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A study on impact of health insurance on consumers during Covid-19 in north tamil nadu

J. S. Keerthe vasan

Assistant branch manager, reliance nippon life insurance company limited, vellore

Abstract

Health insurance sector is a new and promising service sector in india, but, in recent years, it is attracting larger segments of population in india and it meets financial requirements for health care and medical treatments of consumers. Health insurance is playing an important role and impacting consumers during pandemic situations. The results show that the consumers are agreed with health insurance is the high priority among consumers, health insurance is giving full coverage for consumers, health insurance is covering expenses related to hospitalization, health insurance is meeting expenses associated with medication, health insurance is giving no claim bonus for consumers, health insurance is covering chronic illness of consumers and health insurance is meeting expenses of outpatients. There exits significant difference amidst impact of health insurance on consumers during covid-19 and their demographics. Impact of health insurance on consumers during covid-19 is positively, significantly and moderately related with their satisfaction. Thus, health insurance must give more value for money to consumers and it should give sum inured in double during covid-19. In addition, health insurance must reduce wait period for claims during covid-19.

Keywords: consumers, covid-19, health insurance

1. Introduction

Indian healthcare sector is one the major sectors in generation of employment and revenue in india.

Nursing homes, hospitals, diagnostics centers, and pharmaceuticals have 65 per cent of contribution in the entire healthcare market (itumalla et al 2016). Larger scope is there for enhancing healthcare services taking into expenses of healthcare as a proportion of gross domestic product (gdp) is on at growing trend. Healthcare encompasses hospitals, clinical trials medical equipment, medical devices, outsourcing, telemedicine, health insurance and medical tourism (choudhary et al 2013). The indian healthcare sector is growing at a rapid pace due to its strengthening coverage, services and increasing expenditure by public as well private players (aggarwal et al 2013). India's competitive advantage lies in its large pool of talented and trained medical professionals and there is vast potential for health insurance in india.

Health insurance is a kind of insurance which fundamentally covers the expenses related to medical treatments. Any other policies, health insurance policy is also a contract among health insurance companies and individuals or group (kumar, 2009) through which the insurer accepts to give coverage for health problems and treatments at a specific rate of premium which is administrated by certain terms of conditions of the health insurance policies (reshmi et al 2010). Health insurance sector is a new and promising service sector in india and it is not well developed and it is covering small segment of population because of limited products and services, but, in recent years, it is attracting larger segments of population in india and it meets financial requirements for health care and medical treatments of consumers (devadasan et al 2013).

Different health insurance policies and plans are available and they are providing various healthcare benefits to individuals, groups and entire family (jangati, 2012). The liberalization and privatization of policy of indian government since 1991 is opening health insurance for private players. In order to avoid risk related with health problems, various kinds of health insurance plans and policies are available and offered by public and private health insurance companies and they are giving health care protection to their consumers. Health insurance is playing an important role and impacting consumers during pandemic situations. Thus, it is necessary to study impact of health insurance on consumers during covid-19.

2. Review of related literature

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Bawa (2011) found that consumers were well aware of health insurance policies and there exited significant difference amongst awareness of health insurance and social and economic positions of consumers. Consumers were ready to pay for health insurance policies and they purchased different health insurance policies and plans based on their personal health needs, coverage, treatments and procedure for claims and settlements.

Madhukumar et al (2012) revealed that one third of households were fairly aware of health insurance policies and educated and high income households were purchased health insurance policies.

Households purchased health insurance polices of government sector and coverage, premium amount and knowledge on them and they got information from agents, friends and family members and work places.

Bhavesh et al (2013) concluded that consumers were largely aware of health insurance policies and they were largely preferred health insurance policies of government. Consumers hand positive attitude and knowledge on health insurance policies and insurance agents and friends were sources for getting information for them. Consumers were highly relaxed and satisfied with feature of health insurance policies and coverage and claim settlements.

Nagaraju (2014) indicated that consumers were fairly aware of health insurance policies and it was significantly and positively related with amount insured, coverage, procedure, eligibility, formalities for claims, coverage and availability of hospitals and treatments. Consumers got information about health insurance policies from friends, family members and work places.

Kala and jain (2015) found that larger portion of consumers were having good awareness on health insurance policies and they purchased health insurance policies of government sector. Consumers were purchased them because of premium, safety, reimbursement and claims, coverage of medical treatments and personal health needs and they did not understand terms related with health insurance policies and plans and there was no transparency in operational aspects of health insurance companies.

Indumathi et al (2016) revealed that one fourth of consumers were highly aware of health insurance policies and there exited significant association amongst awareness of health insurance policies and social and economic status of consumers. Consumers got information about insurance policies from friends, family, media and colleagues and they preferred health insurance policies of government sector and they selected based on coverage, premium and nature of claims.

Barnes and hanoch (2017) concluded that consumers were having poor knowledge on health insurance policies and they opined that health insurance policies were not having sufficient coverage and they were not able to understand clearly terminologies related to health insurance policies and plans. Consumers preferred health insurance policies based on coverage, premium, claim settlement, delay in claims and additional benefits received by them.

Vinoth et al (2018) indicated that health insurance policies of public sector were highly aware and preferred by consumers largely as compared to private sector. Premium rate, coverage, easy claims and settlement, image, ease of access and affordability of consumers were determining type of health insurance policies and plans. Preference of health insurance policies among consumers were depending on their economic and social conditions and need for it.

Netra and rao (2019) found that two third of consumers were highly aware of health insurance and three fourth portion among them were subscribed and higher than four fifth among them were preferred government health insurance policies. Consumers took health insurance policies based on coverage, sum of premium and other benefits and they got information from friends, media and family members for choosing best health insurance plans. Awareness and coverage of health insurance policy were associated significantly with social and economic status of consumers.

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Singh and singh (2020) concluded that the market potential of health insurance was not fully tapped in india and private and foreign health insurance players were covering more number of consumers in india. Coverage, premium, payment, nature and quickness of claim, knowledge on products of health insurance and additional benefits of health insurance polices were attracted consumers for their personal and family purchasing of health insurance policies and plans.

3. Objectives of the study

I) to study impact of health insurance on consumers during covid-19.

Ii) to find difference amidst impact of health insurance on consumers during covid-19 and their demographics.

Iii) to evaluate relation amidst impact of health insurance on consumers during covid-19 and their satisfaction.

4. Methodology

North tamil nadu is opted for this study and consumers of health insurance are selecting by adopting convenience sampling method. Data are collected from 240 consumers of health insurance through structured questionnaire. Demographics of consumers are examined by using percentage analysis and mean and standard deviation are computed to understand impact of health insurance on consumers during covid-19. Anova test and t-test are used to find difference amidst impact of health insurance on consumers during covid-19 and their demographics. Correlation analysis is carried out to evaluate relation amidst impact of health insurance on consumers during covid-19 and their satisfaction.

5. Results

5.1 demographics of consumers

The demographics of consumers are shown in table-1. Larger than half of them are in male category (53.75 per cent), one third of them are belonging to 46 – 55 years of age (32.50 per cent), near to two fifth of them are under graduates (36.67 per cent), near to two fifth of them are pertaining to annual income of rs.4,00,001 – rs.6,00,000 (40.83 per cent) and higher than nine tenth of them are falling in married status.

Table-1. Demographics of consumers

Demographics Number Percentage Gender

Male 129 53.75

Female 111 46.25

Age

26 – 35 years 41 17.08

36 – 45 years 69 28.75

46 – 55 years 78 32.50

56 – 65 years 52 21,67

Education

Secondary 29 12.08

Higher secondary 47 19.58

Under graduation 88 36.67

Post graduation 76 31.67

Annual income

Below rs.4,00,000 43 17.92

Rs.4,00,001 – rs.6,00,000 98 40.83

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Rs.6,00,001 – rs.8,00,000 74 30.83

Above rs.8,00,000 25 10.42

Marital status

Married 225 93.75

Unmarried 15 6.25

5.2. Impact of health insurance on consumers during covid-19

The impact of health insurance on consumers during covid-19 is shown in table-2.

Table-2. Impact of health insurance on consumers during covid-19

Impact of health insurance Mean Standard deviation Health insurance is the high priority among consumers 3.92 0.84

Health insurance is giving more value for money to consumers 3.32 1.10 Health insurance is giving full coverage for consumers 3.88 0.87 Health insurance is covering expenses related to hospitalization 3.82 0.92 Health insurance is meeting expenses associated with medication 3.79 0.96 Health insurance is giving no claim bonus for consumers 3.86 0.89 Health insurance is giving sum inured in double 3.34 1.07 Health insurance is reducing wait period for claims 3.38 1.04 Health insurance is covering chronic illness of consumers 3.75 0.98 Health insurance is meeting expenses of outpatients 3.70 1.01

The consumers are agreed with health insurance is the high priority among consumers, health insurance is giving full coverage for consumers, health insurance is covering expenses related to hospitalization, health insurance is meeting expenses associated with medication, health insurance is giving no claim bonus for consumers, health insurance is covering chronic illness of consumers and health insurance is meeting expenses of outpatients, while, they are neutral with health insurance is giving more value for money to consumers, health insurance is giving sum inured in double and health insurance is reducing wait period for claims.

5.3. Impact of health insurance on consumers during covid-19 and their demographics

The combination amidst impact of health insurance on consumers during covid-19 and their demographics is shown as below.

5.3.1. Impact of health insurance on consumers during covid-19 and gender

The combination amidst impact of health insurance on consumers during covid-19 and gender of consumers is shown in table-3.

Table-3. Impact of health insurance on consumers during covid-19 and gender

Gender N Mean Standard

Deviation T-value Significance

Male 129 39.09 4.34

4.615** .000

Female 111 36.47 5.09

** significant in 1% level

Mean value of impact of health insurance on consumers during covid-19 for male and female categories of consumers are 39.09 and 36.47 in sequence and it reveals that impact of health insurance on consumers during covid-19 for male consumers is higher as compared to female.

The t-value of 4.615 is explaining that there exits significant difference amidst impact of health insurance on consumers during covid-19 and gender of consumers.

5.3.2. Impact of health insurance on consumers during covid-19 and age

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The combination amidst impact of health insurance on consumers during covid-19 and age of consumers is shown in table-4.

Table-4. Impact of health insurance on consumers during covid-19 and age Age N Mean Standard

Deviation F-value Significance 26 – 35 years 41 35.73 3.98

4.836** .000 36 – 45 years 69 39.74 4.39

46 – 55 years 78 36.36 5.22 56 – 65 years 52 36.87 5.93

** significant in 1% level

Mean value of impact of health insurance on consumers during covid-19 for consumers belonging to 26 – 35 years, 36 – 45 years, 46 – 55 years and 56 – 65 years of age are 35.73, 39.74, 36.36 and 36.87 in sequence and it reveals that impact of health insurance on consumers during covid-19 for consumers belonging to 36 – 45 years of age is higher as compared to others.

The f-value of 4.836 is explaining that there exits significant difference amidst impact of health insurance on consumers during covid-19 and age of consumers.

5.3.3. Impact of health insurance on consumers during covid-19 and education

The combination amidst impact of health insurance on consumers during covid-19 and education of consumers is shown in table-5.

Table-5. Impact of health insurance on consumers during covid-19 and education Education N Mean Standard

Deviation F-value Significance

Secondary 29 39.07 4.11

4.784**

.000 Higher secondary 47 37.89 5.02

Under graduation 88 36.57 5.39 Post graduation 76 36.40 5.31

** significant in 1% level

Mean value of impact of health insurance on consumers during covid-19 for consumers holding secondary, higher secondary, under graduation and post graduation are 39.07, 37.89, 36.57 and 36.40 in sequence and it reveals that impact of health insurance on consumers during covid-19 for consumers holding secondary education is higher as compared to others.

The f-value of 4.784 is explaining that there exits significant difference amidst impact of health insurance on consumers during covid-19 and education of consumers.

5.3.4. Impact of health insurance on consumers during covid-19 and annual income

The combination amidst impact of health insurance on consumers during covid-19 and annual income of consumers is shown in table-6.

Table-6. Impact of health insurance on consumers during covid-19 and annual income

Annual income N Mean Standard

Deviation F-value Significance

Below rs.4,00,000 43 35.61 5.44

5.143** .000

Rs.4,00,001 – rs.6,00,000 98 39.32 4.21 Rs.6,00,001 – rs.8,00,000 74 36.97 4.90

Above rs.8,00,000 25 35.92 6.28

** significant in 1% level

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Mean value of impact of health insurance on consumers during covid-19for consumers pertaining to annual income of below rs.4,00,000, rs.4,00,001 – rs.6,00,000, rs.6,00,001 – rs.8,00,000 and above rs.8,00,000 are 35.61, 39.32, 36.97 and 35.92 in sequence and it reveals that impact of health insurance on consumers during covid-19 for consumers pertaining to annual income of rs.4,00,001 – rs.6,00,000 is higher as compared to others.

The f-value of 5.143 is explaining that there exits significant difference amidst impact of health insurance on consumers during covid-19 and annual income of consumers.

5.3.5. Impact of health insurance on consumers during covid-19 and marital status

The combination amidst impact of health insurance on consumers during covid-19 and marital status of consumers is shown in table-7.

Table-7. Impact of health insurance on consumers during covid-19 and marital status

Marital status N Mean Standard

Deviation T-value Significance

Married 225 36.53 5.66

4.912** .000

Unmarried 15 39.77 4.19

** significant in 1% level

Mean value of impact of health insurance on consumers during covid-19 for consumers in married and unmarried status are 36.53 and 39.77 in sequence and it reveals that impact of health insurance on consumers during covid-19 for consumers in unmarried is higher as compared to married.

The t-value of 4.912 is explaining that there exits significant difference amidst impact of health insurance on consumers during covid-19 and marital status of consumers.

5.4. Relation amidst impact of health insurance on consumers during covid-19 and their satisfaction

The correlation analysis is carried out to evaluate relation amidst impact of health insurance on consumers during covid-19 and their satisfaction and the result is shown in table-8.

Table-8. Impact of health insurance on consumers during covid-19 and their satisfaction

Particulars Coefficient of correlation

Impact of health insurance on consumers during covid-19 and their

satisfaction 0.56**

** significance at 1% level

The correlation coefficient amidst impact of health insurance on consumers during covid-19 and their satisfaction is 0.56. It discloses that they are positively and moderately related.

6. Conclusion

The foregoing analysis shows that the consumers are agreed with health insurance is the high priority among consumers, health insurance is giving full coverage for consumers, health insurance is covering expenses related to hospitalization, health insurance is meeting expenses associated with medication, health insurance is giving no claim bonus for consumers, health insurance is covering chronic illness of consumers and health insurance is meeting expenses of outpatients. There exits significant difference amidst impact of health insurance on consumers during covid-19 and their demographics. Impact of health insurance on consumers during covid-19 is positively, significantly and moderately related with their satisfaction. Thus, health insurance must give more value for money to consumers and it should give sum inured in double during covid-19. In addition, health insurance must reduce wait period for claims during covid-19.

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References:

1. Aanchal aggarwal, nupur kapoor, & anchal gupta. (2013). Health insurance: innovation and challenges ahead. Global journal of management and business studies, 3 (5), 475-780.

2. Andrew j barnes, & yaniv hanoch. (2017). Knowledge and understanding of health insurance:

challenges and remedies. Israel journal of health policy research, 6, 1-6.

3. Bawa, s.k. (2011). Awareness and willingness to pay for health insurance: an empirical study with reference to punjab india. International journal of humanities and social, 1(7), 100-108.

4. Choudhary, m.l., goswami ,k.i., khambati, s.n., shah, v.r., makwana, n.r.,& yadav, s.b. (2013).

Awareness of health insurance and its related issues in rural areas of jamnagar district.

National journl of community medicine, 4(2), 267-271.

5. Desai bhavesh, desai ravi, algotar gaurang, desai kanan, t., & bansal, r.k. (2013). Health insurance: effects and awareness. Journal of the college of community physicians of sri lanka, 2, 1-5.

6. Devadasan, n,, seshadri, t., trivedi, m., & criel, b. (2013). Promoting universal financial protection: evidence from the rashtriya swasthya bima yojana (rsby) in gujarat, india. Health research policy system, 11, 21-29.

7. Indumathi, k., hajira saba, i., arun gopi, & mangala subramanian. (2016). Awareness of health insurance in a rural population of bangalore, india. International journal of medical science and public health, 5(10), 2162-2167.

8. Jangati, y. (2012). Awareness of health insurance in andhra pradesh. International journal of scientific research publications, 2, 1-6.

9. Kumar, s. (2009). Awareness about health insurance and willingness to pay. Journal of academic and hospitality administration, 36, 139-146.

10. Nagaraju, y. (2014). A study on performance of health insurance schemes in india.

International journal of innovative research and practices, 2(4), 9-19.

11. Netra, g., & varadaraja rao, b.a. (2019). A study on awareness, coverage and willingness to avail health insurance among the residents of a rural area in central karnataka. National journal of community medicine, 10(4), 190-196.

12. Ramaiah itumalla, acharyulu, g.v.rk., & kalyan viswanath reddy, l. (2016). Health insurance in india: issues and challenges. International journal of current research, 8(2), 26815-26817.

13. Rana rohit singh, & abhishek singh. (2020). A study of health insurance in india.

International journal of management, it & engineering, 10(4), 121-134.

14. Reshmi, b., raghunath, r., & unnikrishnan, b. (2010). Awareness of health insurance among inpatients at a tertiary care hospital in coastal karnataka. Indian journsl of community medicine, 3(5), 44-56.

15. Sonal kala, & premila jain. (2015). A study on awareness of health insurance among people with special reference to rajasthan (india). International journal of quantitative economics and applied management research, 1(12), 21-31.

16. Suwarna madhukumar, sudeepa, d., & vaishali gaikwad. (2012). Awareness and perception regarding health insurance in bangalore rural population. International journal of medicine and public health, 7(2), 18-22.

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17. Vinoth, m., mathiraj, s.p., shetty deepa, thangam geeta, & nagalakshmi, n. (2018). A study on health insurance premium, claims, commission and its growth of select companies in india.

Universal review, 7(11), 109-121.

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