What is the Maximum Age at which One Can Buy Health Insurance? Is There a Limit?

Health insurance is crucial for individuals of all ages given the rise of healthcare costs and the increase in lifestyle diseases in India Whether you are 15 or 55 years having a health insurance policy can ease the financial burden of a medical emergency on you as well as your loved ones Senior citizens especially have a greater requirement for health insurance as they are more vulnerable to health issues at their age However when reading about health insurance you may have come across an age limit often imposed on purchasing health insurance Yes insurers do set an age limit and they have a substantial reason for doing soLimit only on purchase and not on coverage Before going any further it is to be kept in mind that the maximum age limit is only applicable for the purchase of health insurance Insurance providers offer lifelong renewability for health insurance plans for their insured policyholders So once you purchase a plan from them you can renew it for your life without any restriction of age limitsWhy do health insurers have a maximum age limit on buying health insuranceWhen you take an individual or a family health insurance policy there is certain coverage limit beyond which the policy will not provide protection The coverage given by a standard health insurance plan should ideally include an extensive variety of diseases medical treatments and health issues When you are young this coverage often proves to be more than sufficientAs you cross 60 to 65 years of age however your health requirements change Your chances of getting affected with many illnesses and health disorders increase This would lead to repeated claims on your health insurance Especially if it is a family health insurance policy then the repeated claims could mean a lesser sum insured for the other insured family membersMoreover there is a chance that you may be at more risk of contracting a critical illness as you age A normal health insurance plan may not cover critical illnesses so you may not be able to raise a claim Hence purchasing or even going forward with a regular plan may not be helpful to you or your loved onesThat is why insurance providers have guidelines that limit the purchase of regular health insurance plans up to a certain age onlyOne question arises here what about those who are above the maximum age limit How can they secure themselves financially in health matters Taking into consideration the requirements of people in the age range of 6075 years health insurance providers have designed the senior citizen health insurance policyLetrsquos take a look at how this plan can benefit our loved ones once they enter the golden years of life Shorter waiting periodInsurers understand the urgency of requiring access to good medical care when you are a senior citizen Therefore the waiting period before the plan begins its coverage is kept low However make sure to contact your insurer and ask them to inform you of the waiting periods on their plans Inclusion of preexisting diseasesSince diseases like diabetes hypertension heart ailments and so on are quite common amongst the elderly senior citizen health insurance plans often cover these even if the conditions are preexisting However this coverage may be subject to certain terms and conditions so make sure that you are aware of these before going aheadIII Tax benefitsUnder section 80D of the Income Tax Act the premiums paid towards a health insurance policy for individuals over 60 years of age are eligible for tax deductions up to Rs 50000 No limit on the claimsA senior citizen insurance policyholder can make as many claims on their policy as they require as long as it is within the sum insuredGetting the right health insurance providerThere are several insurers in the market that offer senior citizen health insurance plans Make sure you choose an insurer that provides excellent customer service and has 247 claim assistance support It is also advisable to look for a high claim settlement ratio and a large number of network hospitals This will ensure that you have extensive access to treatment without having to arrange cash at the eleventh hour for a medical emergencyChoosing the right ridersIt is also essential to ensure that your elderly loved ones are getting adequate additional coverage as well As the likelihood of getting diagnosed with critical illnesses increases as one ages you may want to consider opting for the critical illness insurance benefit Lifethreatening diseases such as cancer heart attack kidney failure paralysis stroke and so on which are quite common in old age get covered under critical illness addons Or you may also consider buying a separate standalone critical illness insurance policy The relationship between age and premiumThe premium you pay towards your health insurance policy is highly influenced by your age As mentioned earlier since senior policyholders are more likely to raise a claim on their insurance the premium that would be charged to them is on the higher end In comparison the premium paid by a 35yearold individual would be lesser since the frequency of filing a claim is probably lower That is why it is recommended to buy a health insurance policy early so that you can benefit from affordable premiumsSince the premiums for senior citizen health insurance can be quite high many may want to mitigate the financial strain they incur In this regard you can also opt to pay your premiums in monthly quarterly or biyearly instalments Because of the recent changes introduced by the IRDA this is now possibleWhy is health insurance important for senior citizens A health insurance plan is necessary to have once you cross 60 years of age for several reasons Letrsquos look at some of them With age comes more susceptibility to diseases As we age our immune system weakens and we are more susceptible to diseases and health ailments This could result in frequent hospitalization that could drain out your hardearned savings Having health insurance means that you wonrsquot have to pay for hospitalization costs out of your own pocket Coverage gives financial independence With a health insurance plan in place senior citizens do not have to depend on anybody else for their medical needs Whether it is a daycare surgery or a lengthy hospitalization a health insurance plan for senior citizens ensures that the policyholder gets quality treatment without any worry of the finance involved Policy helps retain retirement funds When you cross 60 years of age you will most likely retire People look forward to resting and relaxing with the help of their retirement funds and pension If a health emergency were to arrive that required a large amount of financing these funds would get depleted While the health emergency would be taken care of it would result in a lack of money for other aspects of life Having health insurance will ensure that you get the best in medical care without compromising on other aspects of your life Everyone is entitled to a healthy and happy life regardless of their age So whether you are below the maximum age limit or above it you should have a health insurance policy that can back you up when it is neededIt is always advisable to contact a professional and read the policy documents carefully before going ahead with any financial decisions regarding insurance Stay safe and healthyThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever