Is There An Age Bar To Purchase A Health Insurance Policy?
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According to the Insurance Regulatory Development Authority of India (IRDAI), any person up to the age of 65 years can get health insurance.There are comprehensive senior citizen health insurance policies available for individuals aged between 65 and 80 years. However, it is always advised to buy a health insurance policy at an earlier age because it gives you more policy options and benefits.
Here Are A Few Drawbacks Of Buying A Policy Post The Age Of 50.
Lesser Benefits
The benefits of a policy reduce with age. After turning 50, getting add-on covers and high policy coverage can be challenging. This is because older policyholders are more prone to health ailments such as diabetes etc. Due to the high risks, health insurance policy providers may not be offering extra benefits and high coverage to senior citizens, something which a younger person might get without any hassle.
Premium is higher
The premium amount tends to be higher if you purchase a medical insurance policy at an older age. Since people above 50 years fall under the high-risk category, it is most likely that they have to pay high premiums. Also, the amount of premium increases with age and if you want to reduce it you might have to limit your sum assured or not include some extra covers.
Waiting Period
Even though the duration of the waiting period depends on the insurance company, the disadvantage of purchasing a policy at an older age is that the waiting period might still be active when you need the money. Hence, even when you have a policy, you might have to bear the expenses.
Limited Sum Insured
Before acquiring a health insurance policy, a medical checkup is conducted. After checking your reports, the health insurance policy provider may place a limit on the amount you can claim for your medical bills. So, in case of senior citizens, the sum insured may be limited as they are more likely to have more health ailments than a younger person.
Conclusion
As you grow older, it is likely that you may suffer from serious health issues. Treating such health ailments are expensive and healthcare costs keep increasing with time. Securing your financial stability, especially during a later stage in life when you primarily depend on pension income, is critical. Hence, it is essential that you purchase a health insurance policy as early as possible. However, it is never too late and senior citizen health insurance can also be purchased as well.
Also read- Health Insurance Covers A Variety Of Illnesses.
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