Why Health Insurance is gaining more interest in recent times..??

Health Insurance - Importance in Current Times

The year 2020 has brought a lot of turmoil all across the world. Amidst the pandemic of Coronavirus, which has taken thousands of lives globally and became a serious threat to the millions of people living in India. From the past, some decades health insurance has gained much popularity among the private sector employees and businesspersons. In this article, I am gonna reveal you the top secrets of insurance especially health insurance, which once you understand you will never worry about the expenses of world-class quality treatment for you and your dear ones.

What is Health Insurance and why it is important for all of us?

This is one of the most common questions that may arise in your minds, that why to waste hard-earned money in paying the expensive health insurance premiums. But trust me this insurance will become your life saviour in hard times. All of us are aware of the fact that to access quality treatment one has to pay the high bill amounts. Many times, it consumes our savings, and sometimes we are left with nothing. Then why to waste our hard-earned fortune on expensive treatments when one can easily ensure his/her health with the top insurance schemes in the market.

Health insurance is a kind of agreement where the insurance company takes care of all your medical expenses when you fall ill or caught by some diseases which lead to your hospitalisation. Generally, the insurance company have their associations with the top hospitals where the insured person gets free of cost treatment or get reimbursed by the insurance company on his final bill generated. It is very important for any person who have fixed and limited income like salaried employees in the private and government sectors.

Recent Changes in Regulations by IRDAI

Now due to the changes and regulations by the government, health insurance has become one of the best options to secure your life and money. Here are some of the changes brought by IRDAI to make health insurance more affordable and feasible. These changes are introduced to lessen the burden of premiums and make policyholder happier than ever. The top change by IRDAI are :-

• To reduce the burden of premiums on policyholders, IRDAI has introduced the instalment facility. This allows the insured person to pay premiums in monthly, quarterly or yearly as per his/her convenience.
• The maximum age limit has been increased from the earlier 65 years. Moreover, IRDAI has also decreased the age limit to buy health insurance from the insurance company.
• The regulatory authority has also made it mandatory for the insurance company to provide the list of TPAs to its customers so that choosing a TPA will be their personal choice.
• IRDAI is also planning to stop the insurance company from excluding cover for critical illness for genetic disease, mental illness, psychological and neuro-development disorders. This is really positive news for all the insurance buyers.
• Now insurance company can increase or decrease their premiums by 15% if they make changes in the terms and conditions of the insurance plans.

These changes will be in effect from 2020, so it’s a good time to buy or renew your health insurance to secure your life and your future.