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BFSI Chronicle, 11 Edition September 2022
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What do we understand by Penetration? Who should GO for it? The obvious answer is
To realise and experience HEALTH IS WEALTH, it EVERYONE. The query to be resolved is in spite of
is the need of the time to get effective penetration of being valuable and important why the coverage is
health insurance for our people.Expansion of health yet to go far.
insurance coverage is a vital step, and a pathway in
India’s effort to achieve Universal Health Coverage A little over two-fifths, or 41 per cent, of households in
(UHC). (Aayog, 2021) India have at least one individual covered by a health
insurance plan or health scheme, according to the
It is one of the processes of a business or industry’s recently released National Family Health Survey5-
accomplishment in getting users to take advantage (NFHS5-). The fifth edition of the survey, the data
of their products. It specifies how many customers of which pertains to 21-2019, shows a significant
are there for a product. The diffusion of numbers improvement in health insurance coverage in the
for India are very low in most of the products country despite it remaining far from satisfactory.
and services. Insurance is not an exception and (Sharma, 2022)
particularly HEALTH INSURANCE in this article.
Its coverage is required to pull down out- of -pocket- Overall, the penetration of health insurance in India
expenditure of the majority of population and thee stood at just around 35 percent in financial year 2018
by improving performance of the organisations (Statista Research, 2022)
and better managing people’s family budgets and
ultimately taking care of their health. A healthy body Depth of Health Insurance in India
carries healthy mind. Health is a key factor that impacts the people of
a nation. One can easily comment, the GDP of
What do we understand by Insurance? an economy hinges on the degree of health of
Insurance basically speaking is ‘Hedging’ against its inhabitants. Our country has a large mass of
unexpected unwanted risk small or big. If it is employed professionals that keep the steering
hedging, why is it not accepted in majority? What are wheel of the economy rolling effortlessly. We are
those reasons to be focused on? To what extent these not concerned with the size rather we are concerned
reasons can be thought over and resolved? with how far an individual is healthy, fit and fine.

What do we understand by Health Insurance? The weak position of the health support system and
Health insurance is a sort of insurance exposure that lack of consciousness about health insurance plans
reimburses for medicinal and operating costs suffered in modest staying areas drive individuals to pay out
by the assured. heavily on healthcare. Health insurance dissemination
in India is extremely low due to restricted reach, and
lack of understanding and learning.

This consequential burden is born by families
themselves. About 3/4 of Indians pay for health
services from their pouch. They are not protected by
any government or private health coverage policy.

There is some good news on the health insurance
front Rajasthan, Andhra Pradesh beat the list of States
with the highest percentage of households under
health insurance. About 41 per cent of the surveyed
636,699 households have at least one member covered

The Institute Of Cost Accountants Of India

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