February 2, 2018 / 5:17 AM / 19 days ago

India's new health insurance to cost govts $1.71 bln a year – source

NEW DELHI, Feb 2 (Reuters) - Indian Prime Minister Narendra Modi’s ambitious plan to provide health insurance to 100 million poor families would require a funding of 110 billion rupees ($1.71 billion) in federal and state funding each year, a government official told Reuters.

The new health scheme, dubbed “Modicare” and announced in Thursday’s federal budget, would provide 100 million families, or about 500 million poor people, with a health cover of 500,000 rupees ($7,850) for free treatment of serious ailments.

The government has estimated the premium for insuring each family would be about 1,100 rupees ($17.15), said the government official with direct knowledge of the matter. ($1 = 64.1575 Indian rupees) (Reporting by Aditya Kalra; Editing by Malini Menon)

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