Report Suggests Healthcare Cost In India is Rising By 14% Annually

According to the ACKO India Health Insurance Index 2024, healthcare costs in India are increasing by 14% annually. The index report also mentioned that the rising healthcare cost is the double-digit inflation that India is facing in the healthcare sector.

The index also noted 23 percent of hospital charges in the country are financed through borrowings which puts a significant strain on families' financial health. The report also noted that 62 per cent of healthcare expenses are paid out of pocket in India, stressing the necessity for better healthcare coverage to protect against unexpected health crises.

Highlighting the major diseases in the health insurance claims the report stated that Delhi has emerged as the capital for kidney disease in India, with the highest share of health insurance claims made related to kidney health, followed by Kochi in the second place.

The index also noted that the average age of patients claiming kidney and renal problems is 47 years, indicating a significant health concern. Notably, the largest bill filed as per the index for kidney-related issues last year amounted to Rs 24,73,894, highlighting the financial burden associated with these health conditions.

Apart from kidney health, the report also sheds light on other critical health issues, including heart disease. It noted that Kolkata and Mumbai have the highest claims for heart-related conditions, with a significant increase in hospitalizations for heart diseases observed between the ages of 31 and 50.

Furthermore, the report highlighted alarming trends in cancer cases, predicting a 13 per cent increase from 2020 to 2025.

Meanwhile, the government recently introduced various schemes to improve healthcare in the country. On September 11 this year, the Union Cabinet approved health coverage for all senior citizens aged 70 years and above, irrespective of income, under the flagship scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). With this approval, all senior citizens age 70 years and above irrespective of their socio-economic status, would be eligible to avail the benefits in this scheme.

Source: Economic Times