38.6c New Delhi, India, Friday, March 29, 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

arvind-kejriwals-plea-for-interim-release-rejected-by-delhi-high-court
Trending Judiciary
Arvind Kejriwal's plea for interim release rejected by Delhi High Court [Read Order]

Delhi High Court rejects Arvind Kejriwal's plea for interim release in money laundering case related to liquor policy scam, pending ED's response.

28 March, 2024 10:50 AM
youtuber-strings-plea-against-youtube-accounts-suspension-andhra-pradesh-hc-issues-notice-to-centre-google
Trending Top Stories
BREAKING: Youtuber String’s plea against Youtube accounts suspension: Andhra Pradesh HC issues notice to Centre, Google

Andhra Pradesh High Court issues notice to the Centre and Google LLC on Youtube journalist String’s plea against suspension of its accounts by Google (which owns Youtube).

28 March, 2024 11:26 AM

TOP STORIES

delhi-liquor-scam-court-remands-arvind-kejriwal-to-ed-custody-till-march-28-read-remand-application
Trending Judiciary
Delhi liquor scam: Court remands Arvind Kejriwal to ED custody till March 28 [Read Order]

Delhi liquor scam: Arvind Kejriwal remanded to ED custody till March 28. Court grants agency permission for interrogation in liquor policy case.

23 March, 2024 11:53 AM
sc-dismisses-centres-plea-for-review-of-judgment-directing-ed-to-furnish-written-grounds-of-arrest-to-pmla-accused
Trending Judiciary
SC dismisses Centre’s plea for review of judgment directing ED to furnish written grounds of arrest to PMLA accused [Read Order]

Supreme Court dismisses Centre's plea, upholds judgment mandating Enforcement Directorate to provide written grounds of arrest in PMLA cases.

23 March, 2024 03:14 PM
kerala-hc-to-hear-lesbian-couples-plea-against-forced-conversion-therapy-on-april-9
Trending Judiciary
Kerala HC to hear lesbian couple’s plea against forced conversion therapy on April 9

Kerala HC will hear a lesbian couple’s plea highlighting that one of them was subjected to forced conversion therapy.

23 March, 2024 03:30 PM
how-can-people-be-compelled-to-vote-madras-hc-asks
Trending Judiciary
“How can people be compelled to vote? Madras HC asks

“How can people be compelled to vote?”, the Madras HC queried in a plea asking employers in Tamil Nadu to demand proof from employees of having voted on polling day.

23 March, 2024 05:04 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email