Cover for alternative medicine treatments still faces a roadblock
In India, 60% of registered physicians are involved in non-allopathic systems of medicine. Alternative medicine treatments like Ayurveda, Unani, sidha and acupuncture form a major part of the health care system in India.
The Insurance Regulatory and Development Authority (Irda) had approved the suggestion of bringing alternative medicines treatment under the umbrella of medical insurance. Considering that India is the biggest market for ayurvedic medicines and treatments, the medical cover for these were long due. But, unless your insurance company is ready to treat it on par with other medical treatments, it may be of not much use.
Today, very few insurance companies cover alternative medicine treatments. A major chunk of companies are yet to absorb this approval and act accordingly. Insurance companies have to overcome some challenges to include alternative medical care under medical insurance because the system itself needs to be more organised to get an official status.
Private insurance companies such as HDFC ERGO and Star Health offer cover for alternative medicine treatments under the group cover and other PSUs such as New India Assurance offer a similar cover. Future Generali offers it to corporate group insurance buyers from which employees of the covered firm can benefit.
"The traditional mode of treatments has been successful in treating many health problems we face today. They have been proven successful in treating certain chronic disorders without any side effects. There is a great need to include AYUSH benefits (Ayurvedic, Unani, Siddha and Homeopathic treatment) on account of the minimum side effects and their non-invasive nature," says Karan Chopra, head - retail business, HDFC ERGO General Insurance.
However, better understanding and standardisation is required for an effective inclusion of it. While taking a medical cover, especially if one is under going an ayurvedic treatment, one needs to:
l Be more cautious while opting for treatments under alternative medicine
l Be aware about the exempt from cover specified by each insurance firm
l Insurance companies are currently offering customised cover.
"Pricing becomes difficult on lack of standardisation of the treatment procedures. In the current scenario, customised coverage offers a better spread of risk and mitigates the chances of adverse selection," says TA Ramalingam, head-underwriting, Bajaj Allianz General Insurance. Lack of qualified and registered medical practitioners is a major hurdle. Many ayurvedic practitioners in small villages are not yet registered due poverty and lack of access to its education.
It makes the job of insurers tough to evaluate the claims submitted by the policy holders. Treatments taken from a registered medical practitioner and government recognised hospitals may increase the credibility. This will make the payment of claims comparatively easier.
"Only hospitalisation expenses for specified diseases are covered. Wider scrutiny is required by the insurers and they need to come up with such cover as the market demand is high," says Sreeraj Deshpande, head health insurance, Future Generali.
In India, 60% of registered physicians are involved in non-allopathic systems of medicine. Alternative medicine treatments like Ayurveda, Unani, sidha and acupuncture form a major part of the health care system in India.
The Insurance Regulatory and Development Authority (Irda) had approved the suggestion of bringing alternative medicines treatment under the umbrella of medical insurance. Considering that India is the biggest market for ayurvedic medicines and treatments, the medical cover for these were long due. But, unless your insurance company is ready to treat it on par with other medical treatments, it may be of not much use.
Today, very few insurance companies cover alternative medicine treatments. A major chunk of companies are yet to absorb this approval and act accordingly. Insurance companies have to overcome some challenges to include alternative medical care under medical insurance because the system itself needs to be more organised to get an official status.
Private insurance companies such as HDFC ERGO and Star Health offer cover for alternative medicine treatments under the group cover and other PSUs such as New India Assurance offer a similar cover. Future Generali offers it to corporate group insurance buyers from which employees of the covered firm can benefit.
"The traditional mode of treatments has been successful in treating many health problems we face today. They have been proven successful in treating certain chronic disorders without any side effects. There is a great need to include AYUSH benefits (Ayurvedic, Unani, Siddha and Homeopathic treatment) on account of the minimum side effects and their non-invasive nature," says Karan Chopra, head - retail business, HDFC ERGO General Insurance.
However, better understanding and standardisation is required for an effective inclusion of it. While taking a medical cover, especially if one is under going an ayurvedic treatment, one needs to:
l Be more cautious while opting for treatments under alternative medicine
l Be aware about the exempt from cover specified by each insurance firm
l Insurance companies are currently offering customised cover.
"Pricing becomes difficult on lack of standardisation of the treatment procedures. In the current scenario, customised coverage offers a better spread of risk and mitigates the chances of adverse selection," says TA Ramalingam, head-underwriting, Bajaj Allianz General Insurance. Lack of qualified and registered medical practitioners is a major hurdle. Many ayurvedic practitioners in small villages are not yet registered due poverty and lack of access to its education.
It makes the job of insurers tough to evaluate the claims submitted by the policy holders. Treatments taken from a registered medical practitioner and government recognised hospitals may increase the credibility. This will make the payment of claims comparatively easier.
"Only hospitalisation expenses for specified diseases are covered. Wider scrutiny is required by the insurers and they need to come up with such cover as the market demand is high," says Sreeraj Deshpande, head health insurance, Future Generali.
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