While the regulations have been tweaked, many are interpreting it to mean a mandate from the regulator to ensure that those over 65 are not denied health insurance. Sources told TOI without mandating detailed norms, Irdai is going to monitor how companies are going to respond to the new regulations issued recently.
Earlier, individuals were restricted to purchasing new insurance policies only until the age of 65. However, after the recent changes that have come into effect from April 01, 2024, anyone, regardless of age, is eligible to purchase a new health insurance.
Fund managers bought shares of pharma and healthcare companies in March as they believe the domestic pharma market is expected to grow by 12-14 per cent led by new product launches, exports, and strong growth in the chronic segment.
Technology plays a crucial role in solving the issues of awareness and accessibilty. With the help of artificial intelligence, complex policy terms are made easier to understand. Most major insurance companies now offer user-friendly mobile apps, which let you manage your policies anytime, anywhere – right from your phone. In just a few clicks, one can buy a new policy, renew an existing one, or even make changes to the coverage. Furthermore, with the integration of AI and machine learning algorithms, insurers can now assess claims much faster and more accurately.
At least 20 million lower-income Americans have lost their federal health insurance since the provision that kept states from disenrolling people during COVID-19 ended in March 2023, according to KFF's unwinding tracker. That's more than the Biden administration's initial projection of 15 million people.
The general insurance industry recorded an annual premium of close to Rs 2.9 lakh crore for FY24, marking a 13% rise from the previous fiscal year's Rs 2.6 lakh crore. Similarly, the five standalone health insurance companies saw a significant 26.2% increase in total premium, climbing from Rs 26,243 crore to Rs 33,115 crore during the same period. These statistics are based on preliminary data released by the council.
The court passed the order after perusing the affidavit filed by the Ayush Ministry which stated that it was coordinating with the Health Ministry to take steps to include Indian healthcare system under the Pradhan Mantri Jan Arogya Yojana (PM-JAY).
The health insurance comparison experts studied the average monthly global online search volume of 18 countries for key cosmetic, organ and dental-related surgeries. Turkey had the most interest by attracting a combined average of 28,540 overseas searches per month.
The relentless growth in medical technology and innovation has undoubtedly improved patient outcomes, but it comes at a cost. Cutting-edge treatments and diagnostic tools often have a hefty price tag, contributing significantly to the growing expenses in the healthcare sector. Additionally, the pharmaceutical industry, driven by research and development, is witnessing rising costs of drug production. As a result, India has recorded one of the highest medical inflation rates in Asia, reaching up to 14%.
Brand Connect Initiative
Specifically designed for students in the 12-40 age bracket currently pursuing higher education abroad or aspiring to do so, the global student healthcare plan offers comprehensive coverage. HDFC Life International, operating from its Gift City IFSC unit, is presenting this groundbreaking initiative. This unit is the first overseas branch of HDFC International Life and Re, a life and health reinsurer based in DIFC, Dubai.
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