Health insurance for senior citizens is expensive: Here's what they must do

Those who find premiums unaffordable should go for a plan with deductibles

On January 30, the Insurance Regulatory and Development Authority of India (Irdai) issued a circular directing insurers not to revise the premium for senior citizens by more than 10 per cent per annum. If an insurer proposes to increase the premium for senior citizens by more than this level, it must obtain prior approval from Irdai.

 

Chorus of complaints

 

Three factors lead to an increase in health insurance premiums. One is medical inflation, which in India is around 14-15 per cent. The second is the insurer’s claims experience, and the third is change in age bracket. Once a customer moves