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What is the maximum age of buying Health Insurance Policy in India?
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What is the Maximum age of Buying Health Insurance?

Rohit’s father wanted to purchase a health insurance policy for himself after taking retirement. All this while, he was covered by his office group insurance plan which also gave coverage to his wife and Rohit himself. However, Rohit had grown up and was out of the purview of the policy (he had crossed 25 years of age). Hence, his father thought that it would be best to purchase a health insurance plan since he worked in a private company and did not have any Governmental health insurance solution. When he compared plans, entering his age, he was shocked to see comparatively expensive premiums for a variety of policies. Several necessary add-ons only made it more expensive. In contrast, Rohit, who had turned 25 and was looking to get his own policy, saw that he would have to pay lesser premiums for the same coverage amount. In fact, he would get more coverage and benefits. What lesson does this story hold for you? The earlier you purchase insurance, the better. 

Health insurance is ideally purchased early in life in order to enjoy the advantages of a lower premium and more benefits. There are several health insurance plans for family members or individual health insurance plans which have minimum and maximum age limits. What is the maximum health insurance age limit? This is an aspect that varies across various insurance companies and policies. You should check the same if you are applying at an advanced age. 

What is the age limit for health insurance

There is no such official regulation but the usual entry limit across insurance companies is usually 65 years of age. Those above this threshold may purchase comprehensive coverage or the best health insurance plans for senior citizens for covering varied medical costs. When it comes to these specific health insurance policy types, there is mostly no age restriction. Some companies even offer policies to those above the age of 80. Yet, you should always check with the insurance company in question before finalizing your policy. Remember that even the best health insurance company in India may have a specific age limit for its policies.

Is it possible to purchase healthcare coverage for seniors and parents? 

You may be thinking about investing in the very best health insurance plan in India for your parents who are senior citizens. However, keep a few things in mind in this context. There are several options available for you to buy health insurance online, picking from plans specially tailored for the benefit of senior citizens. You can also purchase travel insurance for your parents based on their needs. These plans are for those above 60-65 years of age and come with various benefits.

Yet, it is always recommended that you purchase the best health insurance policy as early as feasible since the premiums will be comparatively lower at this time. With advancing age, the chances of illness or hospitalization naturally increase, scaling up financial risk perceptions for the insurance company as well. 

Disadvantages of Buying Health Insurance at a Later Stage

You already know what is health insurance and why you should purchase it mandatorily for yourself and your family. Here are some of the biggest disadvantages of delaying your health insurance purchase until you are at an advanced age. 

  • SuperExpensive Premiums: Buying a health insurance policy at a later stage in life equates to costly premiums. Those above 50 are perceived as having higher medical risks by insurers and hence they charge higher premiums as a result. The amounts are the lowest for young children and reasonable for those between 20-50 years of age. An exorbitant premium amount means that you will either have to reduce your coverage amount or compromise by not getting a few necessary add-ons. Many insurance companies will also mandate co-payment of a certain percentage of medical costs at an advanced age, leading to higher costs in the future. 
  • Lower Coverage Amount: Most insurers have limits on the total amount claimable in various scenarios. This is usually due to health issues or pre-existing diseases of policyholders. Those above 50 have to go through health check-ups before getting policy approval. The sum insured for seniors is on the lower side with various caps and sub-limits too. 
  • Lesser Benefits: With the onset of age, the available benefits also reduce significantly. Getting more coverage and optional add-ons is a tough ask since people are more likely to suffer from health problems with advancing age including arthritis, diabetes, high blood pressure levels and so on. Hence, the likelihood of claims is higher in these scenarios, automatically lowering the coverage and available benefits available in health insurance plans as a result. 
  • Waiting Periods: Every health insurance policy comes with its own waiting period varying between some months and a few years. Buying a plan at an advanced age means that you will have to go through the waiting period at a time when your chances of contracting an illness are higher. If you buy at a young age, then you can pass through the waiting period (especially for pre-existing diseases or other types of treatments) at an early stage, giving you instant coverage in the future when you need it the most. The older an individual, the higher the chance of pre-existing diseases and most insurance companies have 2-4 year waiting periods for the same. Purchasing comprehensive health coverage at a young age will not only cost you less, but keep you fully covered and secure in the bargain. 

 

As you can see, purchasing health insurance early on is imperative for several reasons.

FAQs

What is the usual waiting period for pre-existing diseases?

While many insurance companies have varying waiting periods for pre-existing diseases, the usual figure is between 2-4 years. This means that the insured person cannot avail of financial coverage for hospitalization/treatments connected to these diseases before the expiry of this duration.

What is the maximum age for buying a health insurance policy?

There are the minimum and maximum limits imposed by insurers for various health insurance policies. In case of regular plans, this age limit is usually 65 years of age. However, there are senior citizen plans which do not have upper limits in some cases. Many plans offer coverage for those up to 80 years of age or even above.

What is meant by the claim settlement ratio of an insurance company?

The claim settlement ratio is something that you should check carefully before choosing any insurance policy. This indicates the number of claims that have been successfully settled by the insurance company (percentage) against the total number of claims received in a particular financial year.

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