HEALTH INSURANCE SCHEME
10 years of Jan Dhan Yojana: PM Modi, FM Sitharaman lauds financial inclusion scheme
After a decade since its launch, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has reached a milestone with a total of 53.13 crore accounts. Among these, 55.6 percent (29.56 crore) of the account holders are women and 66.6 percent (35.37 crore) accounts are in rural and semi-urban areas, according to a statement from the Ministry of Finance on Wednesday.
Revoke 18% GST on health and life insurance premium: TMC to Nirmala Sitharaman
TMC leader Derek O'Brien has urged Finance Minister Nirmala Sitharaman to remove the 18% GST on health and life insurance premiums at the upcoming GST Council meeting. He argues that the tax is a burden on the middle class and may discourage people from buying or renewing insurance. O'Brien cited a February 2024 report from the Standing Committee on Finance recommending a reduction in GST rates to make insurance more affordable.
18% GST on insurance a barrier, negatively impacts Indians’ affordability: HDFC ERGO’s Parthanil Ghosh
Health insurance GST: Parthanil Ghosh of HDFC ERGO noted that the 18% GST on health insurance premiums has increased costs, affecting affordability. He suggested that reducing or exempting GST could lower premiums and improve penetration rates. Other challenges include financial literacy, trust issues, and the lack of a healthcare regulator, despite increased awareness post-pandemic.
How to cut tax outgo by Rs.35,000 with NPS, health insurance
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Removal of 18% GST on life, health insurance: 'Shall take up with the GST Council,' says FM Sitharaman
GST on Life, Health Insurance: Both policyholders and insurers want the Centre to remove 18% GST on insurance premiums. The 18% GST on insurance products is seen as a deterrent to insurance penetration, as consumers bear the brunt of higher premiums. Finance Minister Nirmala Sitharaman said on August 7, 2024, "Tax has been there on medical insurance even before the introduction of GST." Union Minister Nitin Gadkari wrote to Finance Minister Nirmala Sitharaman urging her to roll back the 18% GST on such financial products. Other political parties echoed the same sentiment, adding weight to the growing chorus for relief. Hopes are high for a rollback that could potentially lower insurance costs for millions.
Govt collects Rs 8,263 cr towards GST on health insurance premium in FY'24
The government accumulated Rs 8,263 crore in GST from health insurance premiums for the fiscal year 2023-24. There have been appeals to exempt or reduce GST on life and health insurance premiums. Some insurance schemes for underprivileged and differently-abled groups are GST-exempt. The GST Council prescribes rates and exemptions.
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Govt formulates cashless treatment scheme for road crash victims: Nitin Gadkari
NHA, under the Ministry of Health & Family Welfare, in coordination with local police, empanelled hospitals, state health agency, national informatics centre and general insurance council is responsible for implementation of the programme.
No panel formed for extending benefits to cover citizens above 70 under Ayushman Bharat: Govt
Union Minister of State for Health Prataprao Jadhav clarified in the Lok Sabha on Friday that no expert committee has been established to extend the health benefits under Ayushman Bharat to citizens aged 70 and above. This response came in reply to a query regarding the government's plan to include this age group by launching a national health claims exchange and potentially strengthening the scheme's format.
Govt-funded healthcare can’t work in countries with large populations: Narayana Health founder Dr Shetty
Health insurance is not very popular in India due to conflict of interests. There is a trust deficit between hospitals, patients and insurance companies. Insurance data says not even 5% of the insured are diabetic? That is impossible because insurance companies rely on people’s declaration.
Parliament panel calls for in-built validation checks to avoid invalid entries into AB-PMJAY database
The committee also flagged that patients earlier recorded as having "died" in the Transaction Management System (TMS) (used for claims settlement) continued to avail treatment under the scheme.
Budget 2024: Will Sitharaman give a higher dose of allocation for healthcare this time around?
Budget Expectations 2024: India, under PM Narendra Modi’s leadership, has consistently increased healthcare allocation and spending. This trend continued with the Interim Budget for 2024-25, which holds particular importance as India nears the 2025 goal set by the National Health Policy (NHP) 2017 to raise health expenditure to 2.5% of GDP.
Budget 2024: Relief on buying EV, HRA rationalisation, higher tax deduction on health insurance premium and more, what to expect
Budget 2024: Earlier this year, while presenting the Interim Budget 2024-25, Finance Minister Nirmala Sitharaman did not propose any change in taxation or tax rates. In the upcoming Budget 2024, one may expect the government to continue moving towards a simplified tax regime through the new tax regime (NTR).
GST, tax reforms will boost growth, equity in insurance sector
The insurance industry in India is gearing up for the Union Budget with expectations for tax reforms, universal health schemes, and social security measures. Collaborative efforts and proactive risk management strategies are highlighted as crucial for creating a financially secure and resilient India.
33 major health insurers live on new national claims exchange; policyholders to get claims settled quicker on NHCX
The National Health Claims Exchange (NHCX) is a centralized platform developed by the government to streamline insurance claims processing. 33 health insurance companies have joined this platform, which aims to provide real-time claim status updates and enhance transparency in the process.
Faster health insurance claim settlement via single-window platform NHCX begins; how it will help policyholders
Health insurance rule change: The National Health Claims Exchange (NHCX) portal is set to simplify, accelerate, standardise the health insurance claim settlement process through the seamless exchange of information and documents between hospitals and insurance companies. For the the health insurance policyholders, the NHCX platform will speed up the claim settlement process so the waiting time to get discharged from the hospital will be reduced. What is going to change for health insurance policyholders?
Narayana Hrudayalaya's 'Aditi' - the latest experiment in Indian healthcare
Bengaluru-based hospital chain Narayana Hrudayalaya (NHL) has introduced the Aditi insurance scheme, offering a Rs 1 crore cover for surgeries and Rs 5 lakh for medical treatments at NHL hospitals for an annual premium of Rs 10,000 for a family of four. The managed care model aims to provide affordable healthcare with controlled costs.
Budget 2024: Is a Rs 10 lakh insurance the vitamin India's healthcare system needs?
The Centre is considering doubling the beneficiary base of the Ayushman Bharat health insurance scheme over the next three years, starting with those aged above 70, alongside raising annual coverage to Rs 10 lakh. These proposals are anticipated in the upcoming Union Budget. The interim Budget increased Ayushman Bharat's allocation to Rs 7,200 crore for secondary and tertiary care, with Rs 646 crore for health infrastructure.
Union Budget 2024: Govt mulls doubling number of AB-PMJAY beneficiaries, insurance amount
Budget 2024: The government plans to double Ayushman Bharat's beneficiary base over three years, starting with those aged 70 and above. Insurance coverage may increase to Rs 10 lakh per year, potentially costing an additional Rs 12,076 crore annually. These proposals might be announced in the upcoming Union Budget, enhancing healthcare accessibility and financial protection.
Shriram Life Insurance launches Deferred Annuity Plan
Shriram Life's Deferred Annuity Plan, starting at Rs 60,000 annually for ages 40-75, offers a 5-10 year deferment period before annuity payments commence. Providing a Return of Purchase Price, it ensures financial independence, particularly for entrepreneurs not under social security. Premium is refunded upon terminal illness or death, stated MD and CEO Casparus J H Kromhout.
India starts preparing for a China-like population problem
Falling fertility rates have left India staring at the spectre of looming demographic challenges that have caused big problems for other Asian powerhouses such as China and Japan. The government is now beginning to plan for an aging India which could be a reality within a decade or two.
How to cut income tax outgo by Rs 75,000 with NPS, health insurance
How to reduce income tax outgo: Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Tuteja can reduce his tax by around Rs.75,000 if his company offers him some tax-free emoluments as well as the NPS benefit. Tuteja also needs to invest in the pension scheme on his own, buy health insurance for his parents, and avoid booking taxable capital gains.
Focus on upcoming Budget: Policy in the works on finance, health support for elders
India is considering policy measures for senior care, including expanding healthcare access through Ayushman Bharat, revising pension under the Indira Gandhi scheme, and providing healthcare under NPHCE.
India's social welfare schemes don't speak to each other: Andaleeb Rahman, Cornell University academic
Prime Minister Narendra Modi initiated the transfer of funds for PM-Kisan and approved housing assistance under Pradhan Mantri Awas Yojana. In 'The Future of India’s Social Safety Nets,' Andaleeb Rahman and Prabhu Pingali advocate for a systemic approach to social welfare programs.
JP Nadda stresses expansion of health coverage under Ayushman Bharat scheme
Union Health Minister J.P. Nadda emphasized expanding health insurance coverage under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to those aged 70 and above during a high-level meeting focused on the Modi 3.0 government's 100-day health agenda. Nadda, along with Ministers of State for Health Anupriya Patel and Prataprao Ganpatrao Jadhav, stressed improving health facility quality, leveraging technology in health programs, and increasing awareness about non-communicable diseases and tobacco control. He underscored the need for clear communication on health issues to the public.
Health insurance claim rule change: Cashless claims must be cleared in 3 hours; insurer to pay hospital charges for delay in discharge, says IRDAI
Health insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular to streamline health insurance claim process. Previously, delays in claim approvals forced patients to stay in hospitals longer. Now, insurers have three hours to approve cashless discharge requests. Additionally, insurers will be liable for extra hospital charges due to delays.
PM Gati Shakti to aid in expanding social security
To begin with, the ministry has geotagged 1.3 million establishments covered under the Employees' Provident Fund Organisation (EPFO), about 1.5 million under the Employees' State Insurance Corporation (ESIC) and 104 ESIC hospitals for assessing the current social security coverage and planning future expansion.
Health an orphan, Ayushman Bharat insurance scheme poorly structured: IMA chief Dr R V Asokan
The Indian Medical Association's chief, Dr. R V Asokan, criticizes the lack of focus on health post-Covid, describing it as an "orphan" issue. He highlights the inadequacies of the Ayushman Bharat scheme, citing poor structure and funding. Asokan advocates for increased government investment in public health infrastructure and human resources, emphasizing the need for a basic healthcare package for all citizens.
Public insurance companies running Ayushman Bharat scheme in only Tamil Nadu, three more states: Sources
Instead, a few states are engaging private sector insurance companies while most have set up trusts to run the Pradhan Mantri Jan Arogya Yojana (AB PMJAY), the government's flagship health insurance scheme.
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