Health Insurance New Rules: Rejoice, health insurance policyholders! The Insurance Regulatory and Development Authority of India (IRDAI) has made some positive changes to health insurance policies, making them more beneficial for both existing and new policyholders. Let’s dive into the key points of these new regulations:
Relaxed Claim Settlement after 5 Years
Previously, you had to wait for eight long years before your health insurance claims became incontestable, meaning the insurance company couldn’t reject them for reasons like non-disclosure of pre-existing conditions. This waiting period has been reduced to a more manageable five years.
Here’s what this means for you: After paying your premiums continuously for five years, the insurance company cannot reject your claims simply because you didn’t disclose pre-existing health issues like diabetes or high blood pressure at the time of buying the policy. This applies as long as the hospitalization isn’t directly related to those pre-existing conditions.
Shorter Waiting Period for Pre-Existing Diseases
Health insurance policies typically come with waiting periods for pre-existing diseases. This is the time you have to wait before the policy covers those specific health conditions. The IRDAI has reduced this maximum waiting period from four years to three years. This means you’ll get coverage for your pre-existing conditions sooner.
Open Age Entry for Health Insurance
Earlier, there was a maximum entry age limit of 65 years for regular health insurance policies. The new regulations remove this restriction. This allows insurance companies to design more customized health insurance products for different age groups, such as senior citizens, women or students.
What to Keep in Mind
While these changes are welcome news, there are a few things to consider:
- Policy Availability for Older Applicants: Although the maximum entry age limit is gone, some insurers might choose to offer their regular health insurance plans only up to a certain age, say 60. This means older applicants might need to look for senior-specific health insurance plans.
- Clarity on Standardization Norms: The replacement of the comprehensive Health Insurance Regulations (2016) with the new guidelines prompts questions regarding the continuity of standardization in health insurance definitions and rules introduced in 2019. Clarity from the IRDAI on the applicability of these standardization norms is eagerly awaited.
Overall, the new health insurance regulations in India offer greater flexibility, faster claim settlements, and potentially more customized coverage options. Be sure to stay informed and explore the new plans available to choose the one that best suits your needs.