The insurance sector regulator, IRDAI, announced on September 06, 2023, that it is collaborating with health insurance providers to achieve a goal of 100 per cent cashless settlement for medical expense claims as quickly as possible as reported in the Times of India.
Presently, the cashless claim process can be cumbersome, with insurers deducting 10 per cent or more from the total billing under categories like consumables and other expenses.
Furthermore, a majority of hospitals decline cashless admissions, despite insurance policies offering this feature, often providing various excuses.
Speaking on the second day of the three-day global fintech festival, IRDAI Chairman Debasish Panda stated that the regulator is collaborating with health insurers, the National Health Authority, and the Insurance Council to expedite the implementation of 100 per cent cashless claim settlements. Nevertheless, he refrained from providing a specific timeframe.
Panda said, “IRDAI is also working closely with the Insurance Council and the National Health Authority to onboard more hospitals onto the National Health Exchange for this.” He mentioned that the regulator is collaborating with insurers to enable more favourable and cost-effective pricing for health insurance tailored to the elderly. He emphasized that this is currently a matter of significant concern, as the existing pricing often renders mediclaim policies unaffordable for most elderly individuals.
Regarding the “Insurance for All” initiative, aimed at achieving universal coverage by 2047 when the nation commemorates a century of independence, Panda stated, “We should strive to reach this goal well in advance of the target date”.