Health insurance for your ageing parents is now possible as IRDAI scraps age limit

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With an aim to expand the market and foster adequate protection from healthcare expenses, insurance regulator IRDAI has removed the age limit of 65 years for individuals buying health insurance policies.

This marks a significant change from the old rules that stopped people from getting full coverage.

By abolishing the maximum age restriction on purchasing health insurance plans, the Insurance Regulatory and Development Authority of India (IRDAI) aims 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.

In a recent gazette notification, IRDAI said, "insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority."

Additionally, insurance companies are required to provide health insurance to people with any pre-existing medical conditions. As a result, insurers cannot deny coverage to individuals with serious medical issues such as cancer, heart or kidney failure, and AIDS.

According to the 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)