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Role of Health Insurance in Managing Chronic Conditions

Role of Health Insurance in Managing Chronic Conditions

Role of Health Insurance in Managing Chronic Conditions


The number of patients with chronic conditions is rising in India and has become a pressing issue. Here, health insurance plays a significant role in alleviating the financial burden of treatment and ensuring that quality healthcare is accessible to all.

Read on to explore the importance of health insurance in managing chronic conditions, the increasing trend of lifestyle diseases, and the growing expenses related to critical illness treatment.

Importance of health insurance in India

Health insurance is a vital component of the Indian economy and laws. Here are some quick facts:

  • The right to health is seen as a fundamental right guaranteed to every citizen of India according to Article 21 of the Indian constitution.
  • Health insurance reduces out-of-pocket expenses and helps alleviate financial burdens related to chronic condition treatment and management.
  • Health insurance encourages preventive care and early diagnoses.
  • Early diagnosis leads to improved treatment outcomes for those with chronic diseases, leading to improved life expectancies.

Lifestyle diseases on the rise

The rise in sedentary lifestyles, poor dietary habits, and elevated stress levels in India has led to a marked uptick in lifestyle diseases. Between 2019 and 2021, heart disease prevalence is shown to have increased with age, with men aged 20 to 49 years affected at a slightly higher rate than women in the same age group.

As a result, conditions such as diabetes, heart disease, and obesity have become increasingly common, necessitating long-term management and contributing to soaring healthcare costs.

Health insurance can be instrumental in managing lifestyle diseases by covering the costs of regular check-ups and preventive screenings. These are critical in detecting the onset of lifestyle diseases, leading to more effective treatment and improved health outcomes.

Health insurance is available on various platforms in the country, including those of top banks such as Federal Bank. The lender, which is focused on redefining the banking experience the digital way, provides clients with various health insurance plans in association with major insurance providers such as Aditya Birla Health Insurance.

Critical illnesses: A growing concern

India recorded a 38% increase in the proportion of deaths caused due to kidney failure between 2001-03 and 2010-13. The cost of treatment for such critical illnesses is generally exorbitant. The price of haemodialysis in Delhi ranges typically between Rs. 2,000 and Rs. 7,000 per session, while peritoneal dialysis costs around Rs. 5,000-8,000 per session.

In the face of these hefty costs, health insurance policies featuring critical illness riders – add-on coverage that helps the policyholder financially in case they are diagnosed with a specific critical illness during the policy tenure – can provide crucial financial protection and support for policyholders, alleviating some of the financial burden during a difficult time.

Managing the expenses of critical illness treatment

Health insurance policies cover various medical expenses including hospitalisation, medication, and treatment-related costs for chronic conditions. Comprehensive health insurance plans go further by providing coverage for the costs of alternative therapies and rehabilitation services.

Health insurance helps manage the high costs of critical illness treatment. In India, certain policies offer lumpsum payments upon diagnosis of a specified critical illness. This can help cover treatment costs, loss of pay, and home nurse expenses. Some policies also cover the costs of regular check-ups for preventative care.

Conclusion

The importance of health insurance in managing chronic conditions cannot be overstated. With the increasing prevalence of lifestyle diseases and critical illnesses in India, it is essential to have a financial safety net in place.

Health insurance can provide that necessary support, ensuring that the financial burden of treatment is significantly reduced and quality healthcare is accessible to all.

Federal Bank offers a range of health insurance plans from top insurers that cater to diverse needs, including chronic condition management. Explore their offerings today and invest in a policy that best suits your requirements.

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