Updated on Aug 24, 2019 08:02:53

 

 

What is the Role of Your Health Insurance in Economic Growth?

5 DARIYA NEWS

5 DARIYA NEWS

5 Dariya News

23 Apr 2019

Relationship health and the economy- Health and economic growth are two interconnected factors. It is articulated fact that vigorous population will contribute well to the country’s economic growth. Countries with higher investing capital and having more able-bodied working labors are developed and standing in a good economic position.Healthier population and the wealthier country is a  growth mantra.There have been so many researches on macroeconomics and health which stated that national productivity in some or other way is related to the healthier population.

Contribution of health insurance in the economy -Health insurance sectors in diverse ways beneficially affect the industries and investing capital. Health insurance gives security that if any accident or hapless event happens insured will get financial help and thus, results in investment and adversely affect poverty. It empowers an individual to get medical aid whenever needed and forbid poverty due to higher medical costs. Out of pocket disbursement in hospitalization and Medicare is an underlying reason for poverty which results in lesser investment and in some way obstruct the development. While on the other hand health insurance and health financing contributes to national investment and prevails a better-structured economy. A sage financial investment in health sectors increases development and growth for a durable period, lowers down penury and put up with the great health of the population. Proper functioning of the health system requires mobilized resources which are delivered by health insurances and it helps in community empowerment and leads the population to directly invest in a health organization. Insurance policies act as an intermediate feature between country and the financial market and ensure tenable growth, stable economy and development of health systems.

Health Financing -Health funding should be done via pooled funds and insurances rather than Medicare taxation, charges, and fees imposed after getting medicare services. Deficient health funding aggravates health inequality by prevailing scant availability of health services, depriving the population of the access of proper health care services and poor quality of health services, combinedly results in improper health conditions of a population which underlies the prolonged economic development of the country. Strong economic condition is a prime focus for the developing country and it demands health systems to be developed and deliver proper health services.The economic development of any country holds a major contribution to health funding and insurance, every citizen of any country must attain health cover for their well being and help government endeavoring universal health coverage.

India’s Concern -India still does not get counted in the list of developed and healthy country and underdeveloped health care system obstructing the continual and stable growth of the Indian economy. Indian  Government must get to action to ensure sustainable growth and strong economic conditions. Some studies reveal that health improvements always introduced an economic surge. India must strive to be a healthy India by attaining developed health system and facilitating citizens with proper diagnosis, health services, and affordable Medicare services. Both the sectors; public sectors, private sectors merge to bring financial and medical improvements and structure influenced the economy.So we can conclude that “healthy country becomes a wealthy country”.

 

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