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In April, IRDAI asked insurance companies to offer their usual health policies to everyone, including senior citizens, students, and children. This comes after the BJP, in its election manifesto., declared that “everyone over the age of 70 years” would be brought under the government’s Ayushman Bharat health insurance scheme.
In a major reform, Insurance Regulatory and Development Authority of India (IRDAI) has removed the ceiling of 65 years for a person to buy a health insurance policy. Additionally, the waiting period for pre-existing conditions has been reduced from four to three years. Both these rules have been effective from April 1, 2024. Will these new rules help uninsured senior citizens get health coverage? How easy is it now to buy a health insurance policy for the first time at the age of, say, 70? Find out here
IRDAI's reduction of waiting periods to 3 years will raise health policy premiums by 15% says Singh.
The insurance regulator's move to prod insurance companies to sell health products to all age groups, including those above 65, is aimed at increasing penetration though there would be challenges on pricing due to higher risk perception, experts said. While there was no regulatory cap on age for health insurance policies, most companies had an internal policy which did not allow them to sell health insurance products to persons over 65.
Experts in the insurance industry are pushing for significant adjustments in taxation, regulation, and technology in the budget.