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 REASONS TO INCREASE IN HEALTH INSURANCE PREMIUM Top Reasons for Your Health Insurance Premium Increase Every Year. Inflation, there are many other reasons that health insurance becomes expensive. you can take small steps for some of these factors. Inflation in Healthcare Other than the expensive cost of living, the inflation in healthcare is an unavoidable expense. Health expenses like hospitalization, medicine costs, surgery costs, diagnostic costs, etc. only get more expensive each year. To cover these rising costs, insurers will increase the health insurance premium. Your Increasing Age Aging is something most people find hard to come to terms with. We can't stay young forever; ultimately our bodies and strength start deteriorating. You must have already heard about expensive insurance premiums for senior citizens above a certain age. As we get older age, the body gets weaker and more vulnerable to diseases. The insurers are taking a higher risk of settling claims by issuing po...

HACKS O LOWER DOWN YOUR HEALTH INSURANCE PREMIUM  1) Go for purchasing a 3-year plan. When you do that, you will save an upfront discount of 10-15 percent. Also, you won’t have to worry about rising premium costs in the near future. 2) Tax benefits: According to Section 80D of the Income Tax Act, you can claim a deduction of up to Rs 25,000 for the health insurance premium. In case you’re taking a 3-year health insurance plan, you can divide the amount over 3 years and claim every year. 3) If you’re in the younger age group, your options are more. You can compare premiums across insurers and port to one that offers lower premiums along with the same or even better benefits offered by the original insurer. 4) If you’re a senior citizen you might face certain restrictions. You need to look for a better premium plan only if your current premium plan is unaffordable. Plans for senior citizens often come with room rent sub-limits and disease-specific capping. A sub-limit is an extra ...

FINANCIAL MISHAPS, INSURANCE COVERS Insurance is an effective way to guard against financial loss. It is a method of risk management that is primarily employed to protect against the risk of a potential loss. An organization that offers insurance is referred to as an underwriter, insurer, insurance business, or insurance carrier.   There are many different insurance policies available, each designed to protect particular facets of your health or possessions.  Life Insurance. Motor insurance. Health insurance. Travel insurance. Property insurance.   Every insurance in itself provides a lot of benefits to individuals and safeguards them from any financial loss.  Benefits of Insurance coverage: Gives protection- Insurance does lessen the effect of loss that a person experiences in dangerous circumstances. In times of financial hardship, it offers financial compensation. It not only shields the insured from financial difficulties but also aids in reducing the mental ten...

  HEALTH INSURANCE PREMIUMS SURGE 25% BY THIS YEAR: SURVEY After experiencing an average increase of over 10% in health insurance premiums in 2021, at least three out of five Indians have seen their premiums shoot up by 25% or more in 2022, as revealed by LocalCircles. Such an increase is putting a squeeze on household budgets, especially those of senior citizens who are facing the biggest increase. The survey collected over 20,000 responses in two periods of August 2021 and August 2022 from citizens located in 287 districts of India and asked people about the increase in health insurance premiums they experienced in the last year. Around 38% of respondents had their health insurance premium go up by 50% or more in the last year, while 24% of citizens saw their premium increase by 25%-50% and 11% had seen their health insurance premium go up by 10%-25%. Another 9% paid 0%-10% higher premium. Only 18%, either did not have to shell out more or witnessed a dip in insurance premiums,s ...

COMMISSION RATES NEED TO BE DISCLOSE  According to the report, IRDAI may soon consider a proposal that seeks to have a single limit for expenses made by insurance companies including operating expenses, commissions, rewards, etc. Moreover, under the proposed rules, web aggregators will have to disclose their charged commission rates and rewards that they are qualified to receive from insurance companies for selling their policies, products, and plans. Currently, in accordance with the continuous endeavor towards promoting ease of doing business for insurance companies in India, IRDAI has allowed separate limits for expenses at the business level and for operations, commissions, and rewards.  It is expected that this proposal may bring transparency and customer protection and also reduce the misselling of products which will enable insurers to better focus their efforts with the ultimate goal of improving coverage and penetration.  SOURCE:-  IRDA  THANKS TEAM FO...