New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) is likely to revolutionise the medical insurance system by applying cashless facilities to all the hospital across India.

Once rolled out, the scheme will do away with the hassle related to claiming process of insurance money. It will cut down all the hassle relating to claim money.

The IRDAI has started all the preparations and will roll out the scheme soon, said sources. The authorities in this regard have also strictly directed all the insurance companies to make necessary changes before the deadline, October 31.

Not All Hospital Have Cashless Facilities

The decision was taken in view of the fact that only a few hospitals provide the facility of cashless settlement. If IRDAI’s plan is implemented, all the hospitals in the nation will have the cashless payment medical insurance money claim facility.

40 crore to get benefits

At present, there are nearly 40 crore of people who have medical insurance in India. As of now, those who have the medical insurance have to make the cash payment first and insurance company used to send the money later in many companies.

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Apart from this, the move is also intented to increase the priority of medical insurance in the country, which will benefit the industry as well.

It should be noted that there are many people who fail to claim the medical insurance as hospital affilaited to respective insurane company does not have cashless service.  In case of cashless settlement, the insurance company makes the payment directly to the clinic.

In many instances, hospitals and insurance companies ended up with dispute over the claiming of money. IRDAI is mulling to fix these issues.