After the pandemic, the demand for good health plans has inc reased significantly as more people realise the importance of having medical insurance. One thing that new policy buyers should know about their health plan is the timely renewal process and the imminent change in the premium costs. In this page, we will discuss one of the most essential factors of any health insurance policy: its premium.
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If you’ve been a health insurance policyholder for a few years, you must have seen your yearly renewal premium increase. Inflation is a harsh reality and nothing escapes it- even your health insurance costs.
However, inflation alone can’t account for this change. To top it, the cost of health care in India only continues to rise as more and more people get prone to lifestyle disorders, genetic conditions and other health risks. These factors combined with your overall health condition, age, lifestyle habits etc. also contribute to a costlier health insurance renewal.
Including inflation, there are many reasons your health insurance is bound to become costlier. While some of these factors are beyond anybody’s control, you can still do a lot. Take a look at the top reasons behind your ever increasing health insurance premium:
Other than expensive cost of living, the inflation in healthcare is an unavoidable expense. Health expenses like hospitalisation, medicine costs, surgery costs, diagnostic costs etc. only get more expensive each year and there's not much you can do. To cover these rising expenses, it is only fair that your insurer will increase the health insurance premium.
Ageing is something most people find hard to come in terms with. We can't stay young forever; ultimately our body and strength starts deteriorating. You must have already heard about expensive insurance premiums for senior citizens above a certain age.
As we age, the body gets weaker and more susceptible to diseases and injuries. The insurers are taking a higher risk of settling claims by issuing policy to older people, so it's obvious that they'll charge extra for the protection offered. This is also the reason why its always recommended to buy health insurance policy sooner when you are young.
With time, your body and other situations may change. You may develop some health issue, or you may switch to a floater plan covering your spouse or dependents. You may also buy additional covers for other benefits which will cost you extra. Whatever is the case, your coverage will also change. This will automatically affect your health insurance premium too. As your coverage or need for higher sum insured increases, so will your health plan premium on renewal.
This is one of the most important thing to confirm before you buy a health insurance policy. Some insurers increase the health insurance premium based on the amount or number of claim you raise in a year. However, not all insurers do this so you need to read the fine print before going for that health plan.
If your present insurer increases your health insurance premium based on the number of claims you make, then you can always port to a different insurer who doesn’t.
Some insurers also consider how well you've been taking care of yourself and taking preventative measures to keep your health in check. Many health insurance companies in India consider your efforts at keeping healthy through general wellness programs and preventative healthcare. They award you for several things like quitting smoking, maintaining an active lifestyle, regularly working out, weight loss, etc. The benefits and awards range from free health check-ups to discounts on renewal premium.
We hope that the article clarified all your doubts regarding health insurance premium change upon renewal. Don’t forget to compare plans on Policybazaar.com before buying health insurance or porting to another. You will get a fair idea about the health insurance premium suitable for your requirements and budget. The research will go a long way and you can get the best health insurance for yourself or your family.
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