Health Insurance Update: Get Cashless Treatment in 1 Hour – Know Your Benefits

People are always worried about the cost of health. From the lower class to the middle class, everyone is worried. That is why they rely on medical insurance. But many people face problems with that too. To reduce this problem, insurance regulator IRDAI has now given good news. On Wednesday, they issued a master circular on health insurance. It has been said that the insurance company will have to decide within an hour of the application whether cashless benefits will be available under health insurance. In addition, the insurance company will have to decide on approval within just 3 hours of the patient’s request for discharge.

According to PTI sources, 55 previous notifications have been withdrawn in the master circular regarding health insurance. It is believed that this initiative is being taken to facilitate the policy holders. The biggest change in this master circular has been made regarding the claim process.

In case of death of the policyholder, the insurance company should complete the documents and settle the claim as soon as possible. So that the family gets the body immediately. This has been informed through this master circular.

Also read –Mahindra New SUVs 2026-27 – Big SUV plan ready with Scorpio N Facelift, Thar Facelift, Thar EV and Vision S

It has also been informed that all the companies should take quick steps to ensure that 100 percent cashless treatment facility is available for settlement in all cases. In emergency situations, a decision on their approval should be taken within an hour. IRDA has set a deadline of July 31, 2024 for insurance companies to comply with these rules. Insurance companies will also have to set up help desks inside the hospital.

According to PTI sources, if there is any claim during the policy period, the insurance company will have to give the policyholder the benefit of No Claim Bonus. Either by increasing the Sum Insured or by giving a discount on the premium amount.

See also –KCC Scheme Update: RBI Takes Big Step, Scope of Kisan Credit Card Set to Expand

Document-related issues: Many times, the policyholder has to submit various necessary documents to avail the insurance benefits – due to which many times there are allegations of harassment by the patient’s family. The master circular states that in case of claim settlement, the policyholder will not have to rush to submit documents. Rather, the insurance company or TPA will collect the documents from the hospital.

A specific time limit is being set for all the work of this insurance. If the work is not done even after that time limit is exceeded, then the insurance company will have to pay a penalty to the policyholder for that.

IRDA has directed all insurance companies to launch health insurance products with all the benefits. Insurance companies will have to provide customer information sheets with the policy. If there are multiple policies, the customer will also have the freedom to choose. It has also been informed that those who cancel the policy midway will have to return the money to the company.