Top Changes That Improved Health Insurance in 2020
The current pandemic situation has created a significant impact on our health and also on the health insurance schemes. The Insurance Regulatory Development Authority of India (IRDAI) has improved health insurance in 2020 considerably to help people switch to a different plan or make easy claims on their existing plan. Also, the consolidated guidelines by the IRDAI states that the policyholders are free to switch to other health insurance plans if the policy of the existing plan is changed. They can also enjoy portability at no additional charges.
Improvisations for Health Insurance in 2020
The changes that are postulated by the IRDAI for health insurance schemes are very easy to follow and are customer friendly. These changes can help ease out a lot of confusion and also help in a very smooth Health insurance claim process.
1. Health Insurance for Senior Citizens
In its new guidelines, IRDAI makes provision for senior citizens up to the age of 65 years to buy a health insurance policy. If the agency has to reject the claims of senior citizens for health insurance, then the reasons have to be given in writing.
2. Moratorium Period
It has been stated that after paying the premiums continuously for eight years by the policyholder, the insurance agent should settle all the claims. The medical insurance claim is deemed to be non-contestable after 8 years, which is also referred to as the Moratorium period. Rejections can happen only in instances of proven fraud.
3. Insurance Cover For Serious Illnesses
Patients suffering from chronic diseases like Cancer, Epilepsy, Alzheimer’s, etc., cannot be denied health insurance for other diseases, according to the improvisations made in health insurance 2020. Health insurance companies should give them cover for other diseases keeping their existing ailment as permanent exclusion. But this upgradation is not applicable for metabolic diseases like hypertension, diabetes, etc.
4. Covers all New-Age Treatment Plans
Modern treatment options such as Immunotherapy, Stem cell therapy, Balloon Sinuplasty, Oral Chemotherapy, etc., will now be covered under the health insurance clause.
5. Reduction in Waiting Period
Previously there was no clarity on the waiting period of certain treatment options such as cataract surgery, knee replacement surgeries, etc. The IRDAI now clearly states that the waiting period cannot be greater than 4 years, irrespective of the nature of the disease treatment.
6. Domiciliary Care
For people opting to take treatment from home, the pre and post-hospitalization costs will also be covered under the upgraded insurance policies.
7. Portability and Withdrawal
The health insurance company should not levy any additional charges for porting a policy. If the insurance agency plans to withdraw the policy, then the policyholders have to be intimated before 90 days of the policy expiry date.
Also Read
All About United India Individual Health Insurance Policy
Disadvantages of Not Having A Health Insurance Plan
Bottom Line
The Investment regulatory authorities have brought about significant changes in health insurance from this year, enhancing their quality to many folds. But as everything comes with a price, the insurance companies can raise the premiums on health insurance policies, both for existing and new policyholders.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
