the claims ratio of Mediclaim policies rose from 94% in the year 2002 to a whopping 140% in 2004. This sharp increase in claims within a short span of two years was a shock to the overseers of health insurance system-the Insurance Regulatory and Development Authority of India (IRDA). This phenomenon provoked the IRDA to review the existing healthcare policies which were not only matching the present needs of the people, but also gave room for unwarranted gain to a few groups of notorious clients who were adept in exploiting unnoticed loopholes of the policies at the cost of faithful clients. For instance, an individual who takes enough initiative to protect himself from controllable health hazards has to pay the same premium as the one who enrols with ulterior motives, who misleads the judgement of insurer by manipulating the information he gives to the health insurer.
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