Late to Health Insurance? Coverage Is Still Possible, But Not Without Trade-offs

Health insurance is a crucial aspect of your financial plan. The good news is that the Insurance Regulatory and Development Authority of India (Irdai) has removed the maximum entry age for health insurance. Hence, there is no age that is 'too late' to obtain a health cover. Even if you are in your late 50s or have crossed 60, it is possible to get health insurance.

Health Cover Gets Costlier With Age

“Subject to underwriting guidelines and the insurer's product design, individuals are now eligible for coverage even in their 60s or beyond. Having said that, opting for comprehensive health coverage early in life remains a crucial and wise decision because it allows policyholders to move through their waiting period easily and acquire coverage before any age-related diseases or chronic health problems may develop,” says Manish Dodeja, Chief Operating Officer, Care Health Insurance.

Most insurers allow entry at older ages, though underwriting norms become stricter after 50 or 60. Medical screening is commonly required to assess an individual’s health condition. “Policies may include waiting periods for pre-existing diseases, typically ranging from two to four years, and certain ailments may have specific waiting periods. Depending on medical reports, insurers may also apply exclusions, load on premiums, or offer policies with defined coverage limits,” says Narendra Bharindwal, president, Insurance Brokers Association of India (IBAI). At 30, you can get Rs 10 lakh in health cover for about Rs 10,000. When you are 60, it will likely cost you about Rs 60,000, and at 70, it will cost you over a lakh.

Costly Premiums, Valuable Financial Protection

However, even with higher premiums, health insurance makes financial sense. While premiums are naturally higher at older ages due to increased health risks, the value of health insurance should be viewed in terms of financial protection during medical emergencies. Even if premiums are higher or certain conditions have waiting periods, a policy can still significantly reduce the financial burden of hospitalisation, especially for major treatments.

“Therefore, buying health insurance later in life can still be worthwhile, provided individuals choose adequate coverage and fully disclose their medical history at the time of purchase,” says  Bharindwal.

Agrees Dodeja, “In an age where medical costs are rapidly rising, Health Insurance remains an important tool for safeguarding long-term financial security and ensuring access to timely healthcare.”