Hyderabad: With consumables such as PPE kit, gloves, masks, facial shields and sanitisers that add medical bills in Covid-19 times, some health insurance players now begin to floating health insurance plans that include goods closed until now.
According to Amit Chhabra, head, health insurance, policebazaar.com, data by policybazaar.com suggested that if consumers have a policy that includes consumables, the claim payment ratio is 11% higher than those who do not have it.
Bhabatosh Mishra, Guarantee Guarantees Director, Products & Claims in Max Bupa Health Insurance, explained that the regulator has a list of unpaid items specified by the standard.
It contains items such as consumption gloves, nebulisasi kits and oxygen masks, which are not paid.
“Since the pandemic, the burden of goods that cannot be paid in the form of out-of-pocket costs is substantially.
Reduction in claims is one of the big factors for customer dissatisfaction.
Thus, we overcome this problem under convincing our superior products.
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for the nominal premium it protects claims by paying for goods that cannot be paid, as defined by the regulator, “he said.
He added that after receiving a positive response to the feature, insurance companies have now extended these motorists with existing products also giving customers options to add this feature to their plans.
Chhabra added that during the pre-covid period, this consumables used to form around 2-3% of the total medical bill but now it has gone anywhere up to 15-18%.
“The percentage of payment of claims has been reduced for insurance companies because this and until last year there were no plans where consumables were included in insurance products but in the past year, there have been several products where consumables are also borne,” he added.
An industrial expert shows that more insurance companies are expected to follow suits in the coming days and even in the post-covid world, this trend is expected to continue.
Even Anesh Das, Head (product strategy), Acko insurance, shows that the company will launch their health insurance products for individuals in the coming days which will include also consumables.
He said his group policy included this feature but before Covid-19 hit, very few people used to choose it.
However, now the number of higher people has started using features in the past year, he added.
DAS said the average, customers pay 10-12% of their premiums to get consumables covered by group policies and vary based on insured amount.