IRDAI has advised health insurance providers to take appropriate steps to ensure that claims are resolved in accordance with the terms and conditions of the policy.
As no specific medication was available to treat Covid-19 patients, after trying various antibiotics, doctors began to administer “antibody cocktail therapy” to treat these patients. As therapy first began on an experimental basis, many health insurance companies either refused claims for such treatments or deducted the cost of the cocktail of antibodies (mainly containing casirivimab and imdevimab).
However, the Central Drugs Standard Control Organization (CDSCO) granted emergency use authorization (EUA) for the use of antibody cocktail (Casirivimab and Imdevimab) in May 2021 in our country.
Thus, after having encountered cases of denial of claim and / or deduction of expenses incurred for the treatment “Antibody Cocktail Therapy” for Covid-19, on the pretext that said therapy is an experimental treatment, the Indian Regulatory Authority and Insurance Development (IRDAI) has advised health insurance providers to review denied claims / deductions made in those claims and take appropriate action to ensure that claims are resolved in accordance with the terms and conditions of the policy.
The insurance regulator has also asked health insurance companies to put in place effective claims settlement procedures to update developments / approvals given by the relevant authorities so that all claims are resolved in accordance with the terms and conditions.
As a result, health insurance companies would no longer be able to deny claims or deduct charges for “antibody cocktail therapy” used to treat Covid patients.
Also at the start of the pandemic, IRDAI strongly attacked health insurance providers after it began to refuse claims related to Covid-19, citing its pandemic status.
The insurance regulator not only asked health insurers to settle claims related to Covid-19, but also asked insurers to issue two Covid-specific insurance products with standard features.
As a result, health insurance companies launched Corona Kavach and Corona Rakshak policies to provide widespread insurance coverage against Covid-19 at a cheaper rate compared to a separate health insurance policy. whole.
Financial Express is now on Telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.
–
