Being the first hospital chain in India to start its own insurance business, Narayana Health, under the direction of Dr. Devi Shetty, has generated headlines. The new insurance policy, which offers coverage of up to ₹1 crore at a cheap price, is specifically designed for senior persons. This plan differs from many other insurance now available on the market in that it will cover pre-existing conditions following a comprehensive health screening.
Narayana Hrudayalaya performs about 15% of cardiac surgeries in India, with a noteworthy 30% of these procedures involving elderly patients. Dr. Shetty stresses that it’s critical to include those who have had angioplasties or cardiac operations in the past. The program also seeks to increase the insurance limits of those who are already covered from ₹5 lakh to ₹1 crore by providing top-up coverage.
Recent advances in the insurance industry in India are partially attributable to favorable regulatory changes. Policybazaar’s Amit Chhabra emphasizes that the creation of high sum insured categories, like as the ₹1 crore option, can assist families in coping with the growing medical inflation rate, which is currently at 14%—nearly twice the rate of general inflation. To better serve their customers, major insurers have begun implementing these advances.
In spite of the government’s talks of lowering the GST on health insurance, Dr. Shetty contends that a tax-free model would increase access to health insurance. He points out that there is a lack of trust between the three main parties involved in the healthcare delivery system—hospitals, insurance providers, and patients—and advocates for systemic change to promote trust.
Aditi, the flagship insurance product of Narayana Health, provides family coverage for a yearly fee of ₹10,000, covering ₹5 lakh for treatments within its network and ₹1 crore for surgeries. Aditi will soon be extended to Bengaluru, Kolkata, and New Delhi after being launched in Mysuru. Its initial phase aims to serve 1 to 2 lakh people.
Despite the new policy’s promise, there are still issues. Many health insurance plans have waiting periods, which could be problematic if underwriting isn’t done thoroughly, according to Pankaj Nawani, CEO of CarePal Secure. In order to simplify routine check-ups and screenings for disorders like silent ischemia, Dr. Shetty mentions the construction of a 15,000 square foot advanced screening center as an example of the need of preventative healthcare.
All things considered, Narayana Health is making excellent progress in addressing the healthcare requirements of elderly persons, pushing for more accessibility in the healthcare system and advancing insurance innovation.
SOURCE :
TIMES OF INDIA