Market for Health Insurance in Rural India
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 9
Abstract
In the midst of high cost of health care both at the macro and micro levels, health insurance becomes a viable alternative for financing health care in India. The first real attempt at insurance was carried out well before Independence, with the passing of the Insurance Act in 1912, which set down rules and regulations specific to the insurance industry. Then there was a more fundamental shake up in 1938 with the Insurance Act, 1938 and this led to an insurance wing being set up, attached to the Ministry of Finance. The main objectives of this paper are to examine the sources of finance for healthcare expenditure and willingness to pay for health insurance scheme in Rural India. The study used the UGC major research project data on healthcare consumption of 600 rural households in Tamil Nadu. Most of the people stated they are willing to join and pay for the health insurance scheme. However, the probability of willingness to join was found to be greater than the probability of willingness to pay. Indeed, socio-economic factors and physical accessibility to quality health services appeared to be significant determinants of willingness to join and pay for such a scheme. The discussion suggests that insurance companies in India should take serious note about the people's willingness to pay for health insurance scheme.
Authors and Affiliations
Dr. M. Raju
Keywords
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- EP ID EP412446
- DOI 10.9790/487X-2009015157.
- Views 52
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