Why are health insurance premiums so high in India?
Prof. Indranil Mukopadhyay explains how health insurance works in India, the lack of regulations governing this sector, whether or not a reduction in GST will benefit customers and what is needed to make healthcare more affordable for all.
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Show Notes
Customers of private health insurance policies in India have noticed a worrying trend – their premium costs are shooting up, and, going by the many stories on social media, rejection of claims is also on the rise. Add to this the 18% GST that is charged on premiums, and it is no wonder that many say they are choosing to not renew their policies altogether.
Healthcare remains one of those most expensive aspects of an individual’s life in India – with medical inflation rates at 14% and about 60% of the country using private healthcare services, the fear that one episode of illness in a family member could put the family in debt for years, is not unfounded.
So what are the regulations around the medical insurance sector in India? Why are health insurance premiums rising? Will the GST Council meeting next month decrease the rates and will this benefit customers? And is health insurance really the right model for universal health coverage in India?
Guest: Prof. Indranil Mukopadhyay, Professor and Health Economist, at OP Jindal Global University
Host: Zubeda Hamid
Edited by Sharmada Venkatasubramanian
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