Sunday, April 02, 2006

Private Health Insurance In Developing Countries

Private Health Insurance In Developing Countries : "If people are sometimes paying substantial sums out of pocket for their medical care, the case for voluntary insurance is obvious. Insurance arrangements could instead permit them to pay smaller amounts, on average. This would avoid having households use up much of their income and wealth to pay for a drug that the country’s health system does not provide, or to cover the fee for life-saving surgery as an alternative to being on an impossibly long waiting list in the public system. The health benefits of insurance are positive and clear, but the evidence indicates another profound social benefit: With insurance, a family can avoid a large shock to its wealth, and it can greatly reduce its financial vulnerability."
Healthcare insurance is going to boom in India over the next few years.
1. The cost of healthcare services is going to go up, as India becomes a developed country . Doctors will charge more for their services; and the pharmaceutical industry will introduce newer drugs ( which are more expensive)
2. As the Indian economy booms, the huge middle class will become affluent and will be able to pay for healthcare insurance, as they demand better medical care.
Will we make the same mistakes the US made ( as evidenced by the debacle of "managed care" as a cost-containment exercise) ?

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