The rising costs of health care place a burden on most households as most Indians continue to spend “out of pocket” on health care. India has one of the highest “out of pocket” in the world, which is over 60%. According to a National Sample Survey Office (NSSO) 2015 survey, rural households primarily depended on their household income / savings (68%) and on borrowings (25%), while the urban households relied much more on their income / saving (75%) for financing expenditure on hospitalizations, and on (18%) borrowings. This is because not everybody in India has health insurance.
People who have insurance constitute a very small percentage of the population. As a result, hundreds of families fall into the medical poverty trap every year due to high costs of health care. Most of us who have cars also have car insurance as protection from damage due to accidents or floods or thefts, which…
