The recently established Health Insurance Forum has undergone a drastic change. The forum is supposed to recommend capping of fees charged by hospitals from patients having health insurance policies. The Health Insurance Forum was previously constituted by the insurance regulator of India in order to facilitate evolution of policies as well as processes prevailing in the Indian health insurance sector. The forum is now planning to bring about far-reaching variations. One of the best examples here is the proposal for capping the increased rate of premiums during claims renewals. Moreover, life insurance companies must issue policies holding tenure of at least 5 years. When it comes to portability, the industry is emphasizing about standardizing phrasing in conjunction with a data-exchange instrument to control scams.
Capping of premium and cover for medical treatment expenses are the main points discussed in the preliminary meetings. The participants want to make sure that these recommendations are in place by the following year. However, these are wide-ranging points, and it would take some prior to creating new regulations.
The fees charged by hospitals would be capped as per the disease type and category of hospital. This is targeted towards reducing medical charges for the insured. This is an attempt to help citizens of India to avoid suffering from various problems related to overcharging of treatments and medications. This is known to be the cashless mediclaim policy facility.
The Insurance Regulatory and Development Authority have certified portability of health insurance policies, allowing customers to change insurers without losing policy benefits. However, the scheme is yet to pick up, as there is concern regarding data exchanges between insurers. Keeping this in mind, the forum favours a standardised policy wording.