Ever wondered what it costs to stay healthy in India? If you're keeping an eye on the bottom line (and who isn't, right?), then this is one question that's sure to pop up. Today, we're diving deep into the world of health assurance in India. So let's unravel this together!
Health Assurance - A Bargain or A Luxury?
Now, you might think that health assurance is a costly affair. But the reality is, it's more like a kaleidoscope. The cost of health assurance in India can change based on many factors. For example, what kind of coverage you want, where you live, your age, and even your health.
Budget-Savvy Ways to Stay Healthy
Did you know that you can still get great health assurance without breaking the bank? Our very own government has got our backs! There are many affordable options thanks to some nifty government initiatives.
Penny Wise, Pound Healthy
Here's a riddle for you: When is spending money actually saving money? When you invest in health assurance! You might wince at the upfront cost, but remember this: Health assurance can save you big bucks in the long run. So think of it as an investment in your future self, like planting a money-saving tree that will bear fruit down the line. Who wouldn't want that?
In this blog, we’ll cover:
Twist and Turns of Cost: We'll dig deeper into how coverage, region, age, and health can affect your healthcare cost.
The Smart Investment: We'll explain how investing in health assurance now can save you big bucks in the future.
Let's dive in!
How Coverage, Region, Age, and Health Paint Your Healthcare Cost Picture
Ever feel like you're navigating a maze when it comes to healthcare costs? You're not alone! Let's explore this labyrinth together and find the shortest route to affordable healthcare costs.
A. The Coverage Conundrum
Think of coverage as the bells and whistles of your policy. If you want more bells (like dental coverage) and more whistles (like vision care), then you'll pay more.
Fact Check: According to a Livemint article, a comprehensive healthcare policy can cost 20-25% more than a basic policy.
B. The Region Riddle
Living in a bustling city can inflate your health assurance costs due to higher medical costs in these areas.
Food for Thought: Forbes Advisor India reports that healthcare policies can be 20% more expensive in cities compared to rural areas.
C. The Age Angle
The older you get, the more you might pay.
Reality Check: Business Today states that the average claim size increases by 8-10% for every decade of your age.
D. The Health Hurdle
We all know it's important to eat our veggies and get regular exercise. But did you know it could also save you money on your health assurance? A healthier you often means a cheaper policy.
Wellness Win: According to Livemint, a non-smoker might pay up to 20% less for healthcare policy than a smoker.
So you see, healthcare costs can be as colorful and changeable. But remember, these are just averages. Your actual cost could be higher or lower, depending on many factors. Don't get lost in the maze! Get the facts, understand the journey, and see how Health Assurance can cut down on healthcare costs.
The Finance Folks' Guide: Making Health Assurance A Sound Investment
Health assurance is like that piggy bank for CFOs and finance folks. It's an investment that can yield big savings and benefits over time.
A. Say Hello to the Full Picture
Health insurance is like a life jacket. It's there to keep you afloat during big health hiccups. But what about the small, everyday health costs that add up over time? That's where health assurance enters the scene.
Surprising Stat: The average Indian family spends around INR 12,000 annually on outpatient care. Health assurance covers this gap, making it a more holistic solution.
B. The Power of Prevention
We've all heard the saying, "An ounce of prevention is worth a pound of cure". This rings especially true when it comes to healthcare. Health assurance is unique because it focuses on preventive care.
Astounding Fact: According to an ASSOCHAM study, every rupee spent on preventive healthcare saves 6.62 rupees in healthcare costs and 133 rupees in absenteeism costs.
C. A Finance Leader's Best Friend
We get it, CFOs and finance VPs have a lot on their plates. They're always on the lookout for ways to cut costs and optimize return on investment (ROI). Health assurance can help.
Top Tip: Health assurance offers numerous savings avenues. Free or subsidized access to online doctor consultations, for example, could save a company with 100 employees about INR 1,00,000 per year.
D. Real-World Results
Hearing success stories from real companies can be inspiring. Here's how Loop, a pioneer in health assurance, helped two businesses save significantly:
For a manufacturing company: The occurrence of several ailments among employees decreased, reducing the total claims occurrence percentage from 14.35% to 10.92%.
For a logistics company: The company saved over INR 12,37,100 in 2021-22 and INR 25,46,500 in 2022-23. Total Loop app usage also led to savings of INR 24,48,400 between 2021-23.
Health assurance isn't just a band-aid for your company's healthcare costs. It's a long-term investment that can strengthen your financial health, boost your brand, and create a happier, healthier workforce.
Wrapping It Up: Investing in Health is Investing in Wealth
Health assurance in India, the secret weapon for CFOs and VPs of Finance to optimize healthcare costs. Don't let uncertainties cloud your judgement, lean into the power of preventive care and make health assurance your ally. Keen to learn more? Visit our Health Assurance Pillar Page for detailed insights. Invest in health assurance today.
