Wondering if health insurance is becoming more expensive? You’re definitely not alone in pondering this. At least three out of five Indians have seen their medical insurance plan rates soar by 25% or more in 2022 after witnessing an average increase of over 10% in 2021.
Budgets for households are being squeezed by this rise, particularly those of older folks who are being hit the hardest.
In August 2021 and August 2022, nearly 20,000 individuals across 287 Indian districts were surveyed regarding their annual health insurance rate hikes.
In the past year, 38% of respondents saw their health insurance premiums rise by over 50%, 24% experienced increases of 25%-50%, while 11% faced 10%-25% hikes. An additional 9% paid slightly higher premiums (0%-10%). Only 18% reported no increases, decreases, or were unsure due to employer coverage.
Health insurance premiums have gone up anywhere from 10 to 25 per cent since the Covid epidemic for a variety of reasons, including significant payouts over the previous two years, according to insurance companies. The medical insurance premium has increased by up to 100% in the case of senior folks. According to LocalCircles users, health insurance premiums for individuals aged over 65 have increased over the past two years. For example, if two people paid Rs. 28,000 for insurance in 2019–2020, it will now range from Rs. 55,000 to Rs. 60,000 this year.
The Insurance Regulatory and Development Authority (IRDAI) and the increase in coverage are two other reasons for the higher premiums this year. The IRDAI introduced the standardisation of the exclusions under medical insurance plan coverage in September 2019. This translates to the fact that insurance companies are not allowed to exclude certain disorders. IRDAI now requires companies to offer coverage for several contemporary treatment modalities. In contrast to last year, when 34% of respondents said their health insurance rates had increased by more than 25%, this year’s figure is already 62%. Overall, an ordinary Indian is currently seeing a 25% increase, up from a 10% increase in 2021. #
Numerous seniors with standalone insurance plans are facing over 50% premium hikes, adding financial pressure to their retirements amidst rising prices for essentials like fuel and necessities.Make use of a health insurance calculator to check the amount of coverage required based on your needs. ^
Claims are subject to terms and conditions set forth under general health insurance policy.
# Visit t he official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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