Health insurance can be made affordable if there is a standard protocol for treatment and standardised cost for it, M Ramaprasad, member (non-life), Insurance Regulatory and Development Authority of India (IRDA), said here on Saturday.
IRDA, he said, has tied up with various industry associations like the Confederation of Indian Industry (CII) and FICCI to come out with a list of treatment procedures that can be standardised.
Some 30 to 40-odd procedures have already been short-listed.
“We are now working with the Institute of Cost Accountants of India (ICAI) to determine the cost involvement for these procedures,” Ramaprasad told BusinessLine on the sidelines of a seminar organised by the Indian Insurance Society.
He, however, was not able to provide a timeframe by when such a standard protocol for treatment or standardisation of treatment cost can be in place.