Health Insurance for senior citizens: How the no age restriction new rules will benefit the elderly— Explained
Health Insurance for senior citizens: The recent amendments by the Insurance Regulatory and Development Authority of India (IRDAI) regarding health insurance rules are set to benefit senior citizens significantly. By removing the age ceiling of 65 years for purchasing health insurance, IRDAI has expanded access to health insurance products for individuals of various age groups. Previously, seniors above 65 years could still buy health coverage, but options were limited in the market.
"With these policy changes, senior citizens will have a smooth access to quality healthcare. Further, while shortlisting the right coverage that suits their needs, consumers should also evaluate factors like a cashless network of healthcare providers of an insurer, room rent limit, benefits, sub-limits and other policy terms and conditions. These would enable individuals to get coverage that aligns perfectly with their requirements and budget, said spokesperson Ajay Shah, Head – Distribution, Care Health Insurance.
"The Insurance Regulatory and Development Authority (IRDAI) has ushered in a transformative change by eliminating the 65-year age limit for health insurance purchases. This groundbreaking decision, effective from April 1, will ensure health coverage is now accessible to all, transcending age barriers. ’’ Pooja Yadav, chief product officer, Zuno General Insurance.
According to Ajay Shah, health insurance premiums for senior citizens, especially those with pre-existing conditions, might be higher depending on the sum insured, age, and health condition. “The impact of IRDAI's decision on health insurance for senior citizens is expected to be profound. Insurance companies will likely respond by designing specialized products tailored
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