IRDA given health insurance memorandum by Moneylife Foundation
May 15, 2012
Health insurance is a cause of concern for everyone. There are several issues that need regulatory intervention and direction. IRDA has been handed over a memorandum by Moneylife Foundation highlighting the actions for each consumer concerns
Moneylife Digital Team
The Insurance Regulatory and Development Authority (IRDA) have the task of protecting policyholders and has initiated several steps in this direction. There is always scope for improvement and hence Moneylife foundation decided to meet number of activists, experts, eminent citizens and citizens groups to get their feedback. The issues along with required actions were put in memorandum and given to IRDA on 10 May 2012.
Among the more common issues that citizens face are rising health insurance premium, senior citizens' inability to increase sum insured, mediclaim policies getting restrictive with different caps, increase in the number of claim rejections for frivolous reasons, cashless facility restricted to few hospitals, claims based loading even after decades of no-claims from the policyholder, stringent hospitalisation intimation and claims submission deadlines, poor and delayed grievance redressal, several Third Party Administrator (TPA) issues which has harassed policyholders to no end and lack of control on medical charges of hospitals and consultants.
Moneylife Foundation is analysed and collated these issues and put them in a memorandum and given to IRDA. A copy of this memorandum is uploaded here.