Health Insurance Premium Likely to Rise In 2023

Insurance penetration in India has increased substantially over time. Now people are more aware of the importance of health insurance in their lives. Thanks to COVID-19! It has encouraged people to lead healthy life and made everyone close to their families and loved ones. After the pandemic, health insurers experienced a sharp surge in policyholders, which is a positive sign for the developing economy. However, this demand has led to a rise in the cost of holding a policy.

 

Let’s talk and discuss the health insurance premium news and how it's going to affect your pocket.

 

Health Plans and Premiums

Having a health plan is the need of the hour. It ensures quality healthcare services without being harsh to your bank balance. You get a cashless facility for hospitalisation with reimbursement benefits for other medical expenses.

 

In order to get covered under a health policy and enjoy the benefits associated with it, you have to pay an annual premium. The amount of the premium depends on various factors, including the sum insured you choose, the age of the policyholder, medical history, etc. The premium also varies with the insurers and the coverage they offer.

 

Health Insurance Premium Increase

The cost of the health policy or health insurance premium increases by approximately 15-18 per cent. All the insurance giants have raised the prices substantially after the surge in demand. The plans like a family floater, which were once considered cheap for the benefits it offered, have seen an increase of 25%.

 

In addition to the rise in demand for best health insurance plans after COVID-19, the Ukraine war and global weather-related losses added fuel to the fire. Hence, experts predicted a sharp rise in the cost of health plans all over the world.

 

Therefore, it becomes important and urgent to choose a health plan for yourself and your family before you could not even afford it. You should understand that buying a health plan is not an expense but an investment toward your future well-being.

 

Benefits of Having a Health Plan

With the busy life and packed schedules, people hardly get time to denote to their health, which sometimes results in several health issues. A health plan will not prevent the occurrence of such unfortunate events, but it provides a financial backup in medical emergencies. Along with the financial support, here are the following additional benefits you can enjoy being a policyholder:

 

No Need to Carry Cash

A health plan provides a cashless hospitalisation facility wherein you just have to carry your health card at the time of admission of the policyholder. You can visit any network hospital to avail of this facility anytime you require it.

 

Peace of Mind

Once you are covered under a health insurance policy, you get stress-free from the medical expense related to hospitalisation. The policy takes care of all your medical insurance needs and hence, gives peace of mind to you.

 

Tax Benefit

If you are a policyholder, you are eligible to get the tax benefit under Section 80D of the Income Tax Act. This will eventually help you save a good amount of money from your taxable income.

 

Not Just Hospitalisation Expenses

Medical expenses incurred before hospitalisation and after hospitalisation on medications, therapies, doctor’s consultations, etc, are covered under the policy. Thus, you are not only covered for hospitalisation expenses but also for pre and post-hospitalisation costs.

 

Wrapping Up

Inflation has not only affected the FMCG market but also has impacted other crucial services, including healthcare. In order to avoid out-of-pocket expenses of medical treatment, you must enrol yourself and your loved ones under a health policy before it gets late. By investing in a good health insurer like Niva Bupa, which not only offers a variety of plans but maintains high-quality services, you can get relief from any worries related to future medical expenses.

 

To enjoy the services offered by the insurer and experience one of the easiest and fastest claim settlement processes, you must visit the website of Niva Bupa to choose the best plan for yourself and your family.