Impact of the Union Budget on health insurance

There is a need for proper healthcare of people and due to this, the countries of the world are concerned about doling out or facilitating health insurance for the masses. For an individual like you, health insurance is also a must because the cost of health care and hospitalization is too high for a common man unless he has made some provisions for the same. Many people are aware of health insurance but many are not buying the same due to simple procrastination.

Another fact is that many are not aware of what to look for while purchasing health insurance, especially the fine points which are noteworthy. When you buy health insurance for you and your family, you should ensure that it has a provision for personal accident insurance without any additional cost of the premium.

The impact of the Union budget on health insurance in India has to be looked into with some profundity. The finance minister is said to have focused on the healthcare needs of the masses. According to experts, this budget will improve healthcare needs in the major tier 1 and tier 2 cities. There is an allocation of Rs. 69, 000 crore on healthcare in the union budget. There is a major focus on Ayushman Bharat which is already in existence and operational. There is mission Indradhanush also. Together, these two initiatives of the government will enhance access of people to good and wholesome healthcare services.

The government’s Jan Ausadhi Kendras will bring the medicines within the reach of the commoners at affordable prices. There are provisions in the budget that will bridge the gaps between the people with access to good healthcare and the people with none. There are plans afoot to create more awareness about healthcare, health insurance and the benefits that the government is going to provide to the people. Ayushman Bharat is a giant leap towards fulfilling the gaps in the economically weaker sections of society. It has brought about a change in attitudes towards healthcare, hygiene and health insurance.

There are provisions and fund allotment towards setting up more and better hospital infrastructure that will be a boost to the total healthcare ecosystem. It is going to benefit the underprivileged people in society. There are some good measures proposed in the budget. It will work towards regulating the gaps. It will make health a top priority for all without exception and create more awareness amongst the masses. It will be a huge gain coming out of this budget.

There is one weakness in the present budget regarding healthcare and the health insurance sector. The people in the health insurance sectors have been requesting the government to either abolish or substantially slash GST slabs in the health insurance premiums paid by people of India. It would have helped in giving a boost to the sector. The government hasn’t done it so far and it is still an issue for health insurance companies. If this matter was seriously considered by the government in the budget, it would have led to huge penetration of health insurance in the country.