Skip to main content

New Health Insurance Rule: AYUSH treatment

AYUSH (Ayurveda, Yoga, Unani, Siddha and Homeopathy) therapies have become a well-established field of medicine in recent decades, owing to their increasing popularity. However, in India not many health insurance companies provide cover for AYUSH treatments. To fix this, the Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to amend all existing policies and make AYUSH treatment coverage to be at par with other treatments.

 

“Considering the growing demand for AYUSH treatments, there is a need to consider these treatments at par with other treatments,” stated IRDAI in a circular dated January 31, 2024.

 

What is AYUSH treatment

According to the General Insurance website, “AYUSH stands for Ayurveda, Yoga, Unani, Siddha and Homeopathy. Under the AYUSH the person can get cover for any of these treatments which are the alternates of allopathic sciences. AYUSH is the part of the government and for its development, AYUSH ministry was formed. It was formed to look after the development of AYUSH sciences as prevalent medicine technique. Despite a lot of efforts by Government still, the rural and urban both households are more inclined towards the allopathic treatment.”

 

AYUSH Treatments at par with other treatments: IRDAI

IRDAI has recommended that all insurers adhere to the following, and these will come into force from April 1, 2024.

 

In order to give policyholders the freedom to select the treatment of their choice, insurers must have a Board-approved policy for offering AYUSH coverage. This policy must, among other things, outline how the insurer plans to treat AYUSH treatments on par with other treatments for the purposes of health insurance.

Insurers shall modify their existing products that contain limitations for AYUSH Treatments and ensure compliance with the directions.

 

Policy for quality parameters
The policy shall contain the quality parameters as well as procedure for enrolling AYUSH Hospitals/Day Care Centers as network providers for the purpose of providing cashless facility.

Standard Operating Procedures
Insurers shall have adequate controls as well as Standard Operating Procedures(SOP) for –

· enrolling hospitals into their network;

· placing necessary clauses in their health services agreements with AYUSH Hospitals/ Day Care Centers;

· standard treatment protocols

· dealing with the possible frauds and abuse of the system, if any.

 

The Inclusions

You can file a claim for the following expenses under the AYUSH treatment cover:

· AYUSH treatment expenses incurred at government hospitals accredited by the National Accreditation Board of Health (NABH) or the Quality Council of India (QCI).

· Expenses incurred during an in–patient treatment at NABH and QCI–accredited facilities offering therapies like Ayurveda, Yoga, Unani, Siddha, and Homeopathy.

· The costs associated with enrolment fees you pay as a policyholder to Yoga institutes within your state as a part of your preventive wellness”
Labels:

Comments

Post a Comment

Popular posts from this blog

Banking Norms

 What is IFSC ? IFSC stands for Indian Financial System Code. It is a 11-digit alpha-numeric code that uniquely identifies a bank branch participating in any RBI regulated funds transfer system. The IFSC code helps to transfer money using RTGS, NEFT or IMPS method. The first 4 digits of the IFSC represent the bank and last 6 characters represent the branch. The 5th character is zero.   What is MICR ? MICR is an acronym for Magnetic Ink Character Recognition which is a technology used in the banking industry in printing the MICR codes. A MICR code is a 9-digit code that uniquely identifies a bank and a branch participating in an Electronic Clearing System (ECS). The first 3 digit of the code represents the city code, the middle ones represent the bank code and last 3 represents the branch code. One can locate the MICR code at the bottom of a cheque leaf, next to the cheque number. It is also normally printed on the first page of a bank savings account passbook.   What is t...
Post a Comment
Read more

What The 50/30/20 Budgeting Rule Means

The 50/30/20 budgeting rule is one of the best known ways to start a solid money management journey. It does not matter how much you earn. You can easily apply this rule and develop the much-needed financial discipline. Here’s how you can begin: First, write down your total earnings. Be it from your full-time jobs, any freelancing gigs, or short-term projects, include them all.  Then, segregate this amount into three buckets of 50, 30, and 20.   50% CONSTITUTES YOUR NEEDS You can fund all essential payments via this chunk. You should pay your rent, electricity, and other utility bills. These are imperative expenses intrinsic to your survival. Hence, they cannot be delayed at any cost.  In addition, you should also pay off all your loan installments, the minimum amount (at least) due on credit cards, and insurance premiums with this segment. Solidifying your financial health is important and, in fact, non-negotiable.  Hence, make sure you put aside enough money at the...
Post a Comment
Read more

What is KYC - Meaning, Types, and Importance

Since 2004, the Reserve Bank of India made it compulsory for all Indian financial institutions to verify both the identity and address of all customers carrying out financial transactions with them. Thus, the KYC process was introduced by the RBI as the only mode of verification.   What is KYC? KYC means to ‘know your customer’ which is an effective way for an institution to confirm and thereby verify the authenticity of a customer. For this, the customer is required to submit all KYC documentation before investing in various instruments. All financial institutions are mandated by the RBI to do the KYC process for all customers before giving them the right to carry out any financial transactions. Whether the customer uses KYC online verification or opts for offline KYC, this is a simple one-time process.   The significance of KYC KYC is an important tool as it looks after the financial bodies and keeps illegal activities in check. Many non-individual customers use financial se...
Post a Comment
Read more