The concept of health has gained importance in the past few decades. Health is the basis of all productive activities. A person can acquire his full potential only by maintaining a sound health and thus health is crucial for human development. Various health indicators have been observed to be directly related to economic prosperity and well being(Rugar et al 2001; WHO, 2001; Thomas and Frankenberg, 2002). The progress of a community and thereby the development of any nation thrusts on improving the health standards of its population. Labour productivity and labour force participation rate in any economy increases as a result of improvement in health standards. Health conditions of people belonging to various socio-economic groups across the world have improved significantly, in the past few decades. Financing of health expenditure deals with acquiring and allocating money to meet the health expenses of the masses individually and collectively (WHO 2000). Health systems provide a wide range of services to people that might be preventive, curative, promotive, rehabilitative or palliative (Pavan Pandey &Shivendra Kumar Singh 2017).Accessing health care is a vital component of a health system which helps in realizing the performance of health system within a country. Actual access to health care is determined by the quality of care available and the ability of people to utilize the existing health care facilities. This in turn is further influenced by people’s attitude in receiving medical services, an understanding about the disease and knowledge of available medical facilities. Accessing health services might turn out to be expensive for households that spend a higher portion of their income for health and at times such expenditures may become catastrophic and might push families into poverty. Thus, adopting a proper financial strategy helps in protecting the households from financial catastrophe.