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India’s medical inflation hits 14%, highest in Asia

In a study shedding light on the health of India’s workforce, a new report by insurtech company Plum, titled “Health Report of Corporate India 2023,” revealed that India has one of the highest medical inflation rates in Asia, reaching 14 per cent. This surge in healthcare costs has put a financial burden on employees, with 71 per cent bearing the financial burden by personally covering their healthcare expenses.

As India’s employment landscape is poised to expand from 522 million individuals in 2022 to an estimated 569 million by 2030, the report highlights that only 15 per cent of this vast workforce receives any health insurance support from their employers, as revealed by a NITI Aayog report. The burden of healthcare expenses is disproportionately impacting over 90 million individuals, with healthcare costs exceeding 10 per cent of their total expenditure. Additionally, only 12 per cent of companies provide telehealth support.

The report also revealed nearly 59 per cent skip their annual health checkups, while 90 per cent neglect regular doctor consultations to monitor their health. These figures raise concerns about the long-term consequences for individual well-being and overall health outcomes.

Saurabh Arora, co-founder and CTO, Plum, stated, “An average person spends 90,000 hours working. That’s almost a third of their life. Employee health should be a top priority for organisations, not only from a humanitarian perspective but also as a strategic investment in their workforce. Hence, just health insurance is not enough – companies should adopt comprehensive healthcare benefits that accommodate insurance, primary, and preventive care.” Business Standard

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