CR insurers soon to be required to provide coverage to those over 65 years of age

July 15^th, 2013 (InsideCostaRica.com) Insurance policies will exclude customers based on their age will disappear from the Costa Rican marketplace in the coming months, the Superintendent of Insurance (SUG) said last week.

SUG established a six-month timeframe for insurers to eliminate any age exclusions or requirements in the products they sell, saying that such exclusions are discriminatory.

The mandatory guideline comes after a judgment by the Constitutional Court on June 28^th, in which a citizen filed a constitutional complaint when their private insurance company terminated their policy because the insured had turned 65.

“No insurance beneficiary may be excluded from any kind of personal insurance coverage, by the mere fact that he or she has reached a certain age,” the new regulation states.

Some insurers have said the new regulation will mean an increase in the cost of premiums, and possibly less coverage.