Ayushman Bharat Critical For Insurance Penetration - Tracking The Progress Of The Scheme: ICICI Securities

ICICI Securities Report

Ayushman Bharat (flagship government health scheme) is critical for increasing the health insurance penetration in India. Till date, since its launch in CY18, over 340 million Ayushman cards have been issued, but there are only 30,000 hospitals empanelled in the scheme.

However, the usage has progressively increased over the last five years, indicating improved adoption. The average monthly hospital admissions increased from ~663,000 in FY19 to 1,388,000 in FY23. However, the average ticket size remains low (~Rs 12.600) and majority of hospitals under the scheme (80%) have less than 50 bed count.

We present all the details in this report. However, considering that this scheme is targeted as family floater (Rs 0.5 million) for bottom 40% of poor and vulnerable population, this is not a substitute or competition to regular retail/group.

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