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Galaxy Health Registered: The Insurance Regulatory and Development Authority of India (IRDAI) decided to grant the certificate of registration to Galaxy Health and Allied Insurance, allowing it to commence operations as the seventh standalone health insurer in India.
IRDAI recently issued a press statement announcing the approval of several crucial regulations during its board meeting, aimed at enhancing the insurance industry’s efficiency and policyholder protection.
Regulatory overhaul initiated
The approved regulations cover various aspects such as product guidelines, surrender charges, policyholder protection, and the establishment of Bima Sugam, an…
Suriyapong Thongsawang | Moments | Getty Images
Why health insurance inflation is hard to measure
Health insurance prices are a tricky thing for economists to quantify.
The BLS doesn’t measure direct consumer costs such as monthly premiums. That’s because those premiums don’t buy the same quality of insurance. Benefits and risk factors vary from policy to policy, for example.
“Price change between health plans of varying quality cannot be compared, and any quality adjustment methods to facilitate price comparison would be difficult and subjective,” according to a BLS fact sheet.
Instead, the agency measures health insurance inflation based indirectly partly…
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Workers and their employers are paying a lot more for job-based health insurance this year.
The annual cost of family health insurance coverage at work soared to an average of nearly $24,000 this year, according to KFF’s Employer Health Benefits Survey, released Wednesday. That’s up 7% from last year.
Employees are shelling out an average of $6,575 for their share of the premium, up almost $500, or close to 8%, from last year, the annual survey found. Their companies are footing the rest of the bill.
“We have a huge premium increase this year. There’s just…