The health insurance, among other available alternatives, is very effective tool to provide financial support in respect of expenditures arising from medical care and treatment by availing cashless treatment or expenditure reimbursement to the person who contributes to the insurance company in form of premium. The system of health insurance includes the health insurance companies, the policyholders, Third Party Administrators (TPAs) and network providers which have been assigned distinct statutory roles to be played for smooth conduct and proper development of health insurance business. In this respect, taking into account the developments taken place in insurance industry as well as recommendations and representations of various entities, the Insurance Regulatory and Development Authority of India (IRDA), the regulator of Indian insurance industry, has recently made Regulations and Guidelines incorporating some new provisions having the overarching effects. This paper attempts to demystify the recent regulatory changes relating to health insurance in India.