Avg health insurance claims in India `42k

New Delhi The average cost of health insurance claims in India is Rs 42,000, with 15 per cent of these claims exceeding Rs 1 lakh, a report said.

This highlights the need for policyholders and insurance providers to consider potential high-cost scenarios, such as hospitalizations exceeding five days and costing over Rs 5 lakh, when designing coverage options.

The report by SecureNow on Reimbursement Health Insurance Claims provides significant findings on hospitalization duration, claim costs, settlement rates, and the efficiency of the claim settlement process in India. It analysed 3,846 health claims filed through the reimbursement process as opposed to cashless. These claims were geographically diverse and covered different kinds of insurers, family members, and both external and internal Third Party Administrators (TPAs). Furthermore, it said, less than 3 per cent of claims are due to accidents, with a lower median cost of Rs 33,000. The report emphasizes that the duration of hospitalization is a critical aspect of health insurance claims, according to SecureNow Insurance Broker, co-founder, Kapil Mehta.