Health insurance premium shot up over 25% last year for 52% policyholders, finds survey; here’s what you can do to reduce the impact

Health insurance rules changed for senior citizens: Be ready for a 10-15% hike in health insurance premiums

Health insurance sector hits record growth, settles claims worth Rs 75,000 crore at 25% Profit

Health insurance industry exposed! Here’s what policyholders get from insurers against lofty promises, reveals survey
Do health insurers provide what they promise to policyholders? A survey has revealed that nearly 43% of health insurance policyholders have faced difficulties in getting their claims processed over the last three years. These policyholders mentioned challenges such as rejection of claims, partial approvals, and delays in the claim process.

Making the most of day care claims in health insurance
Often, getting admitted to a hospital means staying on and getting treatment for ailments over a few days or weeks. However, for many diseases and medical conditions, the treatment or surgical procedure is done within a few hours and the patient is discharged the same day. Thanks to developments in medical science and the extensive use of technology, many diseases are treated as day care procedures.

IRDAI lifts age limit on health insurance: Here’s how senior citizens need to understand coverage, premiums and exclusions
For Dr Akash Jaiswal, keeping up with the clauses of insurance plans while treating his patients is a challenge. “There are many ifs and buts. Sometimes after prescribing a test, you come to know it is not covered by a policy. Or there are limits to cost reimbursements and the number of days one can be admitted — this is a challenge for the elderly because they tend to need longer hospital stays. There should be policies that provide comprehensive coverage, including services such as preventive health check-ups and immunisation,” says the geriatrician, a healthcare provider for older people. Despite working at Fortis Hospital, Gurugram, he himself has had difficulties in getting the right cover for his parents.

43% consumers faced problems in health insurance claims: LocalCircles Survey
As many as 43 per cent of insurance policyholders had difficulties processing their “health insurance” claims in the past three years on an aggregate basis, says a survey.

India needs to expand universal health coverage for ageing population: ADB
While the South Korea and Thailand have achieved universal health coverage, others lag behind with India having the lowest health insurance coverage among older people at 21 per cent, a report titled 'Aging Well In Asia' prepared by ADB said.
 

Health Insurance Claim: 43% policyholders faced difficulties, some had to wait an extra day at hospital, survey
As many as 43 per cent of insurance policyholders had difficulties processing their “health insurance” claims in the past three years on an aggregate basis, says a survey.

Star Health & Allied Insurance Q4 Results Live : profit rise by 39.84% YOY
Star Health & Allied Insurance Q4 Results Live : Star Health & Allied Insurance declared their Q4 results on 30 Apr, 2024. The topline increased by 17.14% & the profit increased by 39.84% YoY.

Hesitant health insurers get a regulatory prod to expand coverage
Source Credit: Subhomoy Bhattacharjee, Business Standard

Few Indians sport a health insurance cover. This is a good reason why the sector regulator, Insurance Regulatory Development Authority of India (Irdai) wants companies to sell more of this business. As a percentage of GDP (insurance penetration) health insurance is just 0.35. As a measure of social equity the number is abysmal.
 

Star Health posts highest-ever annual profit of ₹845 crore in FY24
 

Why is health insurance crucial for working women? Here are 4 key reasons
Securing the future of both women and their families hinges significantly on the pivotal role of health. In the diverse tapestry of India, women adeptly navigate the intricate balance between their professional aspirations and familial responsibilities, epitomising resilience and adaptability. 

Health insurance rules changed for senior citizens: Be ready for a 10-15% hike in health insurance premiums

Five out of 10 patients face discharge delays due to medical insurance claims processing time
New Delhi: A new study by Pristyn Care found that five out of 10 patients face delays in discharge due to the time taken to process medical insurance claims. To alleviate the hassle experienced by health insurance policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) is likely to introduce a 100 per cent cashless hospital network that will include both empanelled and non-empanelled hospitals.

The study indicates that over 40 per cent of individuals attribute delays in health insurance claims in India to hospital administrative processes, while 25 per cent cite a lack of coordination between hospitals and insurance providers. Complex documentation procedures also significantly contribute to these delays. Furthermore, the survey underscores various challenges encountered by patient families throughout the insurance claims process, with nearly four out of 10 respondents reporting difficulties with customer support regarding the claims process.

Flexible Insurance Benefits Is The Key To Employee Retention Asserts ADP HR Head

No age restriction now on purchase of health insurance plans

Your Money: Opt for deductibles to trim premium
While many realise the need to buy a health insurance policy, they also seek ways to save on the cost of premiums. Insurers offer several means to reduce the cost of health insurance for customers. One of those ways is deductibles. If you need to trim down your premium without jeopardising your coverage, the wiser approach is to consider opting for a deductible within your personal health insurance plan.

Will senior citizens easily get health insurance now?
Insurance companies can no longer refuse to sell health cover to citizens above the age of 65 years. However, for a senior citizen buying insurance for the first-time, it will still not be easy due to the high premiums and the need for a medical check-up for all pre-existing conditions, explains Saikat Neogi

Door opens for senior citizens to get health insurance: What they should do

Implications for the elderly

Health Insurance: New IRDAI rules to give impetus to senior citizens with pre existing diseases
As insurance regulator IRDAI gives a green signal to senior citizens above the age of 65, the grey-haired population is set to get comprehensive health insurance cover soon, particularly the ones suffering from pre-existing diseases.

Health insurance age reform; NPS vs MF: Top personal finance stories

The second article, by Sebi registered investment advisor Deepesh Raghaw, weighs the pros and cons of investing in the National Pension System versus mutual funds for building a retirement kitty.

Insurance Query: Coverage for home healthcare services or medical equipment
Following his discharge from hospital, my father now requires ongoing medical care and support at home, including nursing services and oxygen therapy. As we explore options to ensure his comfort and well-being, I would like to know about the possibility of claiming financial assistance from our insurance provider to cover the expenses associated with these necessary home arrangements. Are there any limitations or exclusions in our insurance policy that may impact coverage for home healthcare services or medical equipment? Please clarify.

Got it all Wrong! IRDAI move doesn’t mean age cap of 65 for buying health insurance removed – Know why
The Insurance Regulatory and Development Authority of India (Irdai) recently announced a policy update, saying health insurance companies must offer products catering to all age groups. This move was misinterpreted as the regulator removing the age cap for buying health insurance.

Door opens for senior citizens to get health insurance: What they should do

What does this mean?

What is moratorium period in health insurance?
Moratorium period is also referred to as the look-back period in insurance. This is a safeguard clause built-in for the policyholders. Once the moratorium period is over, insurers cannot reject a claim on the grounds of non-disclosure, or misrepresentation. Insurers have to establish a case of fraud to reject a claim.

Health cover for senior citizens: General insurers gearing up to bring in new products
Hyderabad: The general insurance industry is gearing up to bring in new products in line with the insurance regulator’s decision to remove the upper age limit of 65 years for health insurance policies.  The insurance regulator had already notified the change in the norms, which came into effect from April 1, 2024 and advised the insurers to to design products specifically for senior citizens along with students, children, maternity and other groups

IRDA’s reforms on health insurance need follow up
After recently dialling back reforms in surrender charges for life insurance plans, it is good to see the Insurance Regulatory and Development Authority of India (IRDA) take the side of the consumer in its recent regulations governing health insurance. IRDA’s new Insurance Products Regulations 2024 require insurers to make two key changes to their health insurance products. One, the maximum waiting period that insurers may impose on claims relating to pre-existing diseases (PED) will now be 36 months instead of 48 months. As most of the health complications that insurance buyers face are likely to be related to PED, the shorter this waiting period the better. Two, IRDA has asked insurers to ensure that they offer health insurance products to ‘cater to all age groups’. This replaces an earlier provision that health policies must provide for an entry age of ‘at least 65 years.’ IRDA’s intent seems to be to make sure that senior citizens are not denied health insurance at a life stage when they need it the most.

Health insurance may cover all over 70
 

IRDAI removes age bar for buying health insurance; Check who can apply now
The Insurance Regulatory and Development Authority of India (IRDAI) has dissolved the barrier to applying for health insurance in India that allowed only individuals aged 65 and lower to purchase health covers. The recent development on Sunday has pushed insurance companies to provide insurance to people irrespective of their age.