The Insurance Regulatory and development authority (IRDAI) has removed the maximum age limit of 65 years for buying new health insurance policies, allowing people from all age groups to buy health insurance, effective April 1, 2024.

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Here are some benefits elderly people can avail of from IRDAI’s recent rule changes.

No Upper Age Limit To Buy A Health Insurance Policy: IRDAI abolishes the upper age limit of 65 years for buying new health insurance policies, allowing more senior citizens to take insurance coverage. In a recent notification, IRDAI said, “Insurers may design products for senior citizens, students, children, maternity and any other group as specified by the authority.”

Coverage For Pre-Existing Diseases: IRDAI notified the reduction of the waiting period for pre-existing diseases to 36 months (three years) from four years. It said, “Waiting period for pre-existing diseases disclosed by the persons to be insured shall be a maximum of up to 36 months of continuous coverage under the health insurance policy. Insurers may endeavour to have a shorter waiting period for pre-existing diseases.”

PTI further reported that “Insurers have been mandated to offer health policies to individuals with pre-existing medical conditions of any kind, including cancer, heart or renal failure, and AIDS. Also, if a person took a claim for an illness, the insurer cannot deny a policy renewal on the grounds of claiming in the previous year.

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Ayush Treatment Coverage: Some senior citizens prefer Ayush or Ayurvedic medicines. So, for their benefit, “Insurers shall have a board-approved policy for providing AYUSH coverage, which interalia shall include their approach towards placing AYUSH treatments at par with other treatments for health insurance to provide an option for the policyholders to choose treatment of their choice,” the notification said.

Specified Channel For Seniors: Insurance is not useful until a claim is settled without any hassle and within the time frame set by the insurance company. Regarding this, Irdai requires insurers to establish a separate channel for senior citizens’ grievances and claim issues related to health insurance. Insurers are also required to make the details of such a channel available on their websites.

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Premium Payment In Installments: Policyholders can also pay the premium in instalments. The notification reads that premiums will not change even if the payment frequency is in instalments. All these changes benefit those who are not covered under health insurance until 65 or are covered but want to buy a new policy. However, as the premium increases with age and other factors in health insurance, it is to be seen how affordable these policies would be for older people.