1. Most health insurance policies don't offer coverage for elderly parents above 70 years, but some now offer a lifelong cover.
2. At that advanced age, however, the premium for a new policy is prohibitively high with a very small cover including several exclusions and limits, and putting away the premium money in an emergency fund for medical expenses may be a better idea than buying insurance at that age, along with preventive healthcare measures, regular exercises, and a healthy lifestyle.
3. If you still want to buy a cover for elderly parents at that age, check out the clauses relating to renewability, as an insurer cannot back out later because of the advancing age of the insured person, and is also required to disclose upfront the terms of renewal, including the scope of coverage and the likely premium for future renewals, as per IRDA guidelines.
4. Renewability should be among the most important factors governing the choice of a health policy, with disclosures regarding renewal of premiums, and whether they are guaranteed on the basis of age slabs.
5. According to IRDA guidelines, insurers also cannot raise premiums (called loading) arbitrarily on the basis of a claim in the previous year, which has to be based on the claims in the preceding three years, and they not only have to inform such loadings three months in advance but also justify them.
2. At that advanced age, however, the premium for a new policy is prohibitively high with a very small cover including several exclusions and limits, and putting away the premium money in an emergency fund for medical expenses may be a better idea than buying insurance at that age, along with preventive healthcare measures, regular exercises, and a healthy lifestyle.
3. If you still want to buy a cover for elderly parents at that age, check out the clauses relating to renewability, as an insurer cannot back out later because of the advancing age of the insured person, and is also required to disclose upfront the terms of renewal, including the scope of coverage and the likely premium for future renewals, as per IRDA guidelines.
4. Renewability should be among the most important factors governing the choice of a health policy, with disclosures regarding renewal of premiums, and whether they are guaranteed on the basis of age slabs.
5. According to IRDA guidelines, insurers also cannot raise premiums (called loading) arbitrarily on the basis of a claim in the previous year, which has to be based on the claims in the preceding three years, and they not only have to inform such loadings three months in advance but also justify them.