Health Insurance

HMPV virus in India: Does your health insurance policy cover outbreaks

HMPV is not a new virus and health officials have also advised the public not to panic

Star Health aims to double bancassurance biz to Rs 2K cr in three years

The company currently has over 70 partners in the bancassurance business, including state-owned banks, private banks, and non-banking finance companies

Pre-policy medical tests: Key to transparent coverage & avoiding rejections

Insurers often offer reduced premiums for applicants who pass their medical tests without any significant health concerns. This can lead to substantial savings over time

Health insurance claim denial: Check reasons against policy terms first

Health insurance claims are often denied due to exclusions in policy terms. Buyers frequently overlook the fine print or misinterpret clauses

60% health insurance claimants face discharge delays, want web processing

Sixty per cent of health insurance claimants reported experiencing delays of six to 48 hours between claim approval and hospital discharge, according to a survey by LocalCircls

Health insurers reject claims worth Rs 15,100 crore in FY24: Irdai

In terms of number of claims settled, 72 per cent were settled through third-party administrator and the balance 28 per cent were settled through in-house mechanism

Health insurers disallowed claims worth Rs 15,100 cr during FY24: Irdai

Health insurers disallowed claims worth Rs 15,100 crore or 12.9 per cent of the total claims filed during fiscal 2023-24, according to data released by regulator Irdai. Of the total Rs 1.17 lakh crore claims under health insurance of general as well as standalone health insurers, only Rs 83,493.17 crore or 71.29 per cent were paid during the year ending March 2024. Further, insurers repudiated claims amounting to Rs 10,937.18 crore (9.34 per cent) while outstanding claims totalled Rs 7,584.57 crore (6.48 per cent), said the annual report 2023-24 of Insurance Regulatory and Development Authority of India (Irdai). There were about 3.26 crore health insurance claims during 2023-24 with insurers, of which 2.69 crore (82.46 per cent) claims were settled. Irdai said the average amount paid per claim was Rs 31,086. In terms of number of claims settled, 72 per cent of the claims were settled through TPAs and the balance 28 per cent of the claims were settled through in-house mechanism. I

Health insurance claims rejection up 19.10% in FY24: Irdai report

A claim is rejected or disallowed when an insurance company refuses to process it due to specific issues with its validity

Insurance penetration in India dips to 3.7% despite premium growth: Irdai

Total premiums across all insurance categories reached Rs 11.19 trillion in 2023-24 while insurers paid out Rs 7.66 trillion in claim settlements, Irdai said in its annual report

AB Capital infuse Rs 23 crore into health insurance arm via rights issue

The standalone health insurance company is an associate of Aditya Birla Capital and with this acquisition of the shares through rights issue

We want to grow better than industry, mindful of biz quality: Naveen Jha

Health and motor insurance will continue to be our two most important segments

55th GST Council takes key decisions, defers rate cuts on insurance premium

GST Council addresses disaster levy, clarifies tax exemptions, and revises ITC norms, while deferring insurance premium GST cut and key rate rationalisation decisions

GST Council defers decision to reduce tax on health, life insurance

Bihar's Deputy Chief Minister Samrat Chaudhary said another meeting of the GoM is scheduled for January before the proposal is reintroduced to the GST Council

Steep rise in premium, poor claim experience? Consider porting your policy

Check for loopholes in coverage, like sub-limits, and evaluate whether you need to augment coverage through a super top up policy

GoM proposes GST cuts for health insurance, exemption for term policies

Also recommends reduction of rate on individual health covers from 18% to 5%

Health insurance benefits: Taxpayers' guide to getting income tax rebates

Individuals can claim a tax rebate for health insurance premiums under Section 80D of the Income Tax Act

Star Health & Allied Insurance eyes 18% GWP growth this financial year

Star Health reported an 11 per cent drop in profit after tax (PAT) to Rs 111 crore during the quarter ended September 30, down from Rs 125 crore in the corresponding quarter last year

UnitedHealthcare CEO murder suspect Luigi was an Ivy League graduate

Coming from a privileged background, Luigi Mangione cut ties with family and friends six months before the alleged shooting

Luigi Mangione, accused of killing UnitedHealthcare CEO, finds support online

Brian Thompson's shooting highlights systemic issues in US healthcare: Here's all you need to know with a timeline of events

Health claims rise: Combine base policy, super top-up for high coverage

To combat rising health insurance expenses, an adequate sum insured is essential