Earlier, people were denied to give health insurance coverage if they were trying to buy it after retirement. Majority of insurance companies in India were unwilling to sell such people a mediclaim policy for two main reasons such as their medical record of clogged arteries and age.
But, the Insurance Regulatory and Development Authority of India reintroduced health insurance regulations in 2013 and offer various beneficial changes for elderly people. Now, they can also buy online mediclaim coverage at the age of 65 years and renew all their healthcare policies for the rest of their lives.
Policy rejection to an elderly people needed a written explanation as well as insurers were even required to pay part of the costs towards the initial medical check-up. Due to new regulations, insurance companies in India are forced to address availability of tailor-made insurance plans for elderly.
Now, this phase has reached a stage of guarded acceptance instead of risk avoidance. Today, customized senior citizen plans include a feature like shorter waiting periods to cover pre-existing illnesses.
Generally, these policies are available with more sub-limits in terms of treatment cost and higher co-payment clauses. Some insurers introduce a special senior citizen cell to address requests of elderly clients on higher priority.
As per the claims report, it is a completely misconception that elderly people claim more. Based on the age slabs, the mortality and morbidity risk premiums for senior citizens are higher. Health insurance premium increases for older people at the time of policy renewal, especially in case a claim had been filed or as they grow older.
More tax deduction limit on mediclaim insurance premium for elderly people will surely improve affordability and hence, senior citizen can access this policy easily. Such steps ensure that health is insured at any age without caring much about premiums.