IRDAI Asks Insurance Companies to Settle Heath Insurance Claims within Two Hours

The Insurance Regulatory and Development Authority (IRDAI) said in a circular that the pressure on healthcare infra has increased due to Corona. Seeing the need to reduce this, all insurance companies should take a fast decision on health insurance claims.
IRDAI Asks Insurance Companies to Settle Heath Insurance Claims within Two Hours

Insurance sector regulator IRDAI has asked the insurance companies to settle the health insurance claim within two hours. It aims to ease the pressure on the country's healthcare infra due to Corona. The Insurance Regulatory and Development Authority (IRDAI) said in a circular that the pressure on healthcare infra has increased due to Corona. Seeing the need to reduce this, all insurance companies should take a fast decision on health insurance claims.

To ensure that all health insurance claims are settled swiftly, insurance companies will follow the deadline. The circular states, "The network hospital will have to inform the decision regarding the cashless treatment within two hours of the request letter coming and the last necessary information from the hospital to the insurance company or TPA (Third Party Administrator)."

A similar step would have to be taken during discharge from the hospital. IRDAI has asked all general and health insurance companies (except ECGC and AIC) to issue necessary guidelines in this regard to the concerned TPA.

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