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Health Insurance: 10 Important Changes Brought About by IRDAI

Updated On Dec 09, 2020

Health insurance changes 2020 have been continuously in news for the last few years. So, if you are also confused too about what has happened and what will happen in 2020, then you are not alone. 
The highlight is that the Insurance Regulatory and Development Authority of India (IRDAI) has made several changes in the existing health conditions which will make the policyholders happy.  
From liberty to choose his/her own Third Party Administrator (TPA), to pay premiums in installments, IRDAI has been taking steps to make the process of health insurance more standardised and customer friendly. 
This article explains what is changing, what is staying the same, and what to expect from the health insurance sector in the year 2020.  

Top 10 changes brought about by the insurance regulator in the health insurance sector are-
1. As recorded for the very first time in history, the policyholders can pay health insurance premiums in installments. This will make the potential policyholders happy as they can now pay premiums monthly, quarterly, or half-yearly. But with monthly or quarterly payments, they will get a lesser free-look period than in case of yearly premiums. 
2. IRDAI has asked the insurers to specify pre-existing diseases that won’t be covered up to a maximum of 4 years from the date of inception of the policy. The customers can now declare any disease diagnosed up to three months from the date of policy purchase. 
3. It is now allowed for the health insurance providers to increase the maximum age limit specified in health insurance plans which usually was 65 years. The insurance company has to inform IRDAI through a certificate about the change. 
4. Not only increase the age limit, but the IRDAI has also allowed the insurers to decrease the minimum age specified for purchasing health insurance plans.  
5. IRDAI thinks deeply about stopping the insurers from excluding critical illness cover for genetic diseases, mental illnesses, psychological disorders, and neuro-development disorders from the health insurance plans they offer.  
6. Health insurance providers are allowed to increase or reduce health insurance premiums by 15% owing to changes made in the terms and conditions of health insurance plans. As per IRDAI, this can be done on the basis of loss-ratio numbers of the previous three financial years.
7. As per the insurance regulator, health insurance premiums should only be increased after the expiry of three years from the date when the particular product was approved or modified.    
8. The insurance regulatory authority has asked the health insurance companies to give a list of TPAs to the policyholders when selling them a health insurance product so that they can choose a TPA of their choice. But the number of TPAs will be decided by the insurer on the basis of policyholder’s geographical location and health insurance product. 
Also, the policyholders can only change TPA at the time of policy renewal.  
9. Health insurance providers can now introduce additional distribution channels for some products without waiting for IRDAI to approve it. They are allowed to make little modifications in approved individual health insurance plans based on certification.   
The changes are expected to come into effect in the year 2020.

Also Read

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5 Best Health Insurance Plans in India You Can Buy in 2020
Now that health insurance is all set to become more standardised and customer-friendly, ideally, it will be easier for us to have adequate health insurance cover for ourselves and our families. 

Call InsuranceDekhos' toll-free number 1800-1205-698 for any other information related to the health insurance industry. 

Stay healthy, stay insured! 

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