New Regulations to Ease the Burden on Senior Citizens

In a significant move, the Insurance Regulatory and Development Authority of India (Irdai) has mandated that health insurance premiums for senior citizens cannot be increased by more than 10% without prior approval. This decision comes as a response to the escalating costs of mediclaim policies for those aged 60 and above.

Efforts to Standardize Healthcare Costs

To tackle the rising healthcare expenses, insurers are now urged to standardize hospital empanelment and negotiate package rates, similar to the government's PM Jan Arogya Yojana (PMJAY). This initiative aims to create a more uniform pricing structure across the healthcare sector, ensuring that senior citizens are not disproportionately affected by price hikes.

Transparency and Fairness in Premium Pricing

Under the new guidelines, insurers are required to disclose the rationale behind any price increases, promoting transparency and fairness in the pricing of health insurance policies. This move is expected to empower policyholders with the knowledge to make informed decisions about their health insurance coverage.