Key Updates on Health Insurance Policies: What You Need to Know Before Enrolling!
It is necessary to keep in mind the latest provisions in health insurance schemes, which are significant in making enrollment decisions. Worth mentioning here are the following new modifications:
Removal of Age Limits for Senior Citizens
By the Insurance Regulatory and Development Authority of India (IRDAI), the removal of age limits with respect to the purchase of health insurance was instituted. Therefore, senior citizens can now buy policies according to their convenience, thus serving the purpose of improving ease in accessing healthcare coverage whenever they want.
Increase in Health Insurance Premiums
The emergence of extremely high premiums in health insurance has occurred. In the first ten months of the current financial year under discussion, premiums crossed ?1 lakh crore, a hike of 10 percent compared to the previous year. Such sharp increases were due to costs in healthcare and medical inflation. Thus, the issues of affordability and access were raised.
Higher coverage for senior citizens
Increased healthcare costs have thus compelled a majority of senior citizens to adopt higher coverage. Statistics suggest that 73 percent of elderly people choose those plans covering more than ?10 lakh, a rather positive step to safeguard them from overwhelming medical expenses that could arise.
Mental Health Coverage
Even though parity laws exist, which are supposed to ensure that mental health needs are covered at par with physical ones, less than 1% of health insurance claims within the country have anything to do with treatment for mental disorders. There is an impressive need for greater awareness, let alone better integration of mental health with insurance.
Pollution Effects on Premiums
Because of the recent proliferation of air pollution claims, insurance companies seem to be mulling over a 10-15 percent hike in health insurance premium rates for residents of New Delhi. This possible hike indicates that the environment plays a role in determining health insurance premium costs.
Focusing on these updates is paramount for anyone planning to enroll in a health insurance plan to assess, if at all, what coverage and expenses would be affected. Advice from insurance consultants is best when making the most appropriate decisions for oneself.
