While the costs of healthcare have become prohibitive over the years, the fact remains that healthcare in India is still much more affordable than in a number of developed countries, like the US.
With the constantly-increasing prices of healthcare in India, and with the ever-rising instances of lifestyle diseases in the population, health insurance today is a necessity. Health insurance provides people with a much-needed financial backup at times of medical emergencies, but it is an observed fact that till date, medical care in India remains largely as an out-of-pocket expense.
While the costs of healthcare have become prohibitive over the years, the fact remains that healthcare in India is still much more affordable than in a number of developed countries, like the US. This fact has also given impetus to the medical tourism industry in India, making the country quite a hot spot for a number of foreign nationals seeking affordable yet high-quality treatments. Keeping this in mind, one can observe that compared to the numerous benefits being offered by health insurance policies, the premium liable to be paid by the insured is quite affordable and easy on the pocket, especially when compared to other countries.
In India, patients save between 65% and 90% on the cost of healthcare as compared to the US. India is one of the most visited countries for healthcare. This is because of the incredible saving in healthcare costs combined with India’s high-quality service and cutting-edge technology. India also offers a close to zero waiting time for surgeries, which tend to be done right after diagnosis is confirmed. As a patient in India, expect your medical trip to be one of quality healthcare combined with luxury. Fortunately, India is one of the cheapest health insurance markets across the globe offering comprehensive health insurance policies at affordable prices.
The Cost of Health Insurance in Different Countries
Healthcare costs vary based on your age and the state you live in. As you would expect, younger, healthier adults pay the least for healthcare coverage. However, even for younger adults—age 21—the cost of coverage varies great based on geographic location. One of the primary factors in your individual health insurance costs is your location, as prices will vary depending on the state and county where you live. Americans spent $10,000 on average for healthcare in 2016 and this number increased to $19,764 in 2019. The average monthly healthcare premium without subsidies in the USA is – 18 and under: $152, 18-24 years: $177, 25-34 years: $239, 35-44 years: $303 and 45-54 years: $400.
Talking about the price of health insurance in Singapore, on average, people pay around S$1,000 to S$1,500 per annum for a policy that covers medical expenses of up to S$1 million per annum, though some policies offer a discount if you pay the annual fees upfront. The average premium for UK private health insurance is £1,435 per year though the cost of private health care depends on two main factors. First, your personal circumstances, second, the policy options and cover levels that you choose.
Cost of Health Insurance in India
The annual premium of Rs 1-crore health insurance plan in India for a 30-year male living in a metro city costs Rs 9,552 while adding spouse to the plan brings premium to Rs 14,223. For a family where the husband is 34, wife is 33 and a kid is 2-year-old and the family stays in Delhi, the premium would be around Rs 17,312. In the same scenario, if there are two kids one being 3-year-old and the other being 1-year-old, the premium comes around Rs 21,058.
The type of policy to buy should be determined by your family’s needs. The number of family members and their age is crucial to identifying a policy. It is high time to prioritize health care as a fundamental public good and bring it on par with the quality education. Healthcare in India must be made affordable and accessible to all, for the overall development of the country.
(By Amit Chhabra, Head-Health Insurance, Policybazaar.com)