Insurers are addressing the issue of cost push in health insurance by designing flexible policies that cater to diverse consumer needs, such as high-deductible plans, structured co-payment models, and tailored coverage for specific medical conditions
Rakesh Jain, CEO, Reliance General Insurance
The rising cost of healthcare has reinforced the necessity of health insurance as a critical financial safeguard.
While concerns around affordability persist, it is imperative to shift the conversation from cost alone to value-driven coverage that ensures financial security and access to quality medical care.
The increasing adoption of advanced medical treatments and specialised care has significantly contributed to rising healthcare costs. As hospitals invest in innovative technology, precision medicine, and superior patient care, the corresponding impact on insurance claims is inevitable.
Insurers are addressing this by designing flexible policies that cater to diverse consumer needs, such as high-deductible plans, structured co-payment models, and tailored coverage for specific medical conditions.
Government initiatives like Ayushman Bharat have played a crucial role in expanding healthcare accessibility, particularly for the economically vulnerable. However, for the middle and upper-income segments, private health insurance remains essential in bridging coverage gaps and ensuring comprehensive protection. Enhance inclusivity, insurers are developing targeted solutions for varied demographics, including senior citizens, young professionals, and individuals with pre-existing conditions.
Another key factor influencing insurance pricing is the changing health profile of the population.
Urbanisation, pollution, and inactive lifestyles have led to a surge in non-communicable diseases such as diabetes, cardiovascular ailments, and respiratory disorders. This shift has resulted in an increased frequency of claims, necessitating an initiative-taking approach from the insurance sector.
Insurers are integrating wellness programs, incentivising preventive care, and rewarding
policyholders who adopt healthier lifestyles, reducing long-term claims exposure.
Consumer awareness is pivotal in addressing affordability challenges. Despite the availability of diverse products, individuals remain underinsured due to limited understanding of policy benefits,exclusions, and claims processes. Strengthening financial literacy through transparent communication and advisory-led engagement can empower consumers to make informed decisions, ensuring their coverage aligns with actual healthcare needs.
The future of health insurance lies in innovation, digitisation, and customer-centric solutions.
Seamless claim processing, data-driven underwriting, and personalised policies will redefine the industry, making quality healthcare more accessible without compromising on affordability.
Health insurance is more than just financial protection—it is a long-term commitment to well-being.
As the industry evolves, the focus remains steadfast on creating sustainable and inclusive solutions that empower individuals and families to navigate their healthcare journeys with confidence.