After the pandemic outbreak, Indians are also getting concerned about their health. It is beneficial in the long run, but the medical expense for regular health checkups and health tracking burning their pockets. Therefore, even the primary healthcare facility is still a distant dream for many. However, India is emerging as a hot medical tourism destination across the world. It is so because foreigners find the best healthcare services in our country at affordable prices compare to other developed nations. But, the question is how affordable it is for Indian citizens? Despite having cutting-edge healthcare facilities, soaring expenses remained unchanged. Let’s get into detail to check the reasons behind the rise in healthcare prices in India:
Medical Inflation
The medical inflation in India is consistently increasing. It is so the cost of medical supplies, including raw material, is rising globally. The import duties, freight charges, warehouse charges, etc. are also high. Whereas, the demand for advanced medicines for chronic diseases like cancer is steep. Thus, all these factors substantially responsible for increased inflation and medical expenses. So, start investing in health insurance to curb medical inflation in coming years.
Healthcare Advancement
Healthcare advancement is a boon for patients suffering from life-threatening diseases. However, cutting-edge medical technology adds extra cost to healthcare. These types of machinery are equipped with high-end technologies, IoT, and expensive software. Most of them are import into India from foreign countries. As a result, healthcare providers have to bear a hefty cost from their installation to maintenance.
Medical Tourism
Foreigners come to India to treat chronic diseases like cancer, kidney failure, organ transplant, post-surgery healing, Ayurveda, etc. Indeed, primary healthcare services are far costlier in foreign countries, so they opt for India. This increase in demand for medicare services results in higher prices. Health providers spend more on keeping their hospitals organized, well-functioned, experienced doctors, paramedical staff, and other facilities, ultimately increasing their charges.
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Income Disparities
India is struggling with income disparities for a long. The rich becoming richer, and the poor getting poorer. The difference in salary slabs, unemployment, fraud, crime, bureaucracy illiteracy, etc. are responsible for this income inequality. When affluent people pay those extra healthcare charges, healthcare providers make profits and are not ready to curtail their costs.
Pandemic Effect
The coronavirus pandemic and resultant lockdown in the whole world also have a big hand at soaring medical expenses in India. The halt on imports for a while creates a shortage of raw material in the country; thus, pharma companies face lots of challenges to fulfilling the increased demand for medicines and other medical supplies. Higher MRPs of different medicines is the repercussion of the pandemic.
>>Click here: the ways to save your money during pandemic
Conclusion
If you want an escape from the soaring healthcare prices, you should opt for health insurance. We bring Care Advantage- the most comprehensive health insurance policy with coverage of one crore sum insured. It is your ultimate weapon to fight against this roaring medical inflation and prices in the coming years. So, stay safe, stay insured.
Disclaimer: The above information is for reference purposes only. Please refer to policy terms and conditions carefully.
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