Health insurance premiums are steadily rising, putting a strain on the common man's pockets. Now, the government is preparing to intervene. According to ET, the government has begun discussions with the Insurance Regulatory and Development Authority (IRDA), senior industry officials, and hospital groups on this issue. An official stated that some suggestions have been submitted to IRDA, and the regulator will now make the final decision.

What are the plans?

The official says that to control the skyrocketing health insurance premiums, the government is considering taking strict measures, such as setting a premium cap on insurance companies. Disclosure rules are also being tightened. The government also wants to reduce insurance companies' management costs. This could include capping agent commissions, which would reduce company costs and benefit customers. To prevent delays and irregularities in the claims process, the government is promoting the National Health Claims Exchange. It aims to make the entire claim process digital, fast, and easy, so that customers don't face any hassles. The government is closely monitoring whether insurance companies are passing on the benefits of the GST reduction to policyholders.

Why are premiums so expensive?

Indeed, medical costs in India are rapidly increasing. The use of expensive equipment and technology for treatment in hospitals has increased. Insurance companies allege that hospitals often overstate bills. This increases the burden on insurance companies, forcing them to charge higher premiums to customers. Hospitals say that insurance companies either delay claims or make unnecessary deductions.

Why are common people worried?

The common man is troubled by the arbitrary behavior of insurance companies and hospitals. When it comes to filing claims, they often receive less than expected or face significant difficulties in claim settlement. According to an Aon report, medical inflation in India is projected to rise to 11.5% by 2026. This is higher than the global average of 9.8%.

Disclaimer: This content has been sourced and edited from Navbharat Times. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.