In today's time, health insurance has become a necessity. Due to increasing hospital treatment expenses, the number of people purchasing health insurance is continuously increasing. However, it is not that their problems are ending by taking health insurance. Insurance companies are creating a lot of trouble in paying claims, this information has been found in a survey. According to the survey, about 43 percent of health insurance policyholders have faced difficulties in getting their claims settled in the last three years. The survey, conducted among over 39,000 people across 302 districts across the country, revealed that policyholders faced challenges like denial of claims, partial approval and long time taken for their settlement.

93 percent in favor of change in rules

Most of the 93 percent participants surveyed by the survey organization 'LocalCircles' advocated changes on the regulatory front to avoid this situation. Also included is a demand to make it mandatory for insurance companies to disclose detailed claims and policy cancellation data on their websites every month. Despite some interventions by the Insurance Regulatory and Development Authority of India (IRDAI), consumers are struggling with insurance companies to receive their health claims, LocalCircles said in the statement. It also mentioned problems like denial of health insurance claims by the insurance company and cancellation of policies. Many times insurance companies approve only a partial amount instead of the entire claim amount.

Need to bring the elderly under health insurance coverage

India ranks lowest among Asia-Pacific countries in terms of health insurance for the elderly and needs universal health insurance coverage to meet the needs of the rapidly growing population and sustain the pace of growth. This has been said in a report. The Asian Development Bank (ADB) said in a report titled 'Aging Well in Asia' released on Thursday that South Korea and Thailand have achieved universal health coverage, while many countries including India are lagging behind. Health insurance penetration among older people in these countries is lowest at 21 percent.

Age restriction removed on insurance product

With a view to broaden the market and promote adequate protection from health care expenses, insurance regulator IRDAI has removed the age limit of 65 years for individuals purchasing a health insurance policy. By eliminating the maximum age restriction on purchasing health insurance plans, the Insurance Regulatory and Development Authority of India (Irdai) aims to promote a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against unexpected medical expenses. As per earlier guidelines, individuals were allowed to buy new insurance policies only up to the age of 65 years.