• Health Insurance penetration is less than 15% in India.
• Most of the uninsured are unable to pay out-of-pocket.
• So people borrow, often at rates that exceed 5% a month during medical emergencies.
• Or they sell their personal assets, even their homes and assets on which they earn their livelihood.
• This often sets them on to a downward spiral, pushing over 40 million Indians into poverty every year.
• These are families with a livelihood; yet one medical shock could throw them back to poverty.
• Arogya Card, issued by Arogya Finance has a pre-approved medical loan of upto Rs. 3 lacs for the family.
• The card is designed to ease the medical expense burden of this vulnerable section of the society that leads them to poverty.
• The Arogya Card does not require collaterals or formal income proof which is mandatory in other forms of finance.
• When medical need arises, patient can avail treatment in any hospital of choice, pay 25% out of pocket, rest will be disbursed by Arogya Finance as a loan directly to the hospital.
Salient Features of “Arogya Card”
• Treatment can be availed at any hospital.
• Upto 75% of the medical bill can be covered.
• Benefits of the card can be enjoyed by card holder’s family members as well.
• The borrower can repay the loan in easy monthly instalments of upto 36 months.
• Family has to pay Rs 1000 as one time processing fee. Card can be renewed for Rs 250 per year thereafter.
About Arogya Finance:
• Arogya Finance is a unique social healthcare venture, which offers Medical Loans to the traditionally un-bankable, using innovative risk assessment tools that allows them to finance people outside the formal banking system.
• It provides medical loans, paid directly to the patient’s medical care provider or hospital within 3 to 24 hours of the loan request.
• Partnering with over 360 hospitals spread over 14 states, Arogya Finance is on a mission to make quality healthcare affordable for all.
• Arogya Finance has been recognized as one of India’s unique social innovators by Innovations in Healthcare (an organization founded by McKinsey,
USAID and the World Economic Forum) and Social Entrepreneurship Accelerator at Duke (SEAD).
What do we plan to do with the funds?
• Arogya Card is a lifeline for families under constant threat of poverty, due to medical shocks. Yet the processing fee of Rs 1000 per family is acting as an impediment to apply for one.
• This fund raise of Rs 5 lacs will be used to provide free Arogya Cards to 500 families from the weaker section of the society. Protecting livelihoods is even more important than helping create livelihoods.
• In addition to protecting these families, this will help create awareness among the families under this constant threat of poverty on the benefits of applying for the Arogya Card, thereby becoming the catalyst for millions of families to protect themselves, using the Arogya Card.