Another big change that came as a surprise this year is the Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit of 65 years for buying health insurance. They have surprised everyone by changing this time limit.

The move aims to create a healthcare system that protects people of all ages against unexpected medical expenses.

Earlier, people could only get new insurance up to the age of 65. Now, anyone can buy health insurance. This facility has been introduced recently.

IRDAI has said that insurers must offer plans for all ages and provide special discounts for specific populations such as seniors, students and children. Insurers must also include pre-existing conditions, including serious illnesses like cancer and AIDS.

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To reduce the burden on policyholders, insurers can now offer premium instalment plans. Insurers will have to offer flexible premium payment options and allow travel policies only through general and health insurers. The new regulation has established a special channel to handle complaints and claims from senior citizens, ensuring that their needs are addressed promptly.

What should you look for when buying a health insurance policy?

Everyone should consider the following criteria before choosing a plan:

1. Benefits and Sum Insured

An insurance plan should be selected depending on the age and medical history of a person. Also, look at the benefits of the coverage offered by an insurance company, as well as the waiting period before which a claim can be made.

2. Reputation of the insurance company in the market

This is very important to analyze carefully, as it reflects the method and timing of claim amount disbursement.

To ensure hassle-free settlement, see if your insurance company meets the following conditions –

• High Claim Settlement Ratio – This reflects the percentage of insured persons who applied for claims and successfully received the requested amount to meet all medical bills.

• Assets under management – This reflects the total number of people who have opted for an insurance policy from a particular company out of the total funds available. The cumulative premium amounts collected from all policyholders are categorized as assets under management. A high AUM value means that a large number of people are opting for plans from a particular company, hence their reputation in the market is also increasing.

• Solvency ratio – This refers to the ability of a company to meet its short-term and long-term liabilities in case of multiple claims simultaneously. A high solvency ratio indicates good management of a company, as the total amount of assets under management is considerably higher than the total amount of claims.

• Total number of years in business – This is understood from the experience of an insurance company, how all claims are settled, as well as the method of fund disbursal, etc.

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3. Network hospitals

A large number of network hospitals ensure cashless claim transfers required for treatment. The hassles of third party involvement are reduced by simplifying the medical process.

4. Routine Medical Check-up

Leading insurance companies offer free annual check-up facilities to policyholders, which helps in keeping a check on their overall health.

5. Renewal Eligibility

Choose an insurance company that has a lifetime renewal clause in its policy. Such a facility allows you to be financially secure in any unforeseen circumstances.

You can choose an ideal health insurance policy that suits all your medical needs by looking at these factors. A health insurance policy can significantly ease your financial burdens throughout your lifetime at a nominal premium charge.

Since most individuals opt for health insurance only once in their lifetime and renew it periodically, it is of utmost importance to choose the right PAN.