New Rules Allow Individuals Over 65 To Purchase Health Insurance Policies, All You Need To Know

Now, people aged 65 and above can buy new health insurance policies as the Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit on purchasing health insurance policies, effective from April 1, 2024, ANI reported.

Previously, individuals aged 65 and above were not permitted to buy policies. But the changes that have come into effect from April 1, 2024, now allow any individual, regardless of age, to be eligible to purchase a health insurance policy.

Changes in Health Insurance Rules

In a notification, the IRDAI has instructed insurers to offer health insurance products for all age groups.

Insurers may design health insurance policy products specifically for senior citizens, students, children, maternity, and any other group specified by the Competent Authority.

This new decision by the IRDAI aims to create a more inclusive healthcare system in India and encourage insurance companies to diversify their offerings.

ALSO READ:?Here Is Everything You Need To Know About Mental Health Insurance In India & Why You Should Avail It

What Are The New Rules Of Buying Health Insurance? Everything You Need to Know | Unsplash

Impact of the Changes

According to the report, the top insurance regulatory body has instructed providers to introduce ‘tailored policies’ for specific demographics including senior citizens and also establish dedicated channels for handling claims and complaints.

"It's a welcome change since it now opens the door for people above 65 to seek health cover. Insurers, based on their Board-approved Underwriting guidelines, can cover people above 65. The coverage is subject to offer and acceptance between the Insured and Insurer based on affordability for the senior citizens and viability for Insurers," an industry expert told ANI.

Following the recent notification, health insurance providers are prohibited from denying policies to individuals with severe medical conditions including cancer, heart or renal failure, and AIDS, the report added.

In addition to this, the insurance regulator has reduced the insurance waiting period from 48 months to 36 months.

Now, all pre-existing conditions should be covered after 36 months, regardless of whether the policyholder disclosed them initially or not. Health insurers are prohibited from rejecting claims based on pre-existing conditions after these 36 months.

Insurance companies are not allowed to introduce indemnity-based health policies, which compensate for hospital expenses. Instead, they are only permitted to provide benefit-based policies, offering fixed costs upon the occurrence of a covered disease.

ALSO READ:?5 Super Benefits Of Buying Health Insurance Early In Your 20s

For the latest and more interesting financial news, keep reading Indiatimes Worth.?Click here