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Health InsuranceJanuary 14, 2021

Private health insurance premium rise – Know the reason & how to tackle them?

Private health insurance covers the health cost undertaken in a private hospital. Also, it has the facility of covering extra costs and providing additional medical benefits like dental, physiotherapy, optical, etc. Private health insurance has comparatively a higher pricing and requires the insurance holder to pay the premiums covered monthly or yearly. The private health insurance premiums are paid on a contractual basis which has been agreed upon before signing any terms and conditions. The primary point of difference between the national health insurance policies and public health insurance is offered by a public company/entity and is not a state-funded or sponsored. 

Private health insurance premium rise - Know the reason & how to tackle them? 1

Most health experts and insurance providers believe that the current pandemic crisis of Covid 19 has led to increased awareness about a suitable health cover. Private health insurance is one of these facilities that can be availed by people, due to which the premium rates have also been increasing. Several insurance companies have increased their private health insurance premiums by 3.25 percent, 4.36 percent, 3.21 percent respectively.

This means that the families who have already opted for private health insurance might go into a further financial and economic crunch because of this increase in private health insurance premiums rate. However, it is advised that they check the increasing amount that is to be expected by their insurance companies and also reconcile the costs of their private health insurance cover. The responsibility also lies in the insurance company’s hands to notify you that there will be a rise in the private health insurance premiums according to the new guidelines. Although, there will always be choices available, so going for a cheaper cover does not mean opting for good policy. Instead of ditching the entire policy, it is advisable to check the terms and conditions and some more breakthroughs in the policy. 

This rise in the private health insurance premiums will also create a trust deficiency problem between the insurers and the insured. It will lead to their ongoing affordability issues as people’s wages have not increased in the past year, but there has been a rise in the private health insurance premiums and that too in the times of Covid. This is the reason why there has been a rising level of discrepancy regarding this scheme among people. 

Due to the rising uncertainty in things around and most commonly in the inflation around us, we have to be careful about the private health insurance plans we become privy to. For this, the following steps must be kept in mind while adhering to any private health cover:

  1. Always make sure that there is no unnecessary cost that is being incurred by you and your policy is being reviewed regularly because changes are inevitable and unwanted things must be kept at bay. 
  2. If there are very few chances of you being admitted to the hospital for any prolonged health disease as you might feel healthy in any other way, you can opt for lower your overall premium payments. 
  3. There are many discounts and fee waivers offered under many of these private insurance companies, so one should keep a check on this and allow oneself to keep oneself open for many options in the future. 
  4. There are many extras and rider benefits offered by companies that must be read before carefully and availed accordingly. Through the combination of these extras, a very flexible product and the already existing insurance policy must be formulated which will help in aiding the already existing plan as one plan cannot cover all medical expenses of people, and this definitely must be kept in mind. In other words, it can be said that people must review the extras. 
  5. There must be time to time reminder that must be set by the companies on the payment of premiums and other facilities that are availed by the customers. Sometimes, in this hectic lifestyle, it becomes difficult to remember every deadline. It must be ensured by the private insurance companies that people’s deadlines are met successfully, and there is no hassle created on payments. 
  6. A plan with easy guidelines and procedures must be opted for, and if there is anything that is difficult to understand, it must be asked thoroughly and clearly in the very onset. 

There is a lot more to learn before buying health insurance, for all your research-related needs, BimaKaro.in is the one-stop destination. You can research various plans and even compare several plans to choose the one that suits your needs. Besides, our insurance advisors are always there for your support; you can simply access all this by visiting BimaKaro.in. 

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