REIMBURSEMENTS
Nearly 70% health claim users opting for reimbursement mode don't have enough liquid savings to pay bills: Survey
A recent study highlighted challenges faced by health insurance policyholders opting for reimbursement, often resorting to borrowing or dipping into savings for medical bills. Despite expanded coverage, 68% lacked adequate savings for expenses. Cashless treatment remains preferred, with 89% satisfaction, compared to 79% for reimbursements. Delays post-discharge also impact satisfaction.
Indian deposit insurer way behind global peers in processing reimbursements: RBI Deputy Governor
RBI deputy governor Michael Patra highlighted that India's deposit insurer DICGC lagged behind international counterparts in processing reimbursements, taking over a month compared to IADI's target of seven days. Challenges such as data quality, identification issues, and lack of alternative bank accounts hinder quick payouts. India mandates deposit insurance for all banks, covering 1,997 institutions, with a coverage limit of Rs 5 lakh per depositor. Patra emphasised the need for improved risk management and crisis frameworks in light of evolving challenges, such as climate change impacting financial systems.
Who is Stormy Daniels, the porn star at the center of Trump's criminal conviction?
Adult film star Stormy Daniels testified against Donald Trump, who was found guilty of covering up a payment to her before the 2016 election. The encounter took place while Trump was married to Melania.
IRDAI in favour of 100% cashless claim settlement in health
In terms of cashless claims, the regulator wants insurers to decide on authorisation requests within one hour of receipt. It has directed insurance companies to put in place necessary systems and procedures to meet the new guidelines by July 31, 2024.
Govt revamps pharma scheme; broadens eligibility criteria, brings in flexible financing options
The Indian government has revamped the Pharmaceuticals Technology Upgradation Assistance Scheme (PTUAS) to support drug companies in upgrading their facilities to produce medicines conforming to global standards. The scheme now extends beyond MSMEs to pharmaceutical manufacturing units with a turnover of less than Rs 500 crore that require technology and quality upgradation. The scheme also introduces more flexible financing options, emphasizing subsidies on reimbursement basis.
Karnataka BJP accuses Congress of appeasement, says state property handed over to minorities
In post on X, Leader of Opposition in Karnataka Assembly asked what was the necessity of closing down the government veterinary clinic that treats cattle and giving it to minorities.
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10,000 FIRs have been registered so far and state government handed over 29 cases to CBI and one case to NIA: Manipur Governor
Violence in Manipur, triggered by the demand for tribal inclusion, has caused deaths, displacements, and property damage. The government is constructing prefabricated houses, deploying security forces, and providing compensation to farmers. Measures are being taken to address the ongoing crisis.
What is the right salary structure to save income tax? Five flexi benefits can help in big income tax savings
One thing which most of the salaried employees often ignore is having a salary structure that rewards you with maximum tax saving based on your spending preferences. A new salary hike or revision is an opportunity for you to ensure that it is structured in a way that helps you in minimising your income tax outgo. We tell you how you can ensure that your salary is tax efficient.
How to use NPS, perks to cut tax outgo by Rs 1.2 lakh
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
How an inflexible salary structure can leave very little scope to save tax
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Sun Pharma specialty drug Tildrakizumab makes it to China's reimbursement list
The inclusion of tildrakizumab injection in NRDL will further boost Sun Pharma commercialisation efforts globally. NRDL is a list of drugs fully or partially reimbursed by the national basic health insurance in China covering 96% of the population or more than 1.36 billion people.
Former employee ordered to repay Rs 7 lakh for submitting fake travel bills as reimbursements
The employee, S Abdul Khadar, tampered with bus tickets and submitted fraudulent travel expense claims. Despite receiving a notice, Khadar did not respond, and in 2014, the court ruled in favor of the company. In another news, an employee in Mumbai has been booked for embezzling Rs 35.88 lakh from a company's account.
How NPS, tax-free perks can reduce your tax outgo by Rs 1 lakh
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Startups to get airfare support for export promotion
Under the Market Access Initiatives (MAI) Scheme, startups and new exporters have been made eligible for airfare reimbursement to participate in overseas events while the ceiling for this incentive for existing exporters has been raised 20%.
Use your salary perks and NPS to reduce tax by 52%
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Karnataka to reimburse transport bodies for revenue shortfall following Shakti scheme
The state owes regional transport corporations (RTCs) about Rs 194 crore for the first 15 days since the Shakti scheme was launched on June 11, according to data released by the transport department.
Average health insurance claims in India Rs 42,000; 15 per cent exceed Rs 1 lakh: Report
A report states that the average cost of health insurance claims in India is Rs 42,000, with 15% of claims exceeding Rs 1 lakh. The report highlights the need for policyholders and insurance providers to consider high-cost scenarios when designing coverage options. It also reveals that the typical hospitalization period is two days, but more than 21% of hospitalizations extend beyond three days.
Despite high medical inflation only 15% of Indians made health insurance reimbursement claims above Rs 1 lakh
A survey has revealed that only about 0.2% Indians had made and received a health insurance reimbursement claim above Rs 10 lakh during April 2022-March 2023.
CGHS beneficiaries to get cashless treatment at 3 premier medical institutes
In a significant and people-centric move, cashless treatment facilities will now be available to CGHS beneficiaries, both serving and pensioners, at AIIMS-New Delhi, PGIMER-Chandigarh and JIPMER-Puducherry.
How to ensure effective usage of credit cards
Put the cards on auto debit mode so that the bills can be paid on time.
20% TCS on international credit card spends: RBI's solution is like cutting off head to cure headache, says tax expert
The move to impose a 20% tax collected at source (TCS) on credit card purchases for international transactions, and the inclusion of credit card transactions in tax categories will have an impact on ordinary consumers, not just the rich, says international tax expert TP Ostwal. He added that the significant annual amount spent on foreign travel makes the implementation of this tax burdensome and added a potential extra layer of compliance for banks and the financial sector. Ostwal suggested that any changes should focus on clarifications around existing rules and the imposition of a 5% tax on selected transactions.
Ola Electric and Ather Energy to reimburse EV charger amount
Following Ola’s decision to refund, all four companies are expected to refund the amount to the customers. Ola and Ather will be hit the most since they have sold the most vehicles.
Tripura government inked MoUs worth Rs 312.38 crore
The MoUs were signed after a state level investment round table meeting chaired by Chief Minister Manik Saha. The Chief Minister later said that during the one-day investors’ meet over 140 investors and industrialists from across the country participated.
Use NPS, perks to reduce income tax by Rs 34,000; here's how
Income Tax optimiser: Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
India, soon world's most populous nation, doesn't know how many people it has
India's once in a decade census, due in 2021 and delayed due to the pandemic, has now got bogged down by technical and logistical hurdles and there are no signs the mammoth exercise is likely to begin soon. Experts say the delay in updating data like employment, housing, literacy levels, migration patterns and infant mortality, which are captured by the census, affects social and economic planning and policy making in the huge Asian economy.
Tamil Nadu's new EV policy offers various incentives for the sector
The new policy was released by Chief Minister M.K. Stalin on Tuesday. According to the policy, the government will promote Chennai, Coimbatore, Tiruchirappalli, Madurai, Salem, and Tirunelveli as pilot cities for implementing e-mobility solutions.
Additional Rs 1.45 lakh-cr budget for FCI is indicative estimate; food subsidy 'adequate' for procurement: Govt
An extra-budgetary provision of Rs 1.45 lakh crore made to state-run FCI in the Budget for 2023-24 fiscal is an "indicative outlay" of short term working capital, otherwise the food subsidy outlay made for the agency is "adequate" to cover all the anticipated procurement costs for PDS, according to the food ministry.
US stock market: Nasdaq, S&P 500 post strong gains on Fed relief, Meta surge
Investors were still digesting the Fed's policy decision on Wednesday and comments from Powell, who acknowledged progress in the fight against inflation and appeared reluctant to push back against the rally in stocks and bonds.
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