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IRDAI asks insurers to expand coverage for home care treatments

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Insurance Regulatory and Development Authority (IRDAI) has asked general and health insurers to expand coverage for home care treatments as an add-on to the existing policies. The premium of which could be 15-20 percent higher than the normal premium.

Insurance Regulatory and Development Authority (IRDAI) has asked general and health insurers to expand coverage for home care treatments as an add-on to the existing policies. The premium of which could be 15-20 percent higher than the normal premium.
It was just last year in June 2020 when the insurance regulator had said that home care treatment and Ayush treatment is something that should be considered in terms of claims when it comes to the COVID treatment.
Now, exactly a year later, what IRDAI has written to various general and standalone health insurance companies is that home-care treatment for non-COVID ailment should also be covered under existing policies.
This could be done in two ways – one is that if an existing policyholder wants the home care add-on covered in the policy, he can reach out to the insurance company and take that package over and above the existing policy. He will be charged the additional premium by the insurance company. The second is that on the issuance of new policies where these add-ons could be given right from the inception.
As far as the consumer angle is concerned, the premiums could be about 15-20 percent higher as compared to the existing health insurance policy premiums which these policyholders are paying.
Watch the accompanying video of CNBC-TV18’s Yash Jain for more details.

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