With over 60% of medical bills in India being paid out of pocket, healthcare literacy is not a luxury—it’s a necessity. As stated in India Today, most Indians remain unaware of the cost of treatment or how to plan for it, which delays care, worsens outcomes, and leads to preventable financial distress.
Bridging the Gap: The Importance of Financial Literacy in Healthcare
With nearly 7% of India’s population pushed into poverty annually due to healthcare costs, educating people about healthcare financing is more crucial than ever. As Chris George, Co-founder and CEO of QubeHealth-Pay, illustrates, “Most healthcare expenses in India are paid out of pocket, not via health insurance.”
Healthcare financing education empowers individuals to budget for both preventive and emergency care efficiently, leveraging financial tools like EMIs and health wallets. As George emphasizes, “It’s not just about access to financing but knowing how and when to use it wisely.”
The Barriers to Awareness
India’s vast diversity poses challenges, from linguistic differences to varying levels of digital access and financial literacy. In rural and underserved areas, the idea of budgeting for healthcare may seem abstract.
Localized campaigns in formats such as WhatsApp videos and community workshops can effectively breal the barriers. “Accessibility and trust are key,” George asserts.
The Role of Employers in Facilitating Change
Employers have a pivotal opportunity to redefine employee well-being. By looking beyond insurance and adopting solutions like no-cost EMI and health wallets, they can reduce financial vulnerability, sick leave, and increase workforce stability.
“Viewing healthcare as a critical pillar of workforce productivity is crucial,” remarks George.
Incorporating Healthcare Costs into Financial Education
Despite being a primary cause of household debt, medical costs are rarely part of financial literacy programs. Educators can incorporate healthcare financing into curricula through real-world scenarios, turning finances into a relatable and engaging subject.
Collaborations with fintech companies can further bring innovations like simulations or games into education, making the subject relatable for students.
Cultural Shift: Focusing on Health Preparedness
As India embraces digital health platforms, the opportunity for scalable financial awareness grows. “Even first-time earners need to know their medical costs and payment options,” concludes George, highlighting that this is not just about affordability but dignity and preparedness.
Creating a culture of health preparedness can become one of India’s most powerful public health investments, ensuring individuals are informed and ready to handle the financial aspect of healthcare whenever necessary.
