The novel Coronavirus disease pandemic has led to an increase in health insurance awareness in India. Humungous hospital bills for COVID-19 treatment have prompted many to buy – or enhance – health insurance covers. However, only around 4 per cent of COVID-19 patients in the country have filed health insurance claims so far despite growing awareness – a pointer to the dismal levels of health insurance penetration in the country. Even amongst those who are insured, many rely on their employer-funded group health insurance cover. It is a key benefit, as not only do such policies tend to cover elderly parents (some employers’ policies do, not all), but also pre-existing diseases. But such...
Continue reading...
‘Corona Kavach’, ‘Corona Rakshak’ insurance policies on offer from today: Premium, tenure, benefits The Insurance Regulatory Development Authority of India (IRDAI) has made it mandatory for general and health insurers to provide the reimbursement-based standard Covid-19 product and the benefit-based product as optional. business Updated: Jul 10, 2020 10:31 IST All life, general and health insurance companies have been encouraged to offer standard benefit-based policy, ‘Corona Rakshak’, which hands out a pre-agreed lump-sum upon diagnosis.(Getty Images/iStockphoto) All general and standalone health insurers will offer standard health policy for coronavirus disease (Covid-19), the Corona...
Continue reading...
Starting April 2020, insurance companies have begun rolling out basic health policies, in keeping with the new regulatory guidelines. These policies come with standard coverages, similar policy features, exclusions and limits. Called the Arogya Sanjeevani health insurance plan, this basic policy will cover hospitalisation expenses of Rs 1-5 lakh for all those within the age group of 18-65 years, with a lifelong renewability option. Says Rakesh Jain, ED & CEO, Reliance General Insurance, “The standardised nature of the product makes its simple to understand and opt for, increasing awareness and penetration within customers who’re looking to buy affordable yet comprehensive health...
Continue reading...
The 5,600 claims, when viewed against the over 1.8 lakh Covid-19 cases, translates to just 3.1 per cent of the individuals who tested positive and had health insurance coverage. (Express photo by Prashant Nadkar) Covid-19 cases in the country have surged past the 1.8 lakh figure, but less than 10,000 people have so far utilised the health insurance scheme. According to numbers collated by insurance companies, only 5,600 claims have come to insurers for settlement involving a cumulative amount of Rs 70 crore — this works out to an incurred expenditure of Rs 1.25 lakh, on an average, per policy holder. The 5,600 claims, when viewed against the over 1.8 lakh Covid-19 cases, translates to just...
Continue reading...
The implementation of state-level nondiscrimination policies decreased or did not change suicidality among gender minorities, according to the results of a cohort study published in JAMA Psychiatry. States that implemented such policies in 2014 through 2016 saw a decrease in suicidality among this population, whereas those states that did so in 2013 experienced no change. Gender dysphoria is common among gender minorities, and medical guidelines have recommended gender-affirming healthcare services such as hormone therapy, reconstructive surgery, and mental health services. Nonetheless, many US insurers exclude coverage of these healthcare services. Given that 40% of gender minority...
Continue reading...
More than 26 million people have lost their jobs since the COVID-19 public health emergency began, with many also losing their employer-based insurance that was connected to those jobs. They will now be looking for new coverage, potentially turning to Medicaid for coverage or selecting a plan on Affordable Care Act (ACA) health insurance marketplaces. Numerous studies show that patients without insurance live sicker and die younger. The AMA believes that, to improve the health of our nation and especially to save lives during the pandemic that has already killed more than 58,000 people in the U.S., all Americans should have access to meaningful, affordable health care. “Millions of people...
Continue reading...
Coronavirus (COVID-19) Emergency Special Enrollment Period MNsure is offering a special enrollment period (SEP) for qualified individuals who are currently without insurance in response to the potential growth of coronavirus (COVID-19) cases. This SEP will allow uninsured individuals 30 days to enroll in health insurance coverage through MNsure. This SEP runs Monday, March 23 through Tuesday, April 21. Who Qualifies This special enrollment period is for eligible Minnesotans who do not have current health insurance. You do not need to be sick to qualify. If you are currently enrolled in a qualified health plan through MNsure, you cannot use this special enrollment period to change plans...
Continue reading...
IRDAI has mandated all general and health insurance companies to offer a Standard Health Insurance Product- Arogya Sanjeevani Policy. Standard Health Insurance Policy: If different features and various benefits of a health insurance policy are leaving you confused, the IRDAI has found a way out. Buying a health insurance policy will soon become easier. IRDAI has mandated all general and health insurance companies to offer a Standard Health Insurance Product (SHIP). The SHIP is aimed at taking care of basic health needs, carrying similar policy wordings and enabling seamless portability among the insurers. The SHIP of each insurer will have the nomenclature of Arogya Sanjeevani Policy...
Continue reading...
Apart from bancassurance, banks also take group insurance cover for its staff and customers, which may be availed by account holders by paying a nominal premium. Almost all general insurance companies and standalone health insurance companies have tie-ups with one or more banks to promote their products. Apart from bancassurance, banks also take group insurance cover for its staff and customers, which may be availed by account holders by paying a nominal premium – much less than the premium amount of personal health insurance policies. Not only lower premium, but such group health insurance policies also offer some additional benefits like maternity cover, lower or no waiting period etc. So...
Continue reading...
Religare Health Insurance No Claim Bonus With increasing inflation rate every year and cost of medical expenses growing high, it’s essential to protect ourselves from sudden financial loss and therefore Health Insurance has now become an integral part along with life insurance. Choosing the right health insurance company again becomes a very important aspect. Let’s understand a few aspects of health insurance. What is Health Insurance? Health Insurance is a protection that gives us a cushion against all unforeseen and unwanted health hazards. Health Insurance Plans reimburses many expenses like surgeon’s fees, doctors’ fees, in- house treatments, hospitalization, fees for surgeries,...
Continue reading...
