Health Insurance Plans in India

1. Health Insurance Plans in India- Becoming More Customer Centric One of the primary reasons why a health insurance guarantee or plan gets rejected is - the predominance of a previously existing disease. This is the reason why most health insurance organizations have come up with a waiting period. It allows them to stay away from any kind of fraud or harmful selection. The most recent report by the Insurance Regulatory and Development Authority of India (IRDAI) has suggested a better understanding of a prior/pre-existing disease. The report suggests that we should have standardized and simplified inclusions in health insurance plans. Here are some of the principal points gathered from the report that was published last year. It mostly goes in the favor of customers. The clear meaning of prior illness The present meaning of prior-illness according to IRDAI is - any disease or health condition for which an individual shows indications or side effects or was analyzed/treated or took medication for within 48 months before buying a health insurance plan. Now, this definition is totally unfair for the customers. There are chances that a person would not know about his illness at all. In many cases, a person is completely unaware of an illness and gets to know about it only after applying for a health insurance.

2. Kapil Mehta, prime supporter, SecureNow Insurance Brokers Pvt. Ltd says, “Clients are paying health insurance premiums, so it is totally unfair for them to not know that a previous illness or health issue symptom can lead to rejection of their plan. Both insurance companies as well the client should know about any prior conditions.” He further explained that the proposed definition of prior illness is comparatively better. It completely removes the angle of warning signs or early indicators of an illness. Moreover, the holding up/waiting period will not be over four years. No permanent exclusions permitted There are certain policies that have a list of permanent exclusions attached to them. These inclusions are attached to some of the major illnesses, for example, HIV AIDS. As per this rule, if the policyholder gets HIV even after acquiring the policy, the illness won’t be covered in the health insurance plan. The delightful news is, the new report has a solution for it. It states that all of the serious illnesses or diseases that take place after an individual buys a plan will be covered. There is no angle of permanent exclusion now. Infertility and maternity will remain a part of generic exclusions in all of the policy contracts. There are several other conditions that too will be a part of this list. The report, however, suggests that insurance companies can no longer keep adding exclusions in the list of permanent exclusions. They will have to go follow a specific list. Insurance for new-age treatment The report likewise suggests incorporating new-age medications and treatment to insurance companies. It is high time that the companies recognize the new advancements that have taken place in the media field. The advisory group has suggested the development of a health technology assessment committee (HTAS), which will look at and prescribe the consideration of new medications and medications presented in the Indian market. While looking for an online health insurance, you should definitely go through all the details before actually buying it. The inclusion of new changes will make buying health insurance easier and quicker.