Bt India@100: Experts invite the official character to the commodity and services tax to enhance health insurance absorption

The health insurance sector in India is fighting with a disturbing direction for customer leakage, a development that industry leaders say requires urgent attention and innovative solutions. The high insurance premiums are often blamed and the GST tax (GST) is in health insurance, but experts say the issue is going deeper, and includes lack of confidence between patients, insurance companies and health care providers.

Schobana Kaminini, CEO of Apollo Healthco, has called for an official character to the rules of commodity and services tax on health care. “The government should give the official nature of goods and services tax, as I think this will really help. At the present time, people end up with more spending because GST is charged, but for hospitals and health care providers, it is not the cost of passing,” she said. Kaminini added that rationalizing the commodity and services tax can lead to great savings, but health care rarely receives a sufficient study in tax policies.

Currently, 18 % of the commodity and services tax on health insurance and health insurance premiums are imposed.

Dr. Ashotosh Ragovanchi, Manager and CEO of Fortis Healthcare, spoke of challenges during the last industry event. “This is a very strange situation in the country at the present time. What happens is a negative choice. Insurance companies are struggling with their batches, and as a result, lack of confidence develops between patients, insurance companies and hospitals – this is not a desirable situation in it,” he said.

Dr. Raghuvanshi emphasized the need for mandatory health insurance, closer to compulsory vehicle insurance. “It is extremely important that health insurance is just as compulsory like vehicle insurance. Some of this nature must be done. Of course, new products must be created. India is not uniform. This population does not represent the real base completely.”

Highlighting the need for innovation, suggested learning from international models such as obamacare in the United States, which imposed health insurance coverage for all. He added: “These types of things must be observed, but they must be designed according to our needs.”

Nowadays, the commodity and services tax at 18 % in insurance premiums are a major obstacle, especially in light of increasing health care expenses and low insurance penetration in the country. With less than 40 % of the Indians who have health insurance and life insurance coverage over the course of the term less than 4 %, reducing this tax can play a vital role in expanding the range of access to insurance.

In addition to tax reforms, Kaminini stressed the importance of expanding the scope of health insurance coverage of the wider population. She said: “The most important thing, I think health insurance should become easier – not only through plans like Ayoshman spices, but as a larger movement,” she said.

Kamenini also talked about India’s growing role in medical value, describing it as a sunrise industry with enormous potential. We participated in saying: “We spent a lot of time with the Prime Minister discussing the” Al -Shifa from India “initiative, which was the program that we started. In this program, we confirmed that the best diplomacy through health care.”

I remembered how patients traveled from neighboring countries such as Pakistan and Bangladesh regularly to Apollo Hospitals. “Every plane had the arrival of patients heading to Apollo. This was a form of soft diplomacy because these countries did not have the health care infrastructure provided by India,” Kaminini said. It also shed light on India’s service for Africa, noting that India is still one of the most affordable health care destinations – even more affordable from Indonesia.

However, Kaminini warned that India needed to follow the example of Thailand by building a better infrastructure and increasing contact. “We must have a presence in those countries and increase the number of direct flights. Currently, many potential patients are transferred through centers such as Dubai and other countries that enhance tourism with medical value,” she said.

She concluded that “if we build this infrastructure, India is beautifully preparing to help heal most of the world, thanks to our price feature.”

With the high health care and insurance penetration costs, experts agree that coordinated policy reforms, innovative insurance products, and investment in medical tourism infrastructure is more important to cancel India’s full capabilities in this sector.

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