The Insurance Regulatory and Development Authority of India (IRDAI) has rolled out a game-changing decision: insurance companies should now settle cashless claims cases within three hours or less. Yes, you heard that right! If there is an emergency, they should settle claims within 60 minutes. This quick decision is expected to cut down on the frustrating delays that are experienced by patients during hospital discharges.
No More Waiting Around
Delays in claim settlements by insurers or third-party administrators (TPAs) have been a headache for patients and their families. In any case, if insurers miss the three-hour window, they’ll need to cover all the additional medical charges from their shareholder’s funds. This new rule is set to bring genuinely necessary relief and guarantee quick assistance.
Prompt Actions In Emergency
In the unfortunate occasion that a policyholder dies during treatment, the backup plan is presently expected to quickly deal with the case. They should likewise guarantee the prompt release of the body from the hospital. This compassionate move is intended to ease pressure during troublesome times.
Insurers Should Be Prepared By July 2024
Insurance companies have until July 31, 2024, to set up these new procedures. This recalls setting up dedicated help desks for hospitals to help with cashless case demands, guaranteeing smoother and quicker handling.
More Choices For Policyholders
Yet, that is not all! Insurance plans should likewise offer a more extensive scope of products, add-ons, and riders to take special care of any age, region, occupational category, and medical condition. This implies more choices for you while picking your medical insurance.
No Claim Bonus Rewards
Have you gone an entire policy period without making a claim? Insurers could compensate you! You could get a No Claim Bonus (NCB) by either increasing your sum insured or getting a discount on your premium.
Easy Policy Cancellations And Refunds
Thinking about canceling your policy? Don’t worry about it. If you decide to drop whenever you’re qualified for a refund of the premium for the leftover policy. With these new rules, IRDAI expects to have more trust and guarantee that medical insurance isn’t simply a security net but a hassle-issue-free experience.
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