38.6c New Delhi, India, Wednesday, April 17, 2024
Business

24-Hour Hospitalization Will No Longer Be Mandatory for Insurance Claims

By Manthan Pandit      30 June, 2020 04:44 PM      0 Comments
24-Hour Hospitalization Will No Longer Be Mandatory for Insurance Claims

According to insurance experts, the 24-hour hospitalization policy could soon end to reap the benefits under an insurance policy. The insured should, as of now, be admitted to a hospital for at least 24 hours to make use of a claim.

"The coronavirus has brought in a lot of changes in the health insurance sector and this is yet another change to cover treatment at home, we will see in the coming months," says Amit Chhabra, head- health insurance for Policybazaar.

"This is a welcome move and will not only increase the health insurance penetration in India but will also reduce the burdens on hospitals. This move is also beneficial for the insurers as covering home treatment will reduce the hospital stays which will eventually bring down the overall claims," he added.

There are other big changes taking place in the industry such as the introduction of new security devices, consumers beginning to find comfort in purchasing goods online, and others.

Given the extraordinary situation prevailing in the country, the government and insurance regulator have also announced several relaxations for customers.

Several insurance firms released different products related to coronavirus. Consumers now have more options with that when it comes to buying a health plan. One can either opt for a standalone healthcare plan or buy a full one.

Technical reasons behind 24HR Hospitalization: (First-person based Approach)

  1. It is the condition of all the Health Insurance policies in India to have 24 hours hospitalization. This is because the policy is meant for taking care of the hospitalization expenses incurred by you in treating yourself or your family members. It is not meant for taking treatments at home.
  2. Almost all the policies have a clause called,” Domiciliary Hospitalization” - meaning taking treatment at home subject to certain conditions. And this coverage is for a limited amount - a percentage of the overall sum insured.
  3. Due to the advancement of technology, for many medical conditions, one-day hospitalization is not required - as within 1 day the patient can be discharged. This is also covered. 

The point because the Health Insurance policy is a reimbursement-based policy (even if it is cashless), there needs to be traceability of the medical condition, its treatment, and the related expenses. 

According to the Indian insurance industry, the recent move by the Insurance Regulatory and Development Authority of India (IRDAI) to include home care for COVID-19 patients with mild symptoms in the standard COVID-19 health insurance cover could turn out to be a game-changer for the Indian health insurance.

Following the new guidelines by the IRDAI, an increasing number of insurance companies are now looking to provide cover to COVID-19 patients being treated at home. This is largely because COVID-19 patients with mild symptoms are being encouraged to stay home so that they don’t strain the already stretched infrastructure at hospitals. 

This move was supported by a lot of corporate tycoons and proved to be an excellent move to cope up with the rapid changes caused due to the Coronavirus Pandemic.



Share this article:



Leave a feedback about this
TRENDING NEWS

to-uphold-presumption-of-guilt-under-section-29-pocso-act-foundational-facts-must-be-proved-reiterates-delhi-hc
Trending Judiciary
To uphold presumption of guilt under Section 29 POCSO Act, foundational facts must be proved, reiterates Delhi HC [Read Judgment]

Delhi High Court reiterates that to uphold the presumption of guilt under Section 29 of the POCSO Act, the prosecution must prove the ‘foundational facts’ beyond reasonable doubt.

16 April, 2024 12:54 PM
baba-ramdev-acharya-balkrishna-offer-to-make-public-apology-in-sc-for-misleading-advertisements
Trending Judiciary
Baba Ramdev, Acharya Balkrishna offer to make public apology in SC for misleading advertisements

Baba Ramdev and Acharya Balkrishna offer public apology in SC for misleading ads, court deliberates acceptance.

16 April, 2024 01:57 PM

TOP STORIES

sc-sets-aside-judgment-upholding-arbitral-award-against-dmrc
Trending Business
SC sets aside judgment upholding arbitral award against DMRC [Read Judgment]

Supreme Court overturns arbitral award favoring Reliance Infrastructure subsidiary against DMRC, citing grave miscarriage of justice.

11 April, 2024 11:43 AM
delhi-hc-rejects-third-plea-for-arvind-kejriwals-removal-as-delhi-cm-blasts-petitioner-for-abuse-of-judicial-process
Trending Political NEWS
Delhi HC rejects third plea for Arvind Kejriwal's removal as Delhi CM, blasts petitioner for abuse of judicial process [Read Judgment]

Delhi High Court dismisses the third PIL plea before it seeking Aam Aadmi Party leader Arvind Kejriwal’s removal as Chief Minister of Delhi, imposes Rs. 50,000 cost on petitioner.

11 April, 2024 03:29 PM
use-of-social-media-to-interfere-with-administration-of-justice-needs-serious-consideration-sc
Trending Judiciary
Use of social media to interfere with administration of justice needs serious consideration: SC [Read Judgment]

Supreme Court warns against social media misuse in legal matters, cautions against prejudicial posts interfering with justice.

11 April, 2024 05:44 PM
two-day-conference-on-april-on-technology-and-dialogue-between-sc-and-singapore
Trending Legal Insiders
Two-day conference on April 13-14 on Technology and Dialogue between SC and Singapore

Explore AI's role in law at the India-Singapore Supreme Court conference on technology, enhancing judicial processes and access to justice, April 13-14, 2024.

12 April, 2024 06:16 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email