Insurance providers are no longer able to refuse persons over the age of 65 to health coverage. According to Saikat Neogi, however, purchasing insurance for the first time will still be difficult for a senior citizen because of the high prices and requirement for a medical examination for any pre-existing diseases.
What does the Irdai order say? The 65-year-old age limit for purchasing a new health insurance policy has been lifted by the Insurance Regulatory and Development Authority of India (Irdai). It has instructed insurance providers to provide health insurance plans to all age groups, including the elderly, and to cover all kinds of current medical disorders. The regulator imposed a minimum entrance age of 65 years for insurance companies to offer health insurance coverage in a 2016 notification. Few insurers offered health insurance to first-time customers over 65, even though selling coverage to those over 65 has never been prohibited.
For those over 60 who are purchasing health insurance for the first time, the cost is unaffordable. For example, an annual premium of Rs 50,000 to Rs 55,000 will be charged for a 65-year-old man’s individual senior citizen-specific health insurance cover of Rs 10 lakh, contingent upon the terms and circumstances. The insurer may raise the premium at the time of renewal if there has been a claim in the years before to the policy’s expiration, even though it won’t alter throughout the policy’s term. Ideally, a person should purchase a personal health insurance policy as soon as possible and keep it in force after retirement, provided that they are covered by their employer’s group insurance plan. If you do this instead of purchasing a cover after reaching 60 for the first time, the premium will be significantly less.