Explained: Now, you can buy health insurance even if you are over 65

Good news for everyone! You can now buy health insurance in India no matter how old you are. This wasn't possible before, as there was an age limit of 65 years. By abolishing the maximum age restriction on purchasing health insurance plans, the Insurance Regulatory and Development Authority of India (IRDAI) wants to foster a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against unforeseen medical expenses.

According to the previous guidelines, individuals were allowed to purchase a new insurance policy only till the age of 65. However, with the recent amendment, which has been effective from April 1, anyone, regardless of age, is eligible to buy a new health insurance policy.

"“The removal of the age cap on health insurance policies by the regulator marks a significant step towards ensuring equitable access to healthcare for senior citizens. This move offers elderly policyholders the opportunity to avail comprehensive health insurance coverage without being restricted by age-based limitations," said Siddharth Singhal, Business Head - Health Insurance, Policybazaar.com 

What does this mean?

More people can get health insurance and be financially protected from unexpected medical bills.
 

Insurance companies must offer plans for all ages, including seniors, children, and families.
 

They can't reject you because of pre-existing health conditions, even serious ones like cancer or heart disease.

Additional benefits:

You can pay your premiums in installments to make it easier on your wallet.
 

Treatments using traditional Indian medicine systems like Ayurveda or Yoga are now covered by insurance, with no limit on the amount.
 

If you have a policy that covers benefits (like hospitalization), you can make claims with different insurance companies for the same illness, giving you more options.
 

Seniors will have a special channel to address their complaints and claims, ensuring faster and better service.

Word of caution

Singhal, however, advised senior citizens to inquire about waiting periods when purchasing a policy and understand how it may affect coverage for pre-existing conditions.

"Moreover, senior citizens should be aware of the coverage features and exclusions of the health insurance policies they intend to purchase. It's essential to carefully review policy documents including any capping such as room rent capping, co-payment requirements, and sub-limits on specific treatments. They must clarify any doubts with the insurer to ensure that there is no discrepancy and they fully understand the terms and conditions of their policy," added Singhal.

According to the IRDAI notification, insurers are allowed to offer premium payment in instalments for the convenience of policyholders.

Travel policies can only be offered by general and health insurers, it said.

There is no limit on AYUSH treatment coverage. Treatments under systems like Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy will receive coverage up to the sum insured without any cap, it said.

Policyholders with benefit-based policies can file multiple claims with various insurers, enhancing flexibility and options, it said.

The proposed regulation seeks to handle the complaints and claims of senior citizens via a specialised channel, ensuring a more tailored and responsive approach to their requirements, it added. 

With PTI inputs