In our country we try to be very generous to people in need especially when someone else is paying. The fact that ultimately the taxpayers will have to bear the burden escapes attention. The Supreme Court has ruled that insurance companies cannot deny coverage for preexisting conditions. You cannot help but admire ! The audacity!! and the foolishness?
The Supreme Court has ruled that public sector insurance companies cannot refuse to provide medical cover policies to those suffering from pre-existing diseases and said such an action was arbitrary, illegal and unconstitutional.
A bench of Justices S B Sinha and V S Sirpurkar also asked the Insurance Regulatory Development Authority (IRDA) to frame suitable guidelines to ensure that insurance companies, both from public sector and private sector, do not indulge in the unethical practice of denying medical insurance facility to the public.
Read the full article here
I hope there are caveats or it is the long march to bankruptcy for the insurers. Now there will be no need to unnecessarily insure when you are healthy; all you need to do is pay the first installment as soon as you find yourself sick.