Water, Water everywhere but not a drop to drink! That was how Senior Citizens felt some years ago when the Health Insurance companies were selective to cater to them. With better medical conditions, people are able to live longer and healthier. However, age does bring some health related issues that needs to be taken care of.
There was a time when people after 50 years of age were generally not considered Insurable or were considered high risk. So, if anyone wanted to get health Insurance, the policy was either denied or was issued with various exclusions on Pre-existing diseases.
With the emergence of various Insurance companies, the Insurance segment for Senior citizens has also opened up. It is a boon for them to be able to plan and take their health in their own hands. The Insurance companies have started considering senior citizens as a potential market and address their need for a Health Insurance product. Insurance Regulatory and Development Authority (IRDA) has also taken various steps to boost the inclusion of senior citizens in the health insurance sector.
There are some health insurers which cover the senior citizens with no cap on the entry age, though IRDA’s directive is to keep at least 65 years as the maximum entry age.
The Health Insurance segment is at nascent stage and hence arbitrary at present/dichotomous in nature. Every individual has to undergo medical tests so as to be considered for health insurance. The reimbursement for the medical tests varies from insurer to insurer. Now, all insurers would reimburse 50% of the cost of the tests if they issue a health policy to the customer. However, there still are some companies in the market that cover a senior citizen without medical tests up to a certain age and covers pre-existing ailments from first year itself.
The Insurance companies would have to include all these clauses in the offer document and explain to the customer what it means to them. With IRDA bringing more transparency, consistency and accountability in the sector, the customers would have more options to choose from and a better product to meet their needs.
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