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.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium

      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.

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Should You Buy a Super Top-up Health Insurance Policy?

      18 Jan 2023

      India is abuzz with a variety of health insurance plans to cater
      Read more
      6 Reasons Why Your Cashless Health Claims Can Get Denied

      18 Jan 2023

      Cashless claims are one of the most lucrative benefits of buying a
      Read more
      Check Out the Mandatory KYC Documents for Health Insurance

      30 Dec 2022

      The Insurance Regulatory & Development Authority of India
      Read more
      What to Look for in a Health Insurance for Cancer Plan?

      20 Dec 2022

      Cancer is one of the biggest demons that the world faces today
      Read more
      What are the Factors Affecting Health Insurance Premium?

      20 Dec 2022

      Demand for insurance products in India, especially health
      Read more
      What are the Normal Thyroid Stimulating Hormone (TSH) Levels as Per Age?
      The thyroid gland is an important gland responsible to produce the right amount of hormones for normal body
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      Income Tax Slab for Women: Guide to Exemptions and Rebates
      In India, every person who earns beyond a certain limit is liable to pay income tax to the government. The tax
      Read more
      Best Health Insurance Plans for Senior Citizens in 2023
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      How Senior Citizens can save Tax with Medical Bills u/s 80 D?
      Senior citizens can save on income tax by availing tax benefits on medical expenses under Section 80D of the Income
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL