The Indian insurance regulator IRDAI has allowed non-life insurers to offer "homecare/domiciliary treatment" or treatment at home as an add on cover afresh or to their existing policies.
In a circular to all non-life insurers including standalone health insurers, the Insurance Regulatory and Development Authority of India (IRDAI) has said companies have to file their products with it, if home treatment is offered as an add-on cover.
According to IRDAI, homecare treatment is one taken at home for an ailment that normally needs hospitalisation provided that a medical practitioner advises the insured home treatment; there is a continuous active line of treatment with the health status of the insured monitored daily by a medical practitioner during the duration of home treatment; and that records of daily monitoring of the insured patient and the treatment given are recorded and signed by a medical practitioner
Norms for settlement of claims should be mentioned in the policy document and prospectus, it said.
IRDAI said that insurers can offer the cover to their existing policyholders by charging an additional premium for the residual period of time.
Reacting to the development, Liberty General Insurance Ltd's CEO and Whole Time Director Roopam Asthana told IANS that the "add-on cover has to be priced right taking into account the data and possible scenarios".
Though the insurers will save on huge daily hospital room charges, the doctor and nurse fee may be on slightly on the higher side then what a hospital charges.
Industry officials told IANS the add-on cover would have been beneficial when Covid-19 pandemic was at its peak and hospital beds were not available, but now the situation is not that serious.
However, it is also true that how the pandemic will pan out in the future is not known.
A senior industry official, who preferred anonymity, told IANS that the coverage should be priced taking into account payments made towards renting hospital beds and other medical equipment that are normally used in a hospital room.
--IANS
vj/vd
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU