48% Indians Are Financially Unprepared For Medical Emergencies: ABHI Report

One of the insights in ABHI’s New Health Normal Report is that 85 per cent of the respondents would consider cutting down on some luxury items so that they could spend more on health insurance

A good number of Indians, that is, 48 per cent people are still financially unprepared for medical emergencies, despite the post-pandemic environment brought in greater awareness about health and wellness-related issues, a survey said.

According to a survey by Aditya Birla Health Insurance, 79 per cent of the respondents admitted they would actively seek an employer who insured their family’s medical expenses which clearly shows that health has taken a priority at the work place as well.

One of the insights in ABHI’s New Health Normal Report is that 85 per cent of the respondents would consider cutting down on some luxury items so that they could spend more on health insurance. This indicates that people have started realising the importance insuring themselves and health insurance is set to be an important part of investments related to health and wellness.

The conversations around health and wellness have evolved over the past few years. As the uncertainties continue to rise amidst various domestic and geopolitical issue, the concepts of financial preparedness and health awareness have witnessed an unprecedented focus among the masses. Building on the same, Aditya Birla Health Insurance (ABHI) has unveiled ‘The New Health Normal’ report, a research conducted with 6600 respondents across 19 key cities covering the length and breadth of India.

Even though the post-pandemic environment has brought with it a rise in awareness about health and wellness-related issues, the steps taken to monitor the state of health and adherence to newly adopted health practices remained an important metric to measure throughout the research. ABHI’s New Health Normal Report unveiled that nearly one in every three respondents (32 per cent) admitted that they do not monitor health stats regularly, such as weight and blood-pressure while 68 per cent respondents have followed an exercise regime.

As the world witnessed a sudden shift in behaviour at workplace, ABHI’s report unveiled that 70 per cent of the respondents took 5-10 minutes breaks frequently to avoid posture-related issues from sitting long hours at the desk and 45 per cent took 5-10 minute breaks to avoid exposure to screens and blue light. Furthermore, more than a third (36 per cent) started using ergonomic furniture to correct their posture and another third (36 per cent) took 15-minute breaks to work out or spend part of their lunch exercising.

The rise in uncertainty and anxiety that came hand in hand with covid-19 has brought a strong focus on the issue of mental health. Hence, the report shows that two out of three respondents still feel hesitant in reaching out to an expert to talk about their mental health because of cost implication and society’s perception whereas 89 per cent of the respondents believe that mental health consultation should be included in their health insurance. Therefore, there is an urgent need to increase awareness on mental health. The insurance sector is now getting actively involved as the scale of mental health issues in the ‘new normal’ has never been bigger. 

Mayank Bathwal, CEO of Aditya Birla Health Insurance said, “Due to the pandemic, in the ‘New Health Normal’, people are realising the importance of a health-focused lifestyle and are actively seeking avenues that can support this healthy lifestyle – both online and offline. It has impacted their behavior as well in many ways – the technology they use, how closely they monitor their diet, do they exercise regularly etc. However, as ever, adopting a new habit is a challenge for most, and the need of the hour is to motivate and encourage people to complete the last mile in their health journey.”

Health insurance awareness has increased in the past few years and more people are investing in health insurance with each passing year. Around 52 per cent of respondents said that they have estimated the requirement and planned for such emergencies. Whereas 78.5 per cent of Indians believe that are actively seeking an employer that insures their family’s medical expenses, the report said.