New Delhi: Health insurance for above the age 45 could be a whole lot more expensive.
The public sector general insurers plan to hike the premium health insurance policies by 15- 20 per cent depending on the age of the policyholder. That means the older you are the higher the increase.
But it's good news for those below the age of 35, Oriental Insurance plans to decrease premium for this segment by 25 per cent. Insurers are also no longer willing to bear the cost of the entire hospital bill for people above the age of 45 because of a high number of claims. They want these policyholders to pay up to 20 per cent of the cost.
Insurers plan to put a cap on various components of the medical bill because policyholders sometimes choose luxury rooms and doctors, who charge heavily.
Insurance companies currently incur losses of up to 120 per cent in their mediclaim portfolio and say these changes will help bring in the much-needed funds. But it may not be that easy.
Any change made on an insurance product needs the approval of the IRDA. The regulator says it has not received any formal application from the companies for changes in their products.
The regulator says it will approve changes only if the company offers customers a fair opportunity to switch their insurer if the modifications do not suit them.
Currently, changing your insurance company will mean all your ailments will be classified as pre-existing illnesses and not covered by the new insurer. Insurance companies will have to find a solution to this problem before they can consider any changes in their policies.
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