Health Financing/Insurance

IRDA for health cover up to 65 years

All health insurance companies will now have to provide health insurance to citizens upto the age of 65 and settle all claims within a month.
According to the new regulations by the Insurance Regulatory and Development Authority (IRDA), there will be no exit age for policy renewals and all policies will allow for treatment across India.
Also, life insurers can offer products with a four-year term while non-life companies can offer up to three years. The IRDA has asked all stakeholders to send in their feedback by June 30.
The draft also talks about portability, under which a policy holder can migrate to another health insur-ance providing company, without losing any benefit.
Besides, it has also proposed special provisions for senior citizens whose need for health care is press-ing. The guidelines seek to address the problems of the health insurance sector which came into light in 2010 after four public sector insurers removed private hospitals from their preferred list citing over charging by them under the cashless scheme.


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