Does Health Insurance Premium Change on Renewal?

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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      Why Does Health Insurance Premium Increase Year on Year?

      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.

      Top Reasons Your Health Insurance Premium Changes Every Year

      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:

      Inflation in Healthcare

      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.

      Your Increasing Age

      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.

      Your Coverage Requirements

      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.

      Your Claim History

      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.

      Your Overall Health Condition

      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.

      What Can You Do to Minimise Health Insurance Premium?

      • Switch to the insurer that offers a renewal bonus or discount. Most health insurance companies in India offer a no claim bonus for every claim-free year.
      • Some health insurance plans in India also offer discounts on health insurance renewal premium if you’ve met certain fitness goals, such as hitting step-counts or working out.
      • You can find many insurers offering health insurance wellness programs that offer discount on renewal premium, an increase in the sum insured or discount on fitness programs at select places.
      • Switch to the insurer that does not increase the premium based on your claimed coverage in a year.
      • Try to buy health insurance early. The sooner you buy a health plan, the better. It will be affordable and you will also be able to claim coverage for any illness later without worrying about the waiting period.

      Wrapping it Up,

      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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      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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