A matter of relief: health Insurance Claims will be cleared in 3 hours

A matter of relief: health Insurance Claims will be cleared in 3 hours, if there is a delay, the insurance company will be charged, a good decision of IRDAI

Health Insurance Rules Change: Insurance Regulatory IRDAI has also ordered in the new circular that even on the death of the patient during treatment, the insurance company will have to process the claim immediately so that his family can get the body on time.

A matter of relief: health Insurance Claims will be cleared in 3 hours, if there is a delay, the insurance company will be charged, a good decision of IRDAI

Health Insurance Rules Change: Now patients will be able to get relief from the trouble caused due to the arbitrariness of health insurance companies. The Insurance Regulatory and Development Authority of india (IRDAI) has issued a new circular, in which the time limit has been fixed for the insurance companies to clear the health insurance claims of the patients. According to media reports, now insurance companies will have to process insurance claims within just 3 hours. In an emergency situation, this process will have to be completed within 1 hour. IRDAI says that efforts are being made to make the insurance claim process easy and fast. For this, a master circular related to health insurance products has been issued.

IRDAI has issued a new master circular on 29 May. IRDAI has rejected 55 circulars already issued regarding health insurance products. This new master circular will be implemented in place of all these circulars, in which all the rights of the policy holder have been put in one place.

What changes will happen with the new circular?

With the implementation of the new circular, now no patient will have to wait for the insurance company to process the insurance claim to be discharged from the hospital. The insurance company will have to process it and give final authorization within 3 hours of the claim being made.

If a patient's insurance claim is not processed within 3 hours, then the insurance company will have to bear all the additional expenses of his stay in the hospital. This will be a fine imposed on the company in a way.If a patient dies during treatment, then the insurance company will have to immediately process the claim made by his family so that the body can be released from the hospital as soon as possible.IRDAI has ordered health insurance companies to make their cashless claim settlement ratio 100%. Especially in emergency situations, the company will have to complete the process and give authorization within 1 hour.

When will the new circular be implemented?

IRDAI's new circular will come into effect from July 1, 2024. The insurance regulator has ordered insurance companies to make all necessary arrangements before this date, which also includes a dedicated help desk to help in cashless claims in hospitals.