If your health insurance renewal is due, then be ready to shed out some extra amount from your pocket this time. With many other factors that play a vital role in this jump of health insurance premium, COVID – 19 pandemic is one of them. As per insurance industry experts, the premiums of health insurance plans have jumped up by 10% to 15% for the people of middle-age, on an average.
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However, the premiums of health insurance plans have seen a steep increase for senior citizens. The health insurance premiums have increased by up to 100% in some insurance providers for people of higher age. For people over the age of 55 – 66 years, the premium amount is doubled. For example, if the health insurance for two people in the year 2019 – 2020 was Rs. 28,000, then it is between Rs. 55,000 to Rs. 60,000 this year.
Another health insurance industry expert has said that the premiums on an average have risen by 25% to 35% this year as against the increase of approximately less than 10% last year. However, for people of older age, the average increase in premium rate has become 50% to 75%. There are many reasons for this rise and COVID is one of them. Let us see these causes in detail:
The Final Words!
Even though COVID – 19 is one of the reasons for the price hike in health insurance premiums but it is not the only reason. There are some other factors as well that affect the premium. Since health insurance is the need of an hour so we all must purchase it and get our families and ourselves covered in one.
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