Health Insurance rules are changing from tomorrow: Details

During these difficult times that worldwide economies are going through due to global pandemic, people have realized the importance of Life Insurance and Health Insurance. With noble Coronavirus (COVID-19) sweeping across nations people are thronging towards insurance cover to share the risk.

At such a time, the good news is that the health insurance area is one such area in India that is going to change completely from tomorrow, i.e. from October 1, 2020. This is a day from which the insurance companies will not be able to reject insurance claims at an ease.

The most important change that will happen from October 1, 2020, is that the health insurance will now cover the maximum number of diseases and an insurance company cannot reject your insurance claim by terming that there is/ are loopholes in the claim if the insurance holder has paid his premium for eight years.

Many of the medical conditions related to a neurological disorder and mental illness which were recently not a part of Medical Insurance cover will now be covered under the scheme. However, coverage of more disease means it will have an impact on your wallet as the insurance premium is likely to go up by 5 per cent to 30 per cent.

Apart from the above, insurance premium which was paid annually can now opt for monthly, quarterly and semi-annual payments. Pharmaceutical bills will also be accepted, covered and can be claimed under the medical policy cover.

Highlights of the major changes that will be effective from October 1, 2020:

• Coverage of the number of diseases will be increased and many more illness will be covered under the health insurance policy. Major diseases outside the health insurance policy will be the same for all insurance companies.
• Major diseases outside the health insurance plan will come down to 17 only.
• In new health insurance products, the insurance premium is expected to go northward from 5 per cent to 20 per cent.
• Psychiatric, genetic and neuro diseases will also get covered in health insurance plans. Neuro disorder, oral chemotherapy, robotic surgery and stem cell therapy will also get covered under health insurance plans.

Terms and conditions for pre-existing:

• A disease pointed out by the doctor before 48 months will be considered for pre-existing under the health insurance plan.
• A disease diagnosed within three months of the issuance of the health insurance policy will be considered for pre-existing under the insurance plan.
• The claim can't be rejected after eight years of premium payment.
• There will be no re-look at the policy after the premium payment of eight years.
• After the renewal of the policy for eight years, wrong information won't work in favour of the insurance companies.