The Finance Minister Arun Jaitley, while presenting the Union Budget 2018-19, introduced the World's largest National Health Protection Scheme. This health protection scheme could be a game changer in India. The Ayushman Bharat Scheme popularly called "Modicare" is a new health protection scheme, which will cover more than 10 Crore vulnerable families and help more than 50 Crore poor people in India, get excellent healthcare and medical treatment.
This is what the Finance Minister has to say on the Ayushman Bharat Scheme. Only a "Swasth Bharat" (a healthy India) can be a "Samriddha Bharat" (a prosperous India). In all this we remember Canada, a country bordering the USA. This is a country which offers free healthcare to all its citizens. It's now being said, forget migrating to Canada, good healthcare is in India.
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Modicare also called "NaMoCare" is the World's largest health protection scheme. Let's understand this unique scheme.
Under the National Health Protection Scheme popularly called "Modicare", more than 10 Crore vulnerable families will get a health cover of Rs 5 Lakhs a year for free hospitalization and medical treatment. Modicare will cover more than 40% of India's population. In the words of the Finance Minister, "Modicare" would take public healthcare in the world's largest democracy "to a new aspiration level."
Under Modicare, more than 10 Crore vulnerable families can avail secondary and tertiary healthcare in Government and Private hospitals, up to Rs 5 Lakh per family per year. For those who don't know, secondary healthcare includes healthcare services provided by skilled medical practitioners for outpatient treatment or a brief stay at a hospital for any serious illness.
Tertiary treatment is for patients who require hospitalization and medical treatment for a longer period of time. Tertiary treatment requires the attention of specialist doctors who take care of patients suffering from acute pain or a terminal illness.
The Government will also open more than 1.5 Lakh health and wellness centers under Modicare. These centers will provide citizens comprehensive healthcare covering even non-communicable diseases like diabetes and maternal healthcare. Citizens can get essential medicines and diagnostic services, absolutely free of cost.
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The Finance Minister says, Lakhs of families in India have to borrow or sell assets to receive medical treatment in hospitals. The Government is seriously concerned about health care and medical treatment of the poor and vulnerable families in India.
The aim of Swachh Bharat was to promote a clean India through sanitation programmes and construction of toilets. A clean India is a disease-free India. The obvious next step is a health protection system like Modicare, which covers all vulnerable families in India. The aim of Modicare is both, prevention of diseases and excellent health promotion.
Finance Minister Arun Jaitley has said that Modicare will be completely cashless, and not a reimbursable scheme. To make this scheme completely cashless and paperless, state-level health agencies will be formed to implement the scheme.
While Modicare is good for insurers in India, the scheme will also solve a very big problem... Jobs. Lakhs of citizens and several thousand women can get jobs, because of Modicare.
Modicare will cost the Government Rs 11,000 Crores a year. The Government estimates the cost of insuring each family at Rs 1,100 a year. The Government estimates that for Modicare, it will require Rs 11,000 Crores a year. The Central Government will contribute Rs 7,000 Crores, while the 29 States will provide the remaining amount.
The Government will most probably launch Modicare on Independence Day or the latest date would be Gandhi Jayanti. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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