Insurance companies will decide on treatment claims

The Insurance Regulatory and Development Authority (IRDA) has issued necessary guidelines for insurance companies and claims related cases in view of the rising outbreak of Coronavirus. 

Health-insurance

Under this, insurance companies will have to settle the claim application for treatment of corona within two hours. So that the suffering patient does not have trouble.

In fact, IRDA has instructed all health insurance companies to take a decision on cashless treatment in coronavirus epidemic and request for a final discharge from the hospital within two hours. IRDA has issued new and important criteria for immediate settlement of general and health insurance. This does not bother the insured patient.

IRDA has also said that on receipt of the final bill or discharge from the hospital, the insurers will have to inform the patient and the hospital about their decision within two hours. Insurers have been asked to issue necessary guidelines for their third party administrators.

In March, IRDA had also directed insurers to settle the claims of Corona patients immediately and prioritized. IRDA said that the insurers should put in place a mechanism and procedure for settling claims, which should be active for 24 hours.

Explain that in view of the lockdown implemented across the country, the Finance Ministry recently extended the renewal date of health and auto insurance to 15 May. So that insurance policyholders do not have to suffer the inconvenience.

This means that if the renewal date of your policy is between 25 March to 3 May, then that policy will now be considered valid till 15 May. However, whether or not this period will extend further will depend on the lockdown period.

Claim committee will review

IRDA had said in a circular issued on March 4, 2020, that all existing indemnity-based health insurance policies that provide hospitalization cover should also provide the same cover for corona cases.

Disposal of medical expenses admissible for the treatment of coronavirus should be made according to the terms and conditions of the current policy agreement. Including time to stay in Quarantine. The claim cannot be denied without a comprehensive review by the Claim Committee.

Arogya Sanjeevani Policy: Low Premium

IRDA's standard health insurance policy provides 29 health and general insurance companies across the country to Arogya Sanjivani. On giving this policy, its name will be accompanied by the name of the company. It will have all the standard facilities and the premium will also be lower. Under this, coverage will be given on hospitalization for corona related treatment.

You can also read some of the popular posts here :


How to get benefits from EPFO in 2020 amidst corona crisis?
Initiative to curb falling oil price | Production to be cut by 20 million barrels

How much loss you are incurring during the EMI Period? Read Details

I hope you have enjoyed reading this article about how Insurance companies will decide on treatment claims. If you like my work, please share it with your friends, family and relatives. You can also follow me on social media sites like Facebook and Instagram.