Average cost of health insurance claims in India is Rs 42,000!! Check it out!

Average cost of health insurance claims in India is Rs 42,000!! Check it out!

The average cost of health insurance claims in India has been a topic of discussion and concern for many individuals and insurance providers. A recent research report by SecureNow, titled ‘Reimbursement Health Insurance Claims,’ sheds light on some significant findings in this regard.SecureNow’s analysis included a comprehensive study of 3,846 health insurance claims filed through the reimbursement process, rather than the cashless process. These claims were submitted by individuals from different regions of the country and covered a wide range of insurers, family members, and both external and internal TPAs.

Average cost of health insurance claims in India is Rs 42,000!! Check it out!
Average cost of health insurance claims in India is Rs 42,000!! Check it out!

One of the key findings of the report is that the average cost of health insurance claims in India is approximately Rs 42,000. While this figure may seem manageable for some, it is important to note that 15% of these claims exceeded Rs 1 lakh. This indicates that a substantial portion of claimants face significant expenses when it comes to their healthcare needs.

Importance of policyholders

  • The finding highlights the importance for both policyholders and insurance providers to consider potential high-cost scenarios when designing coverage options.
  • Hospitalizations that exceed five days and cost over Rs 5 lakh are some examples of such scenarios. By taking into account these possibilities, insurance providers can offer comprehensive coverage options that meet the needs of their policyholders and provide financial security during difficult times.
  • In addition to the cost of health insurance claims, the report also delves into other important aspects of the claim settlement process in India. It discusses hospitalization duration, claim costs, and settlement rates, providing valuable insights for stakeholders in the insurance industry.

Study regarding health insurance

  1. The study examined 3,846 health insurance claims filed through the reimbursement process, as opposed to cashless claims. These claims were geographically diverse, spanning different regions of India.
  2. Additionally, they involved various kinds of insurers, family members, and both external and internal third-party administrators (TPAs). This comprehensive approach ensured a well-rounded understanding of the health insurance landscape in the country.
  3. The research report brings to light the challenges faced by policyholders and insurance providers alike. It not only highlights the financial implications of health insurance claims but also draws attention to the importance of considering potential high-cost scenarios.

How to choose the best health insurance policy with restoration benefits!!

The average cost of health insurance claims in India is Rs 42,000, with 15% of these claims exceeding Rs 1 lakh. This research report by SecureNow provides valuable insights into the reimbursement process, shedding light on claim costs, settlement rates, and the overall efficiency of the claim settlement process. It serves as a reminder for policyholders and insurance providers to carefully consider coverage options, taking into account potential high-cost scenarios.

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