The purpose of this important directive is to improve the effectiveness and customer-focused nature of health insurance services in India. The regulatory body is establishing a new standard for timeliness and dependability in the insurance industry by mandating that insurers make decisions regarding cashless authorization in an hour and resolve claims within three hours of discharge.
Claims for health insurance present significant difficulties for clients. Financial burden is frequently caused by protracted processing since patients and their families need to generate money very far away to cover hospital fees. Postponements in cashless claims may result in extra expenses, extended hospital stays, and possible treatment interruptions.
Source: cnbctv18
The rigmarole makes the sufferers feel more stressed. In addition, inconsistent service and a lack of transparency fuel widespread systemic mistrust, which discourages many people from ever getting health insurance at all. The new regulation also requires insurers to offer a greater selection of plans to meet the needs of all types of patients, and it has a provision for a no-claim incentive.
The goal of these measures is to increase customer confidence, which will increase insurance penetration in a nation where a sizable portion of the population is dependent on government programs and health insurance coverage is still relatively low.
Source: Mint
Another obstacle is people’s ignorance of health insurance.The IRDAI has embraced these problems head-on by proposing a rebate on the premium cost for years without a claim and expediting the claims procedure. By the deadline of July 31, it must now make sure that the health insurance businesses are operating in accordance with the new regulations.
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