Expansion of Real Loss Insurance Enrollment Age to 90 for Elderly and Chronic Patients... Coverage Age Extended to 110

Financial Services Commission Promotes Five Types of Retirement Support Insurance
Responding to Demographic Changes Such as Population Aging

Financial authorities will expand the subscription and coverage age for long-term care and insured persons with pre-existing conditions' indemnity insurance starting April 1. This is intended to strengthen medical expense coverage for the elderly in the era of ultra-aging.

According to the Financial Services Commission on the 11th, currently, long-term care indemnity insurance is sold by 9 companies (2 life insurance companies and 7 non-life insurance companies), and indemnity insurance for insured persons with pre-existing conditions is sold by 13 companies (2 life insurance companies and 11 non-life insurance companies). Long-term care indemnity insurance is a product specialized for the elderly, providing high coverage limits focused on high medical expenses. Indemnity insurance for insured persons with pre-existing conditions has fewer underwriting criteria compared to general indemnity insurance, allowing those with mild chronic diseases or treatment history to subscribe after a certain period has passed. The subscription age for these products is operated between 70 years old (for indemnity insurance for insured persons with pre-existing conditions) and 75 years old (for long-term care indemnity insurance), with coverage age up to 100 years old.

Currently, the subscription rate for indemnity insurance among the elderly is as low as 38.1% for those in their 70s and 4.4% for those aged 80 and above. The subscription age limit is one of the factors making it difficult for the elderly to subscribe to indemnity insurance. Accordingly, the authorities will expand the subscription age for long-term care and indemnity insurance for insured persons with pre-existing conditions from the current 70 and 75 years old to 90 years old. The coverage age will also be increased from 100 to 110 years old.

The long-term care and indemnity insurance for insured persons with pre-existing conditions with expanded subscription and coverage ages will be launched from April 1. Consumers can subscribe to the insurance by visiting the respective insurance companies, using direct channels, or through insurance planners. Existing contracts with a coverage age of 100 will be automatically extended to a coverage age of 110 upon re-subscription (every 3 years).

A Financial Services Commission official said, "Going forward, financial authorities and the insurance industry will continue to develop various insurance products that can alleviate the risks of old age for the public."