Health insurance is likely to get very expensive as soon cover all diseases which have been excluded so far, get included in mediclaim. The cost of new health covers will rise at least by 10% after covering excluded diseases. As per IRDAI’s new product guidelines, mediclaim will cover mental illness, and genetic diseases too. Therefore, the policy holders will need to pay more premium for the new insurance products.
Here are the few things you must know before buying a new health cover in 2019:
– Health insurance premium will increase by 10%
– Premiums will increase due to inclusion of diseases, which were outside the insurance cover.
– New policy to be issued after October and will charge more premium.
– Covers for mental problems, genetic diseases, neuro-related disorders will be there now.
– Until now, genetic and mental illnesses were not covered by insurance covers, but will be covered now.
– Increased premium due to inclusion of more diseases.
– Increased premium will be applicable in all new health insurance products.
– New health insurance products will now also cover out-of-the-box diseases.
– If the premium increases more than 10%, the company will have to file a new product.
– IRDAI’s objective is to bring more diseases under the purview of insurance cover.
Also, exclusion diseases will be covered in these new products too.