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The Rising Gap: Medical Inflation vs. Salary Growth in India.. The cost of healthcare in India has been rising at an alarming rate, with medical inflation reaching around 14% in recent years and expected to increase by another 11-15% in 2024. On the other hand, salary growth for many employees remains modest at around 6% annually. This growing disparity is putting additional pressure on individuals and families, especially those without comprehensive health insurance. How are we addressing this increasing financial burden? What are your thoughts on this issue? #HealthcareCosts #MedicalInflation #SalaryGrowth #IndiaHealthcare #HealthInsurance #AIInHealthcare #AffordableHealthcare

While there is still room for improvement in plugging the gender gap, India is witnessing a significant rise in women policyholders over the last few quarters. According to IRDAI, nearly 1 out of every 3 insurance policies have been sold to women policyholders in 2022-23. This positive trend in women’s insurance participation is being driven by multiple factors, including the availability of policies with maternity coverage, critical illness plans for women-specific diseases and provision of investment plans for women’s long-term goals. For more information, visit:  https://lnkd.in/gus_aEAT #salasar #riskmanagement #insurancepolicy #terminsurancepolicy #financialbenefits #financialsuccess #insuranceplans #insurancebroker #insurancetrends #insuranceawareness #healthinsurance #industrynews #trending

ICICI health has once again made changes to its healthadvantedge product. Here are the changes - 1. zone based co-payment removed 2. room capping at single private room for sum insured upto 20 lakhs 3. Co-payment removed on world wide cover 4. Maternity cover upto 1 lakh with 2 years waiting (add on) 5. Home care treatment limit increased to 1 lakh 6. Premiums will now increase with age. Becomes more predictable now. You won't be shocked to see a sudden rise in premium 7. Claim protector is now covered for policies above 15 lakhs 8. Unlimited restore now for policies above 10 lakhs

Imagine facing a medical crisis where you suddenly need ₹5-10 lakhs for treatment. In India, the cost of treating critical illnesses, like cancer or heart disease, can range between ₹10-50 lakhs. According to the National Health Profile 2021, the average expenditure on critical illness hospitalization is a staggering ₹70,000 to ₹1.5 lakh for a single event in private hospitals. However, in cases like cancer or organ transplants, costs can soar to ₹25-50 lakhs. With healthcare inflation rising by 10-15% annually, these figures are only set to grow. For a majority of households, this is unaffordable. Studies by the National Sample Survey Office (NSSO) reveal that over 60% of India’s population doesn't have health insurance coverage, leaving them vulnerable to financial ruin. This is where health insurance becomes essential. Policies with coverage between ₹5-10 lakhs are affordable for most families, offering peace of mind without disrupting your financial stability. In a country where 3% of families are pushed into poverty each year due to healthcare expenses (NITI Aayog 2021), health insurance is not just a necessity, it’s a financial safeguard. #healthinsurance #important #stayinsured #staysecured #stability

India extends Ayushman Bharat for seniors—Are we getting better than US Social Security Scheme? The Indian government now offers Rs. 5,00,000 health cover under Ayushman Bharat to senior citizens above 70. But is this a real game-changer? In contrast, the US Social Security system provides annuities to senior citizens, ensuring steady income without the hassle of claims. Meanwhile, Ayushman Bharat faces a claim settlement ratio of 81.7%, excludes out-of-pocket expenses, and struggles with private hospital acceptance due to delayed clearances. Could India’s JAM (Jan Dhan, Aadhar, Mobile) infrastructure be used for a more direct annuity approach instead? Is health insurance the best solution, or is it time to rethink how we care for our aging population? Share your thoughts in the comments! Follow Jinit Dharia for more such content! P.S. - A cute picture with my grandmother! #AyushmanBharat #SocialSecurity #IndiaHealthcare #PublicPolicy #SeniorCitizens #FollowJinitDharia

India- Non-Life Premium for and up to February 2024 (FY 2023-24) Month of February registered a growth of 13% achieving premium of INR 22378 Crs. Industry grew by app 13 % at GWP of INR 263084 Crs (USD 32 bn) up to February - 2024. Growth by standalone health insurers is higher (26%) than the growth achieved by Gen Insurers (15%). ICICI Lombard tops the list of private insurers followed by Bajaj, HDFC and Tata AIG. Industry wise top three companies are New India, ICICI and Bajaj.

The recent decision by the Indian government to extend free medical treatment under the PM-JAY scheme to senior citizens over 70 years of age, without income restrictions and with coverage up to six lakhs, is indeed a significant step. This initiative not only reduces the financial burden of expensive mediclaim premiums but also addresses the stress and challenges many seniors face during the claim process with insurance companies. Encouraging seniors to switch to this scheme makes sense, given the simplicity of registration and the comprehensive coverage it offers. With no deductions, no exclusions of pre-existing illnesses, and no harassment during claims, it ensures that elderly citizens receive the care they deserve without worrying about financial or procedural obstacles. This move will undoubtedly bring relief to many families and improve the quality of healthcare access for seniors in India. Kudos to the government indeed for such a people-centric initiative!

According to GI Council sources, the apprehension towards the 'Cashless Everywhere' initiative' is baffling and raises questions about potential vested interests of the hospital. On the other side, hospitals feel forced into a very disadvantageous situation. The increasing acrimony has also sparked the need of a seperate health regulator in India. Read more at: https://lnkd.in/dmTmkP6j #insurancereview #healthinsurance #cashlesseverywhere #irdai #healthregulator

#themissingmiddle Approximately 40 crore people—about 30% of our population—live without any financial protection for health. A single medical emergency can push families into poverty, as medical inflation is 14% in India. The 18% GST on health insurance premiums adds to the burden, making policies less affordable, especially for middle-income families. As the finance minister presents the budget, an increased tax deduction limits (Section 80D) and reduced GST on premiums(on individual or family floater plans) can be a huge boost to insurance markets especially retail. Access to quality healthcare is a right for all. #HealthInsurance #GST #AffordabilityMatters #Budget2024

Breaking barriers! India's Protection Quotient now equals for working women & men! From safeguarding dreams to securing futures, Women's are no longer left behind in any aspects!! 👏 Bharat Insure believes this Achievement is Worth Celebrating🎉 Celebrate this by gifting the right insurance to every women in your life!! #BharatInsure #InsuranceCompany #trustworthy #lifeInsurance #HealthInsurance #bharat #Insurance #insurancecoverage #insuranceforall #rightplace #familyinsurance #insuranceindustry #insuranceinoneclick #IPQ