According to the Insurance Development Regulatory Authority of India (IRDAI), anyone under the age of 65 can get health insurance.There are full health insurance policies for the elderly available for people aged 65 to 80. However, it is still recommended to purchase a health insurance policy at an earlier age, as it provides you with more opportunities and benefits.
Here are a few disadvantages of buying a policy after 50 years.
The benefits of the policy decrease with age. After reaching the age of 50, obtaining additional insurance policies and an increased insurance policy may be difficult. This is due to the fact that elderly insured persons are more susceptible to health problems such as diabetes, etc. Due to high risks, health insurance policy providers may not offer elderly people additional benefits and high coverage that a young person can get without problems.
The premium is higher
The amount of the premium is usually higher if you take out a health insurance policy at an older age. Since people over the age of 50 fall into the category of people at high risk, it is likely that they will have to pay high premiums. In addition, the amount of the premium increases with age, and if you want to reduce it, you may have to limit your insurance amount or not include additional insurance.
Even if the length of the waiting period depends on the insurance company, the disadvantage of buying a policy at an older age is that the waiting period can still be active when you need money. Therefore, even if you have a policy, you may have to bear the costs.
Insured Limited Amount
Before purchasing a medical insurance policy, a medical examination is carried out. After checking your reports, the health insurance provider may set a limit on the amount you can claim for your medical bills. Thus, in the case of older people, the insurance amount may be limited, since they are more likely to have more health problems than someone younger.
When you get older, it is likely that you will have serious health problems. The treatment of these health problems is expensive, and over time the cost of medical care continues to rise. It is important to ensure your financial stability, especially at a later stage of your life, when you are mainly dependent on your retirement income. Therefore, it is very important that you take out a health insurance policy as soon as possible. However, it is never too late, and it is also possible to purchase health insurance for the elderly.