Average health insurance claims size increases 11.35% YoY in FY24: ACKO report
The average size of health claims in India has increased by 11.35 per cent to Rs 70,558 crore for FY 2024, from Rs 62,548 crore in FY 2023, on account of rising healthcare expenditure, the ACKO India Health Report 2024 shows.
According to the report, men claimed an average of Rs 77,543 while women claimed Rs 69,553 (excluding maternity claims).
The report highlighted that medical inflation in India currently stands at 14 per cent. The cost of common medical procedures has escalated, with angioplasty (PTCA) costs rising from Rs 1-1.5 lakh in 2018 to Rs 2-3 lakh in 2024, and projections suggest that the cost could reach Rs 6-7 lakh by 2030.
The cost of kidney transplants has also doubled, from Rs 5-8 lakh in 2018 to Rs 10-15 lakh in 2024. It is expected to cross Rs 20 lakh by 2030.
The largest claim related to heart disease, specifically for a heart surgery filed last year, was over Rs 1.1 crore, while the largest claim related to kidney disease was over Rs 24 lakh, underscoring the serious financial impact of serious health conditions, the report said.
The report also showed a sharp increase in hospital admissions for neoplasms (tumors, both benign and malignant) and heart disease as people get older. Notably, hospital admissions for neoplasms saw a 2.8-fold jump from ages 31-40 (3.81 percent) to 41-50 (10.61 percent). Similarly, claims related to heart disease saw a three-fold increase between ages 31-40 (2.24 percent) and 41-50 (6.88 percent).
The data further revealed the urgent need for personal retail health insurance, as corporate policies often fall short in covering hospital bills. Last year, ACKO’s platinum retail health plan covered 100 percent of total hospital bills claimed, while corporate policies covered only 74 percent. This gap in coverage is largely due to the policy terms and conditions dictated by employers.
First publication: Sep 26, 2024 | 12:24 PM IST