Your health insurance premium is going to increase. The premium of Group Health Insurance has increased in April.
Experts say that the premium for the rest of the group health insurance is also set to increase at the time of renewal. According to the Marsh-Mercer Benefits Survey, the cost of health policies provided by companies to employees is expected to increase by 15 percent this year.
Experts say that the premium of Individual Health Policy is going to increase soon. The reason for this is that the pressure on insurance companies has increased due to claims related to Kovid-19. Insurers are trying to get the regulator’s approval to increase premiums. Experts say that the health insurance premium may increase by 8 to 15 percent.
Medical expenses have increased worldwide due to the corona epidemic. This has a direct impact on health insurance companies. Abhishek Bondia, Co-Founder and Principal Officer, SecureNow Insurance Brokers, said, “The use of health insurance has increased due to Kovid-19. Apart from this, pent-up demand is also coming. Earlier, they are doing them now. Claims have increased due to this. It has directly affected the insurance companies.
He believes that health insurance companies can increase rates every three years considering claims. For policyholders too, moving from one age bracket to another can result in a sharp jump in premiums. Generally, the premium remains stable from the age of 35 to 39 years. Then after crossing 40 there is a jump in it.
What should we do to prevent the premium from rising on renewal?
If you are young then you have relatively more options. You can compare the premiums of insurance companies. If there is such a benefit that another company is giving, then you can port your policy. You should insist on such a policy, which is popular. Some companies withdraw their existing products and move policyholders to other products. This increases the premium a lot.
S Karakera, co-founder, Ditto Insurance, said, “If you buy popular products, which have been in the market for 2-3 years, the insurance company will not have much leeway to discontinue that product or increase its premium significantly. ”
How do I select a product that can be easily ported?
For this, you have to take care of the same things that we keep in mind while buying a new policy. Premium should be less, check the features, check the caseless network of hospitals. Then you also have to check the claim settlement record. Also check out how digital support is for policy support and claim service. “You should choose a policy that has a higher no-claim bonus. This will give you a higher sum assured without paying additional premiums,” says Bondia.
