In much-needed revamp to health insurance rules, the Insurance Regulatory and Development Authority (IRDA) has deemed that companies must provide health cover to individuals at least till 65 years.
"Any proposal for health insurance of senior citizens, which are denied on any grounds, should be made in writing with reasons furnished and recorded. Such reasons should stand the scrutiny of reasonableness and fairness," the insurance regulator decreed.
Furthermore companies have also been asked to be fair with premium rates and not charge the sky to senior citizens. Companies should also give senior citizens the choice of TPAs (third-party administrators) as well.
"Policy-holders shall be given an option to seek a change of TPA which could be exercised 30 days before the renewal date of the policy. Such changed TPA would be allocated by the insurer from amongst TPAs empanelled by the insurer for this purpose," the regulator said.
The new measures are due to come into effect from July 1 this year.