The IRDAI has requested in a notification that insurers provide health insurance plans that are appropriate for all age groups.
The Insurance Regulatory and Development Authority of India (IRDAI) has eliminated the age limit on purchasing health insurance policies, effective April 1, 2024, meaning that those beyond 65 will now be able to obtain new policies. This information was reported by ANI.
Before, people who were older than 65 could not acquire policies. However, as of April 1, 2024, modifications have made it possible for anyone, regardless of age, to be qualified to get a health insurance policy.
New health insurance rules
In a notification, the IRDAI has asked insurers to offer health insurance products to cater to all age groups.
The insurers may design the health insurance policy products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority.
This new decision by the IRDAI is aimed at creating a more inclusive healthcare ecosystem in India and encouraging insurance provider companies to diversify their offerings.
According to the report, the top insurance regulator body has asked the providers to introduce ‘tailored policies’ for specific demographics including senior citizens, and also establish dedicated channels for handling claims and grievances.
“It’s a welcome change since it now opens Avenue for people above 65 to seek health coverage. Insurers based on their board-approved Underwriting guidelines can cover people above 65. The coverage is subject to offer and acceptance between the Insured and Insurer based on affordability for the senior citizens and viability for Insurers.
Following the recent notification, the health insurance providers are prohibited from refusing policies to individuals with severe medical conditions including cancer, heart or renal failure, and AIDS, the report added.
In addition, the insurance waiting period has been shortened from 48 to 36 months by the insurance regulator.
It is now expected that all pre-existing conditions, whether or not the policyholder revealed them at the outset, will be covered after 36 months. After these 36 months, irdai health insurance is not allowed to deny claims on the grounds of pre-existing conditions.
Hospital expense reimbursement policies based on indemnification are prohibited from being introduced by insurance companies. Rather, they can only sell benefit-based policies that have set costs if a covered illness manifests.
The Moratorium Period in Health Insurance
This period of sixty continuous months is called the moratorium period. The moratorium would be applicable on the sums insured by the first policy.
Health Insurance with no Waiting Period
The waiting time is one of the terms and conditions that come with any medical insurance plan. The amount of time you must wait before filing a claim and using your health policy’s benefits is known as the waiting period. However, did you know that there is no waiting period while purchasing health insurance plans? Continue reading to learn more about zero waiting time.
period? Read on to know more about zero waiting period.
- 30 minutes claim support*(In 120+ cities)
- Relationship manager for every customer
- 24*7 claims assistance 30 mins. guaranteed*
- Instant policy issuance medical tests*
Can I buy health insurance with zero waiting period?
The waiting period in health insurance can keep you from availing of the benefits of your healthcare plan. Some people delay expensive medical procedures when their policy is in the waiting period, and this worsens their health condition. Keeping this in mind, insurance companies have introduced the no waiting period clause in health insurance. The same is applicable in the following scenarios —
1. ACCIDENTAL HOSPITALISATION
Insurance companies cover Hospitalisation due to accidents from day one for no extra premium.
2. ADD-ON COVER FOR PRE-EXISTING CONDITIONS
Some insurance providers offer no waiting period add-on for pre-existing conditions. If you opt for this add-on cover, the insurer will cover your pre-existing condition from day one. However, the add-on will increase your insurance premium.
Conclusion
In conclusion, purchasing health insurance without a waiting period will cost you more than purchasing a regular healthcare plan. Purchasing health insurance early, while you are still young and healthy, is still the best course of action. It is simple to obtain sufficient coverage for small annual premiums. Furthermore, by the time you decide to use your healthcare plan to pay for your medical expenses, its waiting period would have passed.
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