Insurance regulator IRDAI has allowed non-life insurers to offer "homecare/domiciliary treatment" or treatment at home as an add on cover to their existing policies, according to The Economic Times.
According to IRDAI, homecare treatment is one taken at home for an ailment that normally needs hospitalisation provided that a medical practitioner advises the insured home treatment; there is a continuous active line of treatment with the health status of the insured monitored daily by a medical practitioner during the duration of home treatment; and that records of daily monitoring of the insured patient and the treatment given are recorded and signed by a medical practitioner
IRDAI said that insurers can offer the cover to their existing policyholders by charging an additional premium for the residual period of time.
Though the insurers will save on huge daily hospital room charges, the doctor and nurse fee may be on slightly on the higher side then what a hospital charge.
Industry officials told IANS the add-on cover would have been beneficial when Covid-19 pandemic was at its peak and hospital beds were not available, but now the situation is not that serious.
A senior industry official, who preferred anonymity, told IANS that the coverage should be priced taking into account payments made towards renting hospital beds and other medical equipment that are normally used in a hospital room.