If you wish to purchase a health insurance policy for your elderly parents who are over 65, good news is on the horizon. The Insurance Regulatory and Development Authority of India (IRDAI) has revolutionized the rules surrounding the purchase of health insurance by abolishing the maximum age limit of 65 years for policy buyers. Now, individuals of any age can secure a health insurance policy.
IRDAI's Landmark Health Insurance Initiative
According to a PTI report, by lifting the health insurance age restriction, IRDAI aims to foster a more inclusive health care ecosystem that assures substantial protection against unexpected medical expenses. These new regulations for health insurance policies will be effective from April 1, 2024; meaning people of all ages are now eligible for coverage.
Guidance Issued to Insurance Companies
With the removal of the age limit, IRDAI has directed all insurance companies to ensure the availability of health insurance products for all age groups. Insurers have also been instructed to establish dedicated channels to handle the claims and grievances of senior citizens more effectively.
Coverage Now Includes Pre-Existing Conditions
In its circular, IRDAI has mandated that insurance companies provide policies even to individuals with pre-existing medical conditions, including serious illnesses like cancer and AIDS. Additionally, the regulator has reduced the standard health insurance waiting period from 48 to 36 months.
IRDAI's circular also specifies that there is no cap on AYUSH treatment coverage. Treatments under traditional systems including Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy will be covered up to the insurance sum without any limits. Insurers are expected to offer health insurance products tailored to the needs of various age groups, particularly for senior citizens, students, children, and any other group designated by the competent authority.
