Five Pillars of Awareness

In my previous blog, I touched upon the fact that 90 crore Indians lack any form of financial safety net for health emergencies. Today, I will discuss the first fundamental reason behind this protection gap: Awareness and how it can be addressed.

1. Government's Role and Ayushman Bharat: The government's pivotal role in fostering awareness through robust Information, Education, and Communication (IEC) campaigns is evident. The Ayushman Bharat initiative is commendable, aiming to provide health insurance coverage to the underprivileged. As of January 12, 2024, 30 crore Ayushman Bharat cards have been created. This initiative has significantly reduced out-of-pocket expenditure, covering nearly 40% of the population and encompassing almost all secondary and many tertiary hospitalizations.

2. IRDAI's Role in Creating Awareness: The Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in shaping the health insurance landscape. IRDAI's multifaceted approach, combining regulatory oversight, educational initiatives, and collaboration, contributes significantly to creating awareness and awareness significance of insurance and make it more accessible to the masses.

3. Industry's Role in a Common Awareness Program: The health insurance sector has the potential to join forces in a collective awareness initiative aimed at enlightening consumers about the advantages of having health insurance. Drawing inspiration from the Association of Mutual Funds in India (AMFI) and its successful "Mutual Funds Sahi Hai" campaign, which effectively heightened awareness regarding the benefits of investing in mutual funds, a comparable and concerted effort is now essential in the domain of health insurance. Through collaborative endeavours, the industry can unite to disseminate comprehensive information and enhance public understanding of the crucial advantages associated with health insurance.

4. Insurers' Role in Creating Awareness: The regulator has mandated insurance companies to adopt individual states as lead insurers, aiming to increase insurance awareness and penetration across the country. For instance, Aditya Birla Health Insurance adopted the state of Assam. Insurers have taken various initiatives and campaigns to educate individuals about different aspects of insurance. In a nation where the understanding of health insurance is still evolving, simplifying its complexities becomes imperative.

5. Media's Role in Promoting Health Insurance: The media can play a transformative role in promoting the need for health insurance. Strategic placement of awareness campaigns in government hospitals, health facilities, and grassroots centers can ensure that the benefits offered are understood and perceived as attractive compared to existing alternatives. Health insurance has to be positioned not only as a way to ease financial pain incurred during medical emergencies but also as a long-term investment.

The journey to a health-conscious nation begins with knowledge. We should collectively strive to illuminate the path towards a more insured and resilient India.

In my next blog, I will delve into the relevance of health insurance. #HealthInsuranceAwareness #BuildingHealthierIndia