An Insurance Cover will be the Least of Your Problems at 90
If your parents are above 80 years it is impossible for them to buy a fresh health insurance cover.This may change if a new plan filed by a health insurance company and currently being examined by the Insurance Regulatory & Development Authority (Irda) is cleared.The policy from Apollo Munich Health Insurance is aimed at senior citizens and places no limit on the age at which it can be bought.
"We have recently filed a health insurance policy with the Irda that will have no upper age for entry.Anyone can buy the cover at any age,be it 70 years or 91 years.We hope that the policy will be cleared by the insurance regulator by end of August and we may be able to start selling it by beginning of September, says Antony Jacob,chief executive officer of Apollo Munich Health Insurance."
The new plan signifies a major shift in the way senior citizens are covered by medical insurance.Most health plans cover a person till 75-80 years.Some policies offer lifelong renewal,but this is possible only if the cover is bought early.The Varishtha Bima Yojana from public sector insurer National Insurance can be bought by anyone between 60 and 80 years of age and renewals can be done up to the age of 90.
Apollo Munich itself has a policy that covers an individual for a lifetime,but the policy should be bought before 65.
Other PSU insurers also offer health covers to senior citizens,but there are a host of restrictive conditions and all have an upper age of entry.