Senior Citizens above 65 years may still not get Health Insurance!

Writen By: The 1% News Team Writen By: The 1% News Team Image credit: Pixabay/Pexels Image credit: Pixabay/Pexels

The IRDAI's decision to remove age limit for health insurance policies has been wrongly interpreted by many.

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Several reports recently claimed senior citizens above 65 years can now get health insurance. But, this is not correct. Let's understand why

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As per Health Insurance Regulations 2016, IRDAI mandated insurers to offer policies to individuals at least till the age of 65 years.

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However, IRDAI's recent notification has removed the mention of age limit and asked insurers to provide cover to all age groups.

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This means, insurers are now not bound by the age limit rule. They are free to offer insurance to anyone whose underwriting shows it is not too risky.

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Effectively, Insurers are now free to fix any maximum and minimum entry age limit.

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Insurance companies can now also restrict older folks from comprehensive health insurance policies.

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Existing health insurance policyholders need not worry. They now have lifetime renewable guarantee.

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The changes announced by IRDAI might impact new customers only - those who want to buy a new policy or port.

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