Healthcare costs overtake job security, EMIs as top financial worry for corporate India
The study highlights the growing financial burden of healthcare on India’s workforce and shows that many corporate employees may not be prepared to withstand a prolonged loss of income. Hospitalisation costs, lifestyle diseases, health cover for family, mental health and a lack of emergency savings emerged as the top five healthcare-related concerns among corporate employees.
Healthcare expenses have surpassed job stability and EMIs as the primary financial worry for corporate India, according to a recent Tata AIG survey. Nine out of ten respondents reported that unexpected medical bills cause significant financial stress, with nearly 70% indicating they could only survive financially for six months or less in case of job loss.
Eighty-four percent believe additional health coverage beyond employer-provided insurance is crucial, yet nearly half lack personal health insurance aside from their employer's group medical cover. Head of retail-health underwriting at Tata AIG, Santosh Puri, aimed to understand employees' perceptions of their employer-provided health insurance and identify existing awareness and preparedness gaps.
The top five healthcare concerns among corporate employees include hospitalization costs, lifestyle diseases, family coverage, mental health, and lack of emergency savings. Despite 88% of respondents valuing uninterrupted health insurance during job changes, only 40% are aware of solutions that maintain medical coverage continuity.
While many employees are satisfied with their group medical cover, 75% agree it would be insufficient in the event of an emergency hospitalization, and only 41% fully understand the features and benefits of their employer-provided GMC. The survey of 748 corporate employees aged 28-55 years in major Indian cities highlights the need for greater awareness of insurance options during job transitions and the coverage adequacy.
Written by urgent.news from ETHealthworld's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
