No matter what your age is, diseases can attack anyone. With the significant rise in medical expenses, it becomes vital to purchase a health insurance policy. The Insurance Regulatory and Development Authority of India (IRDAI) has declared several changes in the health insurance policies as an attempt to make insurance customer-friendly. Earlier, you had to pay the insurance premiums annually. Now, you have an option to pay them in installments. Also, the maximum age limit for health insurance policies has been increased as per the IRDAI.
The premiums payable for health insurance are linked with the insurer’s age and will gradually increase as the insurance buyer ages. Buying an insurance policy at the age of 60 will cost you more than it will cost at the age of 30. Someone who is 60 and above pays a higher premium, and this could prove to be a burden on their finances.
The option of paying premiums in various installments-monthly or quarterly is helpful, as the customers can now pay the premiums on time and enjoy the benefits of their health plans. However, the terms and conditions mentioned in the policy documents will not change.
Purchasing health insurance for senior citizens is vital, under this plan individuals in the age group of 60 to 75 years receive medical coverage. Some other advantages of senior citizen plan are that it includes the facility of cashless hospitalization, treats pre-existing diseases, pays for expenses incurred during medical check-ups.
As per the updated guidelines by IRDAI, every health insurance provider must cover people up to the age of 65. The new rules are quite helpful for people as it helps them get coverage at later stages in life when it’s needed the most. It is also possible for them to transfer to a new insurer if they are not satisfied with the services of their current insurance provider.
As per the IRDAI, the insurers can increase the maximum age of purchasing health insurance. The premiums caused due to the modifications based on the loss-ratio numbers can be increased or decreased by 15%, by the health insurance companies, said IRDAI.
The elderly tend to contract major diseases that could be life-threatening. Health plans also have something known as critical illness insurance. Under this insurance, major or critical diseases such as heart attack, paralysis, etc. are covered. These conditions do not get covered under the basic health plan. Senior citizens can add the critical illness plan in their existing health policy or can purchase it separately as a standalone plan. In case you ever get diagnosed with a life-threatening disease, your insurer will offer you a lump sum amount that can be used for the treatment.
However, it is imperative to first compare various health plans available for senior citizens before purchasing. To compare and then pick the policy is probably the right thing to do. This will give you a clear idea of which policy suits your requirements.