Health Insurance Premiums to Spike as Companies Likely to Offer More Extensive Coverage
Published On Apr 23, 2020, Updated On Jun 25, 2020
Considering the past few decades, apart from pandemic declared coronavirus (COVID-19), a number of other contagious diseases seem to have evil eyes on many across the globe. Such diseases ought to spare none. And despite our best efforts to stay fit and healthy, it may affect us at some point or the other in life.
Moving on to other genuine concerns, rising number of accidents on road, sedentary lifestyle rising pollution, hectic work schedules and a fast-paced lifestyle has rendered and our health in a precarious position. The increased chances of medical adversities attached to these will definitely leave a thought of high medical expenses cross our minds.
Also, read how coronavirus affects your body.
In that regard, there is no denying that health insurance plans are a necessity, irrespective of how old are you. Health insurance companies are set to introduce a revised health insurance plans in the market with even extensive coverage in order to provide maximum benefit to the policyholders.
You may also like to read: Everything You Need to Know About Health Insurance
Health insurance-Need of the hour for you and your family
Fortunately, we have health insurance to lend a helping hand during tough times in life. There is a good number of health insurance companies that offer us coverage against many healthcare expenses such as pre and post hospitalisation, nursing expenses, doctor’s free, ICU charges, hospital room rent, medicine costs, ambulance services costs, and more
In short, without health insurance, managing financial stress with ongoing health issues would have been really difficult. And nowadays, buying health insurance is not only easy but cheap too. So, it is better to have one for yourself and your family.
Offering extensive coverage under health insurance plans
In the Insurance Regulatory and Development Authority of India’s (IRDAI) guidelines on standardising exclusions, it has been clearly stated that health insurance coverage cannot be denied to an individual under-listed instances. Some of them include, the inclusion of all illnesses occurring after the policy is issued, the inclusion of diseases like Alzheimer’s, AIDS/HIV, Parkinson's disease, morbid obesity, etc.
Also, in case the insurer does not want to offer cover to the policyholders for some specific illnesses like HIV/AIDS, epilepsy or chronic kidney diseases, then it must mention the same in the policy documents as per the regulatory authority’s guidelines. It is also mandatory for the insurers to specify waiting periods after which the policyholders can seek cover.
Another example is of the Mental Healthcare Act 2017 that made it necessary for every insurer to offer cover for mental health ailments. The insurers cannot refuse coverage to those who have been taking anti-depressants in the past.
The policyholders will be even happier to know that in the up-coming health insurance policies, even age-related ailments like knee-cap replacements and Cataract will also be covered.
The rise in health insurance premiums
Happiness sometimes comes with a price. So, it is true that with an increase in coverage features, the health insurance premiums are also expected to rise by 5-20% in the coming three months.
The reason being the guidelines circulated by the regulatory authority IRDAI. TThe IRDAI has pushed the health insurance companies to offer more extensive health insurance plans and make their products more standardised.
As per IRDAI’s guidelines, the health insurance companies were barred from refusing health insurance plans to the potential buyers for certain illnesses related to menopause and puberty, mental health, genetic disorders, etc. This has led to increased coverage and thereby, a slight increase in health insurance premiums as insurers now refile their products accordingly.
Important for you
Once the health insurance companies will introduce their revised products in the market, then it will be important for people to shortlist the most suitable one for them wisely.
With new product features, it might be a daunting task for them to understand everything thoroughly. And here comes into the scene the need of health insurance experts.
Experts can help you not only decide which is the best insurance company for you, but also the best product after analysing certain factors like claim settlement ratio if the company, number of critical illness covered under the plan, No Claim Bonus, a limit on room rent, co-payment clause, etc.
Experts at InsuranceDekho are just a call away and can solve all your queries in no time.
While concluding, it is also important for you to note that sometimes, it may be tempting to go for health insurance plans with less premiums, but it may not always be the right choice. Cheap products may sometimes cost you even more in the long run as they are of no use when there is actual need.
So, choose wisely the most suitable plan for yourself and your family and seek help without hesitating so that you make a well-informed decision.
Stay healthy, stay insured!