What ails the health insurance industry

Murders usually stoke a rush of sympathy for the victim and her/his family, as it should. But the murder of Brian Thompson, CEO of UnitedHealthcare, on a New York street on December 4, 2024, instead brought to the surface the simmering public anger against insurance firms which "deny, defend and depose" as a strategy to avoid claims to earn higher profits. In fact, these words were found on the bullet casings used by the assailant who has now been caught.
Thomson led the largest health insurance firm in the United States (data from tinyurl.com/mrnszwj8) with 2023 revenues of almost $360 billion. Other than being the largest company, it is also known as the one with the highest claim denials, denying, as per ValuePenguin, 32% of all claims whereas the best company denied just 7% (data from tinyurl.com/dp74kw6a). Social media comments played on standard responses in customer care when one tries to reach a health insurance firm, with one person tweeting: "I submitted a claim for my condolences but it was denied". However, no amount of public anger, misplaced or otherwise, can ever justify the murder or the criminal intent behind it.
Closer home, data on health insurance claims in the Indian market has also put the issue centre stage. Data for 2023 from the Insurance Brokers Association of India (IBAI) shows some worrying claim trends for health insurance (report here: tinyurl.com/42mydkc8). There are two main inferences from the data. First, the public sector firms are far more consumer-friendly in terms of their claims record than private sector firms. Worse, a few private health insurers have very poor claims behaviour.
Diese Geschichte stammt aus der December 12, 2024-Ausgabe von Hindustan Times Pune.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 9.500 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der December 12, 2024-Ausgabe von Hindustan Times Pune.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 9.500 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Ex-Canada PM Urges Parties To Cut Ties With Separatist Forces Targeting India
Former Canadian prime minister Stephen Harper has called on the country's political parties to \"sever relations\" with separatist forces targeting India.
Sabalenka and Swiatek set up final before French Open final
One of the biggest takeaways from when the French Open draws were made was that Aryna Sabalenka and Iga Swiatek were put in the same half of the women's singles event.
Despite Attempts, Moze College Authorities Did Not Respond to Allegations and Police Action
The Pune Police Crime Branch's Unit 6 has arrested a professor and three students from Moze Engineering College in Wagholi for allegedly providing university exam papers to students to rewrite in exchange for money, police said on Tuesday.
Row erupts after Rahul intensifies attack on Modi over ceasefire
Leader of Opposition in the Lok Sabha Rahul Gandhi on Tuesday alleged Prime Minister Narendra Modi \"surrendered\" after a call from US President Donald Trump during the India-Pakistan military conflict, and added that it is the \"character\" of the Bharatiya Janata Party (BJP) and its ideological fount Rashtriya Swayamsevak Sangh (RSS) to \"always bow down\".
Rural Consumption to Drive GDP Growth This Fiscal Year
Rural consumption is poised to remain a bright spot in the Indian economy, supporting growth in the ongoing fiscal year, economists said after fourth-quarter GDP growth beat estimates.
Opposition Writes to Modi, Demands Special Parliament Session on Pulwama Attack
Parties from the INDIA bloc rallied together on Tuesday to demand a special session of Parliament to discuss the situation, with 16 leaders from the opposition alliance writing to Prime Minister Narendra Modi.
Taliban sanctions: Pak to chair UNSC panel
Pakistan will chair the Taliban Sanctions Committee of the UN Security Council (UNSC) for 2025 and will be vice-chair of the Counter-Terrorism Committee of the 15-nation UN body.
Amid criticism, RFD gets praise from locals
The recently opened 800-m RFD project stretch between Bundgarden and Mundhwa near Koregaon Park has been appreciated by daily walkers. The PMC is executing project in phases. MAHENDRA KOLHE/HT
Australia: Indian-origin man on life support after violent arrest
A 42-year-old Indian-origin man is on life support with suspected brain damage in Australia after a police officer allegedly knelt on his neck during an arrest, mistaking him for being involved in domestic violence.
What India Needs to Learn from US-China Trade Tussle
In the 1960s, British Prime Minister Harold Wilson quipped that a week was a long time in politics, but in the age of Donald Trump, even days matter.