Finance Desk – Health insurance is about to get faster in India because of the new regulations from the Insurance Regulatory and Development Authority of India (IRDAI).
IRDAI has now mandated that health insurance companies must settle cashless claims within 3 hours. This simply means, when your family member is hospitalized, the insurer needs to approve your cashless treatment request within just 1 hour. If they fail then, any extra charges incurred will be the insurer’s responsibility.
Before this, hospitals and insurance companies took a long time to settle bills. Now, the new rules make this quicker by reducing the time.
Third-party administrators, who handle claims on behalf of insurers are encouraged to gather documents directly from hospitals, speeding up the process.
Hospitals are stick to the agreed charges and inform the insurer immediately if there are any changes. Additionally, hospitals must now release the body immediately in unfortunate cases.
A new digital platform called the National Health Claims Exchange will soon be launched. This platform will connect hospitals, insurers, and TPAs digitally, allowing for real-time processing of claims.
This new initiative allows you to get admitted to any hospital without upfront payments. The insurance will cover the costs as per your policy’s terms.
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