Corporates may have to shell out more for group health insurance premiums
January 12, 2016
Regulator IRDA to crack the whip on heavy discounts Corporates may have to shell out 10-15 per cent more for group health insurance premiums from next year as the insurance regulator is planning to crack down on insurers offering heavy discounts. Insurers usually offer discounts to corporates and subsidise it by imposing higher premiums on retail policies. TS Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA), said the regulator has collected data on group health insurance policies from insurers and asked them to justify the cost to determine if they are treating individual and group customers at par. Activist Gaurang Damani, who has filed a public interest litigation (PIL) in the Bombay High Court seeking transparency in health insurance, said
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Insurers Negotiate with Hospitals to bring down Rates
January 12, 2016
Work out package deals for cashless claims of patients Even as healthcare costs keep rising year after year, health insurers have managed to bring down medical inflation rates by half on policies settled via the cashless route. It has achieved this through negotiating predefined rates with hospitals on major surgical procedures. For instance, for appendicitis surgery, if the rack rate is about Rs.30,000, a patient with a cashless package could be charged Rs.25,000. Under the cashless facility, the health insurance company settles the bill directly with the network hospital, unlike reimbursement policies where the policyholder first pays for the medical expenses from his pocket and later gets reimbursed by the insurer. Amit Bhandari, Head – Health Underwriting and Claims, ICICI
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Why Insuring your home is a sensible policy
November 30, 2015
People who have learnt the importance of a home insurance policy the hard way share their experiences with Rajalakshmi Nirmal Busy renovating your home ahead of Diwali? Why don’t you get papers ready for home insurance too? You love your home — from the designer furniture in the living room, to the art work on your bedroom wall and your son’s expensive electronics, don’t you? But it takes just a spark from a Diwali cracker or an electric short-circuit to damage these prized possessions irreparably. Sabh shubh hoga, don’t worry. But it is not a bad idea to spend a few thousand rupees to buy an insurance cover for the home that is dear to you. Home insurance policies cover
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Five steps to the right health insurance
November 26, 2015
Opt for a cover from an insurer with good track record One out of every four Indians is at risk of dying from a non-communicable lifestyle disease, such as diabetes, cardio-vascular ailments or cancer, before the age of 70. To add to this, health costs in India are soaring. The way out: make sure you sign up for a health insurance plan that takes care of rising health costs and sudden emergencies. Here are five essential tips to keep in mind while buying health insurance. Identify your need Health risks and insurance needs differ depending on age, area of residence, gender, family history of illness, work life, family life and diet. For instance, individuals who spend long hours at a
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Health cover – hunt for better options
August 26, 2015
With rising premiums, it’s time to look at ways of reducing your insurance costs Health insurance policies have become expensive. After the 2013 regulations, when IRDAI made life-long renewal in health policies compulsory and barred insurers from loading on renewal premium of individuals after a claim, health insurers have revised premium rates. In some cases, premiums have gone up by 20-25 per cent. While the new regulations are welcome, many policyholders are not able to cope with the higher premium costs Discontinuing the policy will not be wise. Here are some suggestions to lower your insurance costs: Port to another insurer If you do not want to continue with your old policy, you can switch to another insurer. Regulations allow
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