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Medical Insurance Set To Grow By 30 %
The medical insurance business, estimated at around Rs. 1,500 crore now, is expected to grow by almost 30% this year.
Moving from pure indemnity to 'managed healthcare' and further to 'health management care' may still be distant, but beginnings have been made. This was the common refrain at a seminar or, the " Future and Potential of Health Insurance in India" organized by the Indian Insurance Society, one of the affiliated units of the Insurance Institute of India here today. The meet was attended by a host of insurers, doctors and third party administrators.
Speaking at the seminar, HS Wadhwa, chairman and managing director, National Insurance Company, said," There is tremendous scope to develop health insurance in India. In fact , only 7-8% of the total premium comes from health insurance."
"The task ahead is almost extensive. Straightening out the claims outsourcing system, getting third party administrators establish better service standards, immense networking with hospital are some of the major tasks. There were initial teething problems, which are settling down gradually, " Mr. Wadhwa said.
"The industry will see a movement away from plain vanilla products to more customized products. Increasing volumes of medical insurance business. Health management care is an emerging area, which involves preventive treatments in the form of naturopath, yoga exercise etc. From the insurer's point of view, premium can differ in such instances," he added.
Most of the speakers present on the occasion said there is a need to move away from what is insurance for predominantly hospitalization to insurance for total care, preventive and curative measures. There is also a need to shift from few policies to many policies. While TPAs are an important part of the entire health insurance system in the country, problems, of late, have troubled policyholders to some extent. The insurers requested the TPAs to run a check on the continuing problems and settle the roadblocks as fast as possible.
(Ref: Economic Times
September 29, 2004)
Medical Tourism In India : Attracting 15 million patients now, medical tourism would generate $ 5 Billion In Revenues.
With internationally recognised healthcare professionals, holistic medicinal services and low cost of treatment, India can attract over one million health tourists every year, according to industry body CII.
The country offers a unique mix of indigenous systems such as yoga, ayurveda and meditation and western medicinal systems like allopathy. This, along with world class experts and the cost advantage, can help attract over a million patients and earn $5 billion every year, a CII release said.
While a heart surgery costs $30,000 in the US, it costs $6,000 in India. Similarly, a bone marrow transplant costs $26,000 here compared to $250,000 in the US, the release said adding that India should leverage its competitive strength to promote medical tourism.
About 1.5 lakh patients had come to the country last year and the chamber along with Indian Healthcare Federation is working with tour operators for promoting packages to attract more medical tourists.
CII and IHCF would also suggest a list of reputed hospitals in major cities with details of service and an indicative uniform price band in major specialities, it said. This would facilitate foreign patients seeking treatment in the country, the release said.
Citing the example of Thailand, CII said India should aggressively publicise its traditional medicinal system and health services in association with the tourism authorities.
However, the country would have to improve its healthcare infrastructure, connectivity between major cities and streamline immigration procedure for medical visitors, CII said. Accreditation of Indian hospitals is also essential for attracting such tourists, it added.
(Ref: http://www.indianhealthcarefederation.org/pressroom.html#11
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