IRA mulls capping insurance premiums for the elderly
Senior citizens’ medical premiums will be capped at a maximum of 200% higher than what younger customers pay if the regulator adopts proposals aimed at sustaining more people in health cover. South Africa-based i3 Actuaries and Consultants say insurers currently charge old people up to 600% more than young customers. The consultant says the difference in premiums — mainly on account that old people are more prone to sickness and, therefore, spend more on health — is making many senior citizens drop off from medical insurance.
Senior citizens’ medical premiums will be capped at a maximum of 200% higher than what younger customers pay if the regulator adopts proposals aimed at sustaining more people in health cover. South Africa-based i3 Actuaries and Consultants say insurers currently charge old people up to 600% more than young customers. The consultant says the difference in premiums — mainly on account that old people are more prone to sickness and, therefore, spend more on health — is making many senior citizens drop off from medical insurance.