What are the recent developments in Healthcare Domain for Business Analysts?

How many of us have heard about Health insurance portability? Healthcare Domain has become an integral part of our lives. We are familiar with the term of mobile number portability similarly we have health insurance portability. Due to the flexibility provided by certain medical insurance providers, give an option to switchover to another company. As stated by the guidelines policies by Insurance Regulatory and Development Authority (IRDA) this flexibility has been introduced.

Currently the policy holders are not able to switch policies because of the PED that is pre-existing disease cover. Such claims are reimbursed only after a long wait of 3 to 4 years.

A Pre-existing disease condition is the ailment that the policyholder was suffering from within 48 months before buying the policy.

  The period where the policyholder has an exclusion from coverage for such type of illness is called waiting period. So as there was a switch from one company to another the policyholder goes through the long wait. Hence IRDA has introduced new policies.

The Policy portability includes the new and existing policies from July, 2011. Now the changed policy helps the policyholder to gain credit for the previous condition. Hence they get full credit for the cover period along with no claim bonus from the earlier insurance. To get higher coverage the policyholder must pay higher premium. Through this policy the policyholder is not bound only to a single insurer throughout his life. He does not have to worry about the losing the existing cover for PEDs or continuity benefits or free medical check-ups. The policy holder needs to attach the proof of previous continuous coverage. The insurer sends an acknowledgement of the application within 3 days. The companies give out their decision within 15 days. Hence these decisions may involve analysis for the business.

There are many more concepts and developments related to health care domain which can be learnt through training at ZaranTech. To understand these concepts we provide case studies, quizzes, assignments, study material.

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