There is a growing demand to reduce or eliminate the current 18% Goods and Services Tax (GST) rate on life and health insurance policies. The high GST rate on insurance premiums poses a significant obstacle, especially for individuals with limited incomes. The combination of high premiums and GST makes insurance products inaccessible to many. Ajit … Read more
The Prime Minister’s Jeevan Jyoti Bima Yojana (PMJJBY) is a flagship programme of the NDA government, which was introduced by PM Narendra Modi on May 9, 2015. This life insurance scheme, offered by the central government, provides yearly renewable coverage for death resulting from any cause. According to a statement released on social media platform … Read more
Insurance claims: Insurance companies in India denied 11% of health insurance claims and had 6% of claims pending as of March 2024, a report by the Insurance Regulatory Authority of India (IRDAI) stated. The report highlighted that health policy claims amounting to Rs 26,000 crore were disallowed and repudiated by insurance companies during the year … Read more
GST on insurance premiums: Union Finance Minister Nirmala Sitharaman on Wednesday said 18% of Goods and Services Tax (GST) collected from health and insurance premiums is equally shared between the Centre and states. She said of the 9% share that is accorded to the Centre, 41% is further sent to states. Overall, 73-74% of GST revenues … Read more
The insurance industry has witnessed a shift from unit-linked plans toward non-linked plans. Non-linked businesses contributed 80% to the new business premium of the industry. What does this trend mean for the bottom line of insurance companies?Nearly every industry was affected by the Covid-19 pandemic, and each one has responded differently. Additionally, it has brought … Read more
Jan. 7, 2022 — The Biden administration said this week it intends to challenge insurance companies to deliver better service to people enrolled in Medicare, including applying discounts on drugs covered by Part D more directly to their pharmacy costs. The Centers for Medicare and Medicaid Services (CMS) on Thursday unveiled a 360-page proposed rule … Read more
American Medical Association: “AMA analysis shows most physicians work outside of private practice,” “Shifts away from smaller and private practices pick up speed,” “Competition In Health Insurance.” McKinsey & Company: “Physician employment: The path forward in the COVID-19 era.” American Hospital Association: “Market Insights: Evolving Physician-Practice Ownership Models,” “New Research Confirms: Hospital Mergers Reduce Costs, … Read more
Treatment for COVID-19 accounted for as much as 11 per cent of the total health insurance claims paid by insurance companies during the first five months of the current financial year, says a research conducted by Policybazaar.com. The research further revealed that 89 per cent of health insurance claims during April 1, 2020 and August … Read more