Now you can buy health insurance even if you are older than 65

Mangalore Today News Network

New Delhi, April 22, 2024: In a major shift, the Insurance Regulatory and Development Authority (IRDAI) has scrapped the 65-year age limit for purchasing health insurance, making coverage more accessible.

The move aims to create a healthcare system that accommodates everyone, regardless of age, and shields against unexpected medical costs.

Previously, people could only get new insurance until 65. Now, anyone can buy health insurance, effective April 1.

IRDAI stated that insurers must offer plans for all age groups and tailor products for specific demographics like seniors, students, and children.

Insurers must also cover pre-existing conditions, including severe illnesses like cancer and AIDS.

To ease the burden on policyholders, insurers can now offer premium installment plans. Insurers are required to offer flexible premium payment options and allow travel policies only through general and health insurers.

Additionally, there is no cap on covering AYUSH treatments, including Ayurveda and Yoga, while benefit-based policyholders can file multiple claims with different insurers.

The new regulation also establishes a specialised channel for handling complaints and claims from senior citizens, ensuring their needs are addressed promptly.