Health policy : With this ongoing COVID-19 pandemic and the chances of spreading other infectious diseases has made us think about the importance of health insurance in one’s life. Apart from practicing healthy habits and living a healthy life, one must have one health insurance done beforehand.
We must realize the benefit of health insurance. Health insurance is available for us to take care of various unforeseen medical emergencies. A health insurance policy usually covers not only the cost of hospitalization but even related medical expenses, such as diagnostic tests and medication, incurred before and after the event of hospitalization.
A new trend can be seen in offering health insurance. Most health insurers are now offering health insurance through telemedical mode for the convenience of customers. But before taking one through telemedical, you will be required to make a declaration about your health condition through a call with a doctor appointed by the insurer who will be asking you simple questions regarding your current health conditions and lifestyle habits.
Given this pandemic, health insurance premiums are expected to rise by 5-20 per cent in the next 2-3 months. Other reasons which contribute to in increase of the prices include the increase in the number of ailments being covered within the health insurance plan including genetic disorders, mental health, and other critical ailments, insurers will get compensated by charging a higher premium. This results in an increase in health insurance premiums for customers.
Insurance Regulatory and Development Authority of India (IRDAI) is planning to refile its products by revamping the existing products and making them more standardized.
In October 2019, IRDAI listed out several instances where a health cover to an individual cannot be denied under any circumstances. All health conditions and illnesses acquired after the issuance of policy will be covered by the health policy. Some of the important and major diseases that must be added to the list include Alzheimer, Parkinson, AIDS/HIV, and morbid obesity. However, if an insurer does not want to cover some specific ailments like epilepsy, chronic kidney diseases and HIV/AIDS must use specific wordings as defined by the regulatory body in the policy terms. As per the IRDAI guidelines, the insurer must also specify a waiting period i.e. 30 days to 1 year after which the coverage would begin of the ailment.