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Trending Insurance Policies Healthcare Sectors Must Know

Over the past few years, several regulatory amendments have been implemented to standardize the concept of healthcare insurance. 

The industry is consistently bringing innovative ways to provide insurance policies offering customized benefits. 

Healthcare insurance
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While patients can avail of financial coverage against various diseases, medical professionals can also protect against professional liabilities with an indemnity insurance plan for doctors

Various incidents of medical negligence, misdiagnosis, inaccurate treatment, inappropriate consultation, etc. have cropped up recently. 

  • A medical negligence board received around 112 complaints from 2017 to 2019. 
  • Only 16 of those complaints were actual cases of medical negligence. 

Most such incidents are not substantial, which happens due to a lack of understanding and incorrect knowledge.

Whatever the case be, doctors usually end up with huge expenses on compensation, lawyer appointment charges, court charges, etc. 

Several tailored insurance policies are currently available in the market to relieve doctors from such contingent losses.      

You have options when you search for medical coverage. In case you’re purchasing from your state’s Marketplace or from a protection agent, you’ll browse wellbeing plans sorted out by the degree of advantages they offer: bronze, silver, gold, and platinum. Bronze plans have the least inclusion, and platinum plans have the most. In the event that you are under 30, you may likewise have the option to purchase a high-deductible, disastrous arrangement. 

Three trending insurance plans for doctors 

Below are some of the trending insurance products the healthcare sectors must know:

1. Malpractice insurance plan 

This type of insurance policy protects doctors against financial losses incurred while providing their professional services. A malpractice insurance plan primarily covers a patient’s claim of medical negligence, omission during treatment, or intentional errors. 

Insured healthcare professionals can claim coverage for the following practice risks:

  • The financial damage to the third party 
  • Defense costs involved in litigation 
  • The lawsuit filed against the rendered professional services
  • Losses incurred from breach of confidentiality 
  • Financial losses occurred due to reputation damage, defamation, misrepresentation, etc. 

The quantum of compensation claimed by victims can go up to and above Rs.5 lakh, depending on the damage’s extent. Leading financial service providers offer a sum insured of higher value, ensuring complete coverage.      

Family healthcare
Image by Gerd Altmann from Pixabay

2. Professional indemnity insurance policy 

Primarily a liability insurance policy, a professional indemnity insurance plan for doctors is designed to cover various professional risks. 

These include – 

  • Incorrect dosage of medication 
  • Negligent misdiagnosis
  • Inappropriate treatment
  • Negligent misdiagnosis 
  • Surgery-related procedures, etc. 

Besides these, doctors can claim insurance policy benefits against libel and slander, third-party damages, defense costs, loss of documents, breach of confidentiality, and more.

Prominent non-banking financial companies provide lucrative coverage of up to Rs.1 crore, suiting your requirements aptly. Ensure to know everything about indemnity insurance policies before availing one. 

Prosperity Maintenance Organization (HMO) Healthcare Insurance Plans 

Wellbeing Maintenance Organization medical protection 

With an HMO plan, laborers, all things considered, have a lower out-of-pocket cost at this point, moreover have less flexibility in the determination of specialists or medicinal centers than various plans. 

HMOs, offer incorporation to a more broad extent of insurance organizations. Delegates may conceivably be required to pay a deductible before their incorporation starts, and will generally speaking have a co-payment. 

As a rule, there are no case structures to the archive on an HMO. The essential concern you should recall is that with most HMO plans, laborers have no consideration in case they go outside of their framework without fitting endorsements from their PCP or in examples of certain emergency conditions. 

An HMO may be a not too bad decision for your free organization if you: 

  • Prefer lower premiums 
  • Like the trade-off of in-organize organizations 
  • Desire extraordinary preventive organizations, for instance, incorporation for tests and inoculations 

Reason for Service (POS) Health Insurance Plans 

POS plans join features of an HMO and a PPO plan. Generally, organizations rendered by the PCP aren’t needy upon the procedure’s deductible. 

A POS may be better than an average option for your autonomous organization if your agents: 

  • Need versatility while picking specialists and various providers 
  • Desire basic thought specialists to organize care 
  • Like the equality of increasingly noticeable provider choice versus lower premiums 

Individual Med claims: This is the least demanding sort of therapeutic inclusion. As the name proposes, an Individual med claim offers danger consideration to an individual towards hospitalization costs. The first-class total is as per the estimation of aggregate ensured regard. At the present time restorative inclusion plan, you can buy self-sufficient human administration systems for each person from your family. 

Family Floater game plan: Family Floater restorative inclusion plans are improved sorts of therapeutic administration methodology. This methodology is fittingly changed in accordance with secure the adequacy of your whole family. Through a family floater therapeutic inclusion plan, you can benefit the most extraordinary favorable position for money spent. 

Unit Linked Health Plans: Med claim structures through ULIP course is one more kind of medicinal services inclusion. Various medicinal inclusion associations have displayed Unit Linked Health Plans. In such plans, you get medicinal inclusion close by adventure.

3. Professional liability insurance plan 

Also termed as E&O or errors and omissions insurance plan, this policy covers losses due to errors and omissions in offering professional services. 

Doctors can stay financially protected against third-party liabilities from various professional risks. This includes wrong consultation provided, inappropriate course of treatment rendered, negligence, etc. leading to severe damage or death of the patient. 

Professional liability insurance policies come at competitive premiums, making it more accessible to practitioners. For example – insurance cover of up to Rs.50 lakh is available against a nominal premium of Rs.9,440. Again, a higher sum assured of up to Rs.1 crore is offered against Rs.12,980.  

Healthcare professionals can choose any of these trending insurance policies based on their requirements and preference. 

By 2020, India’s insurance industry is anticipated to reach US$280 billion.   

The major factors driving this growth include innovative products, increasing awareness, and more distribution channels. 

Various non-banking financial companies offer customized malpractice insurance policies to cover liabilities arising from professional risks. 

As of April 2019 (FY20), the private non-life insurance companies hold a market share of 55.7%.  

Innovative products from such organizations cater to the unique requirements of medical professionals, and hence, are trending in the healthcare insurance sector today. A few benefits of an advanced indemnity insurance plan for doctors are below.

  • Minimum documentation. 
  • Simplified and hassle-free claiming process.
  • Comprehensive coverage against numerous risks.    
  • Faster claims redressal, usually within 30 days of receiving the documents. 
  • Convenient customer support accessible via email or phone call.

Besides this financial protection, medical practitioners may also need additional funds to keep their practice running. A loan for doctors can provide adequate funding to address the unique needs in this profession. Leading NBFCs in the country like Bajaj Finserv provide high-value advances at nominal interest rates and against no collateral. 

Eligible borrowers can apply easily via an online application form. Bajaj Finserv also brings exclusive pre-approved offers on its range of financial products such as personal loans, home loans, business loans, and more.

The healthcare insurance sector in India is changing dynamically, with service providers bringing in exclusive products. Safeguard yourself with comprehensive financial coverage with the best indemnity insurance plan for doctors. 

Featured Image by Sasin Tipchai from Pixabay