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Health insurance companies need to work on new business models to expand the demand for health cover, according to a white paper on health insurance released by PricewaterhouseCoopers (PwC) and India Health Progress.
Presenting the main recommendations in the paper here on Wednesday, Mr Sujay Shetty, Leader, Pharmaceutical & Life Sciences, PwC India, said health insurers should provide tailor-made policies for people at affordable price points.
“There are 23 community health insurance schemes being run by various State Governments in India. Public, private participation models should be designed,” he said.
New policies that cover preventive check-ups and out-patient treatment should also be introduced, as pre-hospitalisation and post-discharge costs form a big chunk of medical expenditure.
A system of checks and balances must be put in place to increase compliance and prevent fraud, he added.
Tax incentives
To popularise health insurance, especially among the young, tax incentives should be increase from current Rs 15,000. “The Govt may also consider making provision of health insurance coverage for private sector employees who are in excess of 50 mandatory,” he added.
At present, less than 15 per cent of population is covered under some form of health insurance, including government-supported schemes.
Under private health insurance, only 2.2 per cent of the population is covered, he added.
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