Will senior citizens easily get health insurance now?
Insurance companies can no longer refuse to sell health cover to citizens above the age of 65 years. However, for a senior citizen buying insurance for the first-time, it will still not be easy due to the high premiums and the need for a medical check-up for all pre-existing conditions, explains Saikat Neogi
The Insurance Regulatory and Development Authority of India (Irdai), has lifted the age ceiling of 65 years on buying a new health insurance policy. It has told insurance companies to offer health insurance products to all age groups, including senior citizens, and offer coverage for all types of existing medical conditions. In fact, in a 2016 notification the regulator had set an entry age of ‘at least up to 65 years’ for insurance companies to provide health insurance cover. While there was never any bar to sell policies to those above 65, only a handful of insurers sold health policies to first-time buyers beyond that age. Insurers have to provide lifelong renewability of health insurance and cannot deny the renewal even if the insured had made a claim in the preceding policy years, except for benefit based policies.
Buying a new cover for a senior citizen requires a full medical checkup and all the pre-existing conditions are checked. Insurers can reject a cover to her if the underwriting process shows high risk based on current medical conditions. As insurers will evaluate their profitability for selling senior citizen plans, even after the Irdai directive, stringent terms and conditions, exclusions and very high premiums will continue to be a reality. Senior citizens may have a longer waiting period before being able to claim treatment cost of certain medical conditions.
Experts say most insurers will design
Read more on financialexpress.com
