How Can One Reduce the Medical Treatment Costs in India?

Public health expenditure in India was significantly low a few years back. But, the country has experienced a sudden shift, which has encouraged increased spending in developing this sector.

By 2025, the nation seeks to spend around 2.5% of the GDP on public healthcare alone. While significantly lower than the healthcare expenditure of several other countries, the increasing level of financing is by far a welcome change.

• In 2017-18, the budget allocated to the Department of Health & Family Welfare was only around Rs.37,000 crore.
• In 2020-21, this figure has appreciated to around Rs.65,000 crore, a remarkable difference of Rs.28,000 crore.

The popularisation of generic medicine, along with several other key measures, has also led to greater affordability of healthcare for Indians. Here are some additional measures or steps that an individual can undertake to pull down their treatment expenses further.

Sign up for health insurance plans

Most individuals in India still lack basic healthcare coverage. It bears a considerable risk since hospitalisation expenses can be sky-high under specific circumstances, especially if one is admitted to a private facility.

• As per a report from 2019, only around 34% of Indians own a health insurance policy.

The remaining section of the population would need to rely on their savings to finance costly treatment procedures in case of emergencies. A medical coverage plan can not only save your hard-earned money but also grant you access to several other benefits.

Moreover, individuals with such a policy can easily seek treatment at some of the best healthcare facilities in the country.

Go for early consultation with a healthcare professional

Delaying medical attention is one of the primary reasons for diseases and health conditions progressing to severity. Most individuals tend to wait around until they experience a critical symptom before consulting doctors. Often, such severe signs may start appearing in one’s body long after the disease affects him/her. Thus, it is better to consult a medical professional even when experiencing mild symptoms.

In some cases, no external symptom may be present. For this reason, individuals need to undergo routine check-ups every year. These visits to the physician can lead to an early diagnosis of underlying health conditions, thereby saving one from considerable treatment expenses.

Opt for generic drugs as an alternative to branded medicines

A generic medicine is a way to go if one wants to reduce his/her medical expenditure. These drugs offer the same benefits as their branded counterparts do, but cost only a fraction. Whenever prescribed a medication, you can ask your doctor for generic alternatives of the same to save on such expenses.

A generic drug is created from the same chemical components as the branded drug. However, the former’s manufacturers do not own a patent for any of the formulae, which also means that generic drug manufacturers do not need to spend years perfecting a formula before introducing it in the market. Thus, generic medicine sellers can conveniently price their products at substantially lower rates than their branded variants.

Avail a digital health card

A Bajaj Finserv Digital Health EMI Network Card can also lower one’s medical liabilities. Even though such a card does not reduce the expenses, its specialized EMI feature can lower an individual’s immediate financial outgo.

For instance, if one’s current medical bills amount to Rs.1 lakh, he/she can use this health card to clear the liabilities. Next, the cardholder can convert this due to EMIs, servicing the instalments for up to 24 months instead of paying the entire amount at once.

Owners of such a card can avail several additional benefits from the same as well –

1. Substantial pre-approved limit – Such digital cards come with a pre-sanctioned limit of up to Rs.4 lakh to eligible applicants, exclusively for medical expenses.
2. Flexible tenure – Individuals can opt for tenures ranging between 3 and 24 months to repay the existing dues on the card.
3. Support for most medical procedures – The card can cover more than 800 essential and non-essential procedures, starting from dental treatments to cosmetic surgery.
4. One card for all – If one avails such a card, his/her family members can also avail its benefits. A cardholder’s parents, siblings, spouse as well as children can thus use this card to seek cashless treatment.
5. Network facilities – Individuals owning such a card can select from 5,500+ partner facilities to utilise the card’s benefits. These facilities are spread out across more than 1,000 Indian cities.
6. Affordable joining fee – If you want instant access to the card’s facilities, join by paying a fee Rs.707. Non-insta cards, on the other hand, are available at a nominal fee of just Rs.589.
7. Discounts galore – Depending on where one chooses to use the card, he/she may be able to avail attractive discounts and cashbacks on expenses. The financier runs promos throughout the year at partner outlets, where cardholders can receive additional benefits and savings.

Applying for a digital health card is thus a smart way to limit your healthcare expenses. Existing members of the Bajaj Finserv family do not need to submit additional documents to avail such a card and can do so via a simple online application. New users can visit any of the partner facilities to avail the card, and start utilising it for a range of healthcare financing needs.