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Health Cover Can Relieve You From High Medical Expenditure

By SiliconIndia   |   Wednesday, September 25, 2013
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Bangalore: Along with the ever increasing cost of living, the cost of falling sick has also increased. The emergence of better equipped hospitals and advanced technology to provide highest standard of treatment have taken a toll on the expenditure of a person. However, the health insurance card holders can relax since recent study carried out by Times Of India shows that people who clear medical bills by cash pay almost 25 to 60 percent more than those who have cashless health insurance schemes, reports Pradeep Thakur of The Times of India.

The study was carried out in corporate hospitals like Fortis, Apollo Hospitals, Medanta and the likes. The medical situation in India seems to reflect the situation of the U.S. where the cost of treatment differs from insurance card holders to non-card holders. 

A campaign carried out by TOI in 2010 showed that most corporate hospitals are overcharging card holders. The outcome of the campaign was lowering of claim ratio of four PSU’s namely Oriental Insurance, National Insurance Company, United India Insurance Company and New India Assurance to almost 98 percent from 130 percent.

However, about 80-85 percent of Indians still pays their bills by cash and hence are victim to the rising hospital cost. "While the insurance business is only Rs.17,000 crore, the country's total health spend is Rs.4-5 lakh crore a year," said Pawan Bhalla, CEO of Raksha TPA.

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