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Health Insurance for Senior Citizen
12 November 2019
Health Insurance is all the more important for senior citizens for the simple reason that as the person ages his proximity to diseases and other critical illness increases. Also with lack of monetary resources on offer, (in case the individual has retired or is surviving on pension) a medical emergency can result in severe financial crisis unless covered under a comprehensive medical insurance policy.
Finding right health insurance policy for senior citizens in India was quite a difficult task at one point of time as most health insurance providers were reluctant to offer them coverage due to higher chances of claim. Health Insurance providers who did provide coverage to senior citizens charged exorbitant premium thus making it almost impossible for them to buy health insurance policy policy at later stages in life when they required it the most. Also one was deprived of choices with regards to health insurance providers if he/she was not satisfied with the current provider’s service.
To improve on this situation, the Government of India made amendments in the guidelines of health insurance coverage implemented on July 1, 2009 by all health insurance companies. According to the new guidelines, every health insurance provider has to offer coverage to individuals’ upto 65 years of age. These new guidelines will not only help individuals get coverage at later stages of their life but also will allow them to shift insurers in case they are not satisfied with their current health insurance provider.
For health insurance provider who denies coverage or rejects health insurance application of the senior citizen, the reason/condition for the same needs to be given in writing. The reason is also expected to be rational and fair. Also the premium charges needs to be reasonable which can be afforded. This new guideline will give senior citizens the flexibility to enjoy cover even at an age of 65 years, thus allowing them to lead a stress-free life.
The situation for senior citizens further improved with introduction of health insurance providers like Max Bupa Health Insurance which offers features like “No age restriction for enrollment” and “assured renewability for life” which are indeed a boon in case of senior citizen health insurance.