Putting in action the report of the working group set up to standardise and simplify exclusions in health insurance contracts, the insurance regulator has come out with draft exposure that aims to enhance the scope of health cover by rationalising and standardising health insurance exclusions. The entire draft can be read here. The Insurance Regulatory and Development Authority has sought public comments till the 31 May. We take you through some of the important features of the draft. But first, understand exclusions in a health insurance policy.
Exclusion in health policy
In order to protect the insurer from dangers of adverse selection, moral hazard or fraud health insurance contracts that pay per hospitalization broadly come with five types of exclusions, three of which are time bound exclusions.