How to Get Medical Insurance Beyond the Age of 65?

Your old age is when you need medical insurance the most and ironically, in our country, citizens above the age of 65 could not be eligible to get medical insurance. Often, old people and their adult children have to empty their savings to manage hospital expenses. But this is now going to change. The Insurance Regulatory and Development Authority of India (IRDAI) has undertaken a major reform that will make medical insurance available to people of all ages. Yes, all ages, because, rather than just increase the age limit, they have completely omitted the age ceiling, opening doors for even 70-year-olds to be able to buy medical insurance.

The Old Requirement

Back in 2016, the IRDAI had asked insurance companies operating in India to create medical health policies that could provide coverage for people up to the age of 65 years. Although this was just a requirement, it was not a rule. But using this, many insurance companies would only provide medical insurance products for citizens up to the age of 65. Only a brave few companies created medical policies for people up to the age of 99.

However, after the new regulation enforced by the IRDAI on the 1st of April 2024, all insurance companies operating in India will have to create multiple medical insurance products that will cover people over the age of 65, encouraging millions of senior citizens to invest in medical policies and their overall health.

Challenges

Now that more policies will be on offer, older customers will have a wider choice of medical products. But this does not mean it is going to be smooth sailing. Here are some challenges customers must be careful about.

Higher Premiums – The higher the age of the insured person, the higher the premium amount will be. This may cause an affordability issue with senior citizens who most likely are surviving on a limited amount of money.

Pre-existing Conditions – It is most likely that senior citizens may have pre-existing conditions that can lead to higher premium amounts. These conditions, if serious, may also result in the rejection of the policy, leaving the customers with no medical coverage.

No Guidelines – Though there will be more insurance products for the elderly, the right to reject still lies with the insurer. There are no guidelines issued by the IRDAI on when an insurer can consider a customer high risk to reject their policy. Therefore, insurers can reject policies based on their own assessment.

Stricter Terms & Conditions – The terms & conditions that senior citizens will have to comply with to get medical insurance will be relatively more stringent. Therefore, many policy applicants will have to get educated on their policy or will have to be reliant on family, friends, or insurance agents to understand policies.

However, if a senior citizen is able to get medical insurance and have protection in their old age, the benefits will outweigh the challenges. In such cases, it is better to have expert insurance advisors like Money with Mansy guiding you. Our firm is one of the foremost authorities on insurance in India and we will be able to guide you to the best policies. To know more about the latest developments on medical insurance beyond the age of 65, get in touch with Money with Mansy today.