The Covid-19 pandemic was a wake-up call for both health insurance companies and policyholders. While it exposed the vulnerabilities in the healthcare system, it also offered the regulator an opportunity to eliminate many lacunas and add new features that can offer enhanced and adequate protection to health insurance policy buyers. Here is how the health insurance coverage has improved after the pandemic.
Specific need-based products
Senior citizens, who had very few options until a few years ago due to pre-existing diseases like diabetes or high BP, are now getting more and more health insurance coverage options. “There are many plans specifically designed for senior citizens; plans that ideally work better for people with pre-existing diseases. However, there might be some limitations like limit of sum
Star Health Insurance, New India Assurance, HDFC Ergo (erstwhile Apollo Munich Health Insurance), National Insurance and Care Health Insurance (erstwhile Religare Health Insurance) were already offering Senior Citizen Red Carpet Plan, Senior Citizen Mediclaim Policy, Optima Senior, Varistha Mediclaim Policy and Care Senior, respectively. Many new players came up with senior plans later. Niva Bupa (erstwhile Max Bupa) launched the Senior First Plan For Senior Citizens in 2021. Aditya Birla Health
Another development is related to maternity; people can also get surrogacy cover now. The Insurance Regulatory and Development Authority (IRDA) recently allowed insurance companies to offer up to 36 months’ coverage to surrogate mothers. “Surrogacy is a medical option for those families or individuals who, due to medical conditions, are unable to conceive on their own and are unable to start a family. The circular by the IRDAI is a welcome move to provide cover for such families and truly fulfil ..