Mr. Anand Roy, MD & CEO, Star Health And Allied Insurance Co. Ltd, commentary on the Pre-Budget expectations 2024
“Health insurance has become a basic necessity today whether one is self- employed or a salaried person. It is a critical component in mitigating rising healthcare costs while accessing quality health care treatments for individuals and families. Senior citizens constitute approximately 9% of our population, and with a higher life expectancy, access to health insurance protection is crucial.
However, penetration of health insurance continues to be very low in our country. More than 50% of healthcare expenses are met out of pocket. Given importance of health insurance in safeguarding families and senior citizens against increasing hospitalization costs and alleviating financial strains, in light of these circumstances the insurance industry would urge the government to consider a reduction in existing 18% GST rate on retail health insurance products. This reduction in GST rate would not only enhance affordability of health insurance for the general public but also contribute to increasing insurance penetration and accessibility, particularly in tier-II, tier-III cities, and rural markets.“
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