Indian insurers call for standardised prices for common surgeries

Proposal seeks to help smaller firms that have less bargaining power

Indian insurers call for standardised prices for common surgeries

Insurance News

By Gabriel Olano

A total of 31 insurers and 26 third-party administrators (TPAs) in India have come together to call for standardised rates for common surgical procedures.

These procedures include cataract surgery, hernia treatment, appendectomy, kidney transplant, and angioplasty, Times of India reported.

While hospitals have yet to agree to the proposed prices, insurers are confident that the proposal will be accepted and become standard in the near future, the report added. Having uniform prices will also benefit customers and reduce instances of patients and their families having to pay out-of-pocket.

The Insurance Regulatory and Development Authority of India (IRDAI) and the General Insurance Council are also backing the proposal. According to M N Sharma, secretary-general of the General Insurance Council, some smaller insurers and TPAs do not have the same bargaining capacity as their larger counterparts, so they may be charged different rates by the same hospital.

The state-owned insurers New India Assurance, National Insurance, United India Insurance, and Oriental Insurance have already introduced their own standard price list for medical procedures, under the General Insurance Public Sector Association, and IRDAI is supporting the move for an agreement that includes private insurers and TPAs in the fold. 

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