MUMBAI: Insurance sector regulator IRDAI on Wednesday said it is working with health insurance providers to ensure 100 per cent cashless settlement of medical expense claims as soon as possible.
Currently, the cashless claim process is tiresome and insurers deduct 10 per cent or more from the total billing in the name of consumables and other heads.
Also, most hospitals don't allow cashless admissions even though the insurance product offers such a facility, citing one excuse or another.
Addressing the three-day global fintech festival here on the second day, IRDAI (Insurance Regulatory and Development Authority of India) chairman Debasish Panda said the regulator is working with health insurers and the national health authority and also the insurance council to roll out 100 per cent cashless claim settlements as soon as possible.
However, he didn't give any time frame.
IRDAI is also working closely with the Insurance Council and the National Health Authority to onboard more hospitals onto the National Health Exchange for this, he said.
Panda said the regulator is working with insurers to facilitate better and affordable pricing of health insurance for the elderly, which, he said, is an area of critical concern now as current pricing makes mediclaim policies beyond the reach of most of the elderly.
On the drive for 'insurance for all' by 2047 when the nation will be celebrating a century of independence, Panda said, "We should work for achieving the target much before the date."