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Indian Consumers Should Be Alert to Changes Introduced Bv Insurance Firms
October 30, 2007 at 11:45 AM
Health Insurance News
With the beginning of the free price regime from January, insurers are no longer subsidising health insurance covers of corporates to secure their more profitable fire (property) insurance policies. All portfolios now have to be priced independently.
It is a common complaint among insurers that hospitals overcharge when a patient is covered by health insurance. Until last year, insurers have seen adverse claims ratios of as much as 250 per cent which they have managed to bring down to 130-150 per cent by increasing the premium for group covers.
Earlier, the premium rates had not really kept pace with the health inflation or the claims ratios, said Dr Sandeep Dadia, Director, Enam Insurance Broker.
Insurers have also begun restricting the hospital network that can be accessed under the policy.
Insurers may put in a predetermined list of say 20 hospitals in a city like Bangalore, where employees will be covered for their treatments. For the first time, corporates are directly negotiating with hospitals for a better bargain just like they do with other vendors, said Rao. In some cases, corporates are also choosing a co-payment structure where the employee foots part of the bills.
Sub-limits and co-pay options are introduced as per corporate requirements. It has been a standard practice in the international markets , said an ICICI Lombard official defensively.
Source-Medindia
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