Vantage | How Indians' healthcare burden is growing bigger every day

In the wake of the pandemic, India's healthcare industry faced unprecedented challenges, ranging from affordability issues to shortages and restricted access. While the storm may have subsided, the repercussions on India's healthcare system continue, with medical inflation standing at a staggering 14 per cent, more than twice as high as retail inflation.A recent report highlights that India's medical inflation is the highest in Asia, surpassing other countries with significant medical cost trends such as China (12 per cent), Indonesia (10 per cent), Vietnam (10 per cent) and Philippines (9 per cent). Despite the decline of the Wuhan virus, healthcare costs persist painting a grim picture for the nation's citizens.Impact on affordabilityThe soaring medical inflation in India has far-reaching consequences, affecting everything from the cost of medicines to medical treatments and procedures. Over the past five years, the cost of hospitalisation in India has more than doubled, raising concerns about its impact on family savings and emergency reserves.A significant portion of hospitalisations in India, 55 per cent, is financed through household savings, while 23 per cent involve borrowings. This dire situation prompts individuals to resort to various means including credit cards, loans and even selling family gold, to cover medical expenses.The escalating medical costs have led to a disturbing trend where people avoid seeking medical care. A staggering 59 per cent of Indians skip their annual health checkups and 90 per cent neglect regular doctor consultations, exacerbating health issues and driving up costs.Pushing people Below Poverty LineThe consequences of delayed medical care are severe, with 7 per cent of Indians being pushed below the poverty line each year due to mounting medical bills. In 2018 alone, 55 million Indians experienced poverty directly linked to healthcare expenses.Nearly 70 per cent of health costs in India are paid out of citizens' pockets, affecting both rural and urban areas. Even with insurance coverage, problems persist, as insurers often do not cover all expenses, leaving patients to bear a significant financial burden.Health insurance premiums have seen steady growth, rising by 10 to 25 per cent over the last year. Despite this, health insurance claims have been growing faster than medical inflation, with infectious disease claims rising by 160 per cent and cataract treatment claims increasing by 54 per cent over the last five years.Corporate covers and inadequate coverageCorporate health coverage, which remains stagnant in cost despite escalating medical treatment expenses, poses a challenge for those relying on such plans. With treatment costs rapidly escalating, an average health coverage plan becomes inadequate every five years.The multifaceted problem of medical inflation in India demands immediate attention. It not only burns a deep hole in people's pockets but also takes an immense emotional toll. Employers and the government alike need to play a more active role in addressing the disproportionate burden of healthcare expenses on the citizens of India. With only 15 per cent of the vast workforce receiving health insurance support, it is a policy issue that needs urgent resolution. Every citizen has the right to health, and it is imperative to act swiftly to ensure that healthcare doesn't become a financial ruin for individuals and families.Views expressed in the above piece are personal and solely that of the author. They do not necessarily reflect Firstpost’s views.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.