The Evolution of Health Insurance

Health Insurance

Over the years, the health insurance sector has witnessed tremendous transformations. Whether it is the introduction of technologies like a health insurance premium calculator or improvement in policies, the growth has been notable. There are many areas of the health insurance sector that have changed for the better over the years. In this blog, we are discussing some of those aspects that have contributed to this evolution. 

The New Meaning of Pre-Existing Diseases

There has been a considerable improvement in how insurance providers looked at pre-existing diseases. Earlier, insurance companies could reject insurance claims when the policyholder had even had a symptom of the disease for which the latter was filing the claim during the waiting period. However, now pre-existing diseases only include ailments that have been previously diagnosed or particularly treated for. This shift will help in reducing the claim rejections in cases where patients were unaware that they suffer from a particular disease.

This new regulation is based on the approach of an eight-year look-back period. Post these eight years; the insurance provider cannot reject the claim except in the case of fraud. Moreover, this also provides a stronger incentive for insured individuals to easily renew their policies. Life-long renewability and look back have made medical insurance an attractive investment to make at an early age. 

Elimination Of The Ambiguity 

There have been many efforts to reduce the ambiguous statements from the fine print of the policies. For instance, the word ‘such as’ was earlier being used by the insurer to their advantage. Insurance companies are now allowed to create permanent exclusions as a way to issue medical insurance to people who are not covered previously. Moreover, modern health treatment stem cell surgery, Lasik surgery for power more than 7.5 dioptres, etc. are allowed in certain situations. There are similar valuable changes that make it easier and clearer for the policyholder. Another example is health insurance premium calculator ; this allows policyholders to calculate their own premium by simply adding their personal information and the coverage amount. Health insurance premium calculator is a beneficial and handy tool to use. It also helps to save a lot of time for the policyholder and give them the calculations real quick without relying on an insurance agent to calculate premium and coverage for them.

More Insurance Products 

Insurance companies are constantly experimenting with small insurance products. These are very particular in nature. For instance, some insurers offer coverage, especially for vector-borne diseases like chikungunya, dengue, etc. These insurance products focus on the seasonality of health issues by providing insurance solutions for up to a year or less than that. This makes such bite-sized products more accessible and economical. Additionally, you can easily invest in these policies, and there is no need for medical examinations. 

Limited Exclusions 

The newer regulations have limited exclusions. Now insurance providers cannot directly reject diseases like HIV/AIDS, Parkinson’s’, Alzheimer’s, etc. Sixteen of such ailments are now covered within health insurance. Moreover, modern healthcare insurance also covers claims related to mental health. But this does not imply that companies must accept the claim if you suffer from any such ailment; instead, it means that these diseases are no longer excluded. 

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