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Health Blog
13 Dec 2024
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With the pandemic, the demand of having a comprehensive health insurance plan significantly increased. At the same time, it’s imperative that the plan is renewed timely to avail of the health insurance benefits when required. Have you ever noticed that during renewal the health insurance premium increases? Time and rising inflation impact the everyday amenities of life such as groceries, fuel, etc. In the times we are living, healthcare expenses have also increased. The kind of lifestyle we are leading, we are prone to various health risks, etc. In this article, let us delve into understanding the reasons why health insurance premium changes each year.
Here is a rundown of the key reasons that increase the health insurance premium at the time of renewal:
If you are unaware, age is a prudent factor that impacts the insurance premium. As you grow old, the insurance premium gradually increases. It is suggested to buy medical insurance at a young age as most likely you are in the best of your health. Health insurance for senior citizens will be on the expensive side.
You may be in the best of health condition when you purchased the mediclaim policy. However, one year is a long time, and there could be chances of you getting diagnosed with an ailment/illness. So while renewing the health insurance premium, ensure to state all the facts carefully to the health insurance company.
The insurance needs of an individual vary from time to time. During renewal, there may be certain health cover that you continue or look forward to adding more insurance cover. This impacts the premium amount. Customizing the policy during renewal will change the insurance premium amount. It is better to customize the policy as per the needs.
There are insurance companies that may increase the premium amount on the claim history of the policyholder. While buying the insurance policy, it is recommended to read and re-read the policy terms and conditions carefully.
The health sector is experiencing inflation, which affects the insurance premium. Various other factors also affect the premium amount. However, the increase in healthcare expenses tends to increase the medical insurance premium.
Life is uncertain, hence it becomes important to be prepared against any uncertainty. Having a comprehensive health insurance policy is important that secure you against possible adversity financially. If your insurance policy is due for renewal, ensure to do it on time before it lapses. While renewing the medical insurance, you should consider the below-mentioned pointers:
Yes, various factors impact the health insurance premium. Your decision of purchasing or renewing the plan should not only be based on the cost of the premium. Uncertainty never comes knocking at the door. Being secured helps both in planned and unplanned medical emergencies of life. Analyze the health requirements and zero down a plan that fits your prerequisite and budget. You can renew the health insurance online and compare the quotes as well. Also, do not forget to check on the renewal benefit that your insurer may offer. Read the terms and conditions of the policy carefully to make an informed decision. *Standard T&C apply 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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