Health declarations made when getting the COVID 19 vaccine. What is the impact on your existing life & health insurance policies?
A quick thread 👇
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Q1. Whether declarations made during the vaccination can be used by insurers?
A. In our view, insurers are unlikely to get access to health info without your consent, unless there is a fraud case. We recommend you make the right declarations to avoid any complications later
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Q2. What if I declare a health condition while taking the COVID19 vaccination that was diagnosed after I bought the insurance policy.
A. Nothing. You don't have to worry about any disease that you suffered after you bought the policy unless you are planning an upgrade.
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Q3. What if I declare a health condition while taking the COVID19 vaccination that I missed informing when I bought insurance?
A. You should inform the insurer immediately. Your policy may get canceled - but there is no point running a policy with a misrepresentation.
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If you have further questions - hop on to our Community Forum - beshak.org/forum and our experts will help answer.
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Some insurers may, however, have a cap on room category - which means they only allow a particular category of room. If you ever opt for a room above this category, u have to bear the difference and proportionate charges for the entire bill.
2/ **Why was this needed**
Every plan has its own independently designed terms and conditions, especially exclusions. 🙄
It was difficult to understand & compare many of these wordings. This also resulted in unpleasant surprises & grievances during claims.
3/ IRDAI has been taking massive efforts to standardize health insurance products, making them easier to understand and compare, helping reducing confusion and grievances.
Update.
- I email my insurance broker.
- They write an email to the insurance co. official asking for a "payment link."
- Insurance co. official gives a classic response "The below-mentioned policy does not pertain to our office."
I usually don't like to take up a case against a brand. But I am doing it this time - coz, if it can happen with me, I am just imagining people who don't have a clue about insurance.
2/ Health Insurance cos won't pay based on fixed package charges, unless they are part of a pre-agreed contract.
Insurers will demand a detailed breakup of the package charges and then evaluate the claim against the insurance policy.
3/ Here's how Insurers will look at the breakup from Max
#1 Room Rent, #2 RMO Visits, #3 Nursing, are considered part of Room Chg. If these are billed separately, only Room Rent will be paid.
Consumables under # 7a & # 7b are not covered