INCREASE IN PREMIUM AHEAD - HEALTH INSURANCE SECTOR

Health policy premium likely to be dearer, as insurer expand coverage.

Being sincere citizen, we always try to be safe and secure in terms of personal health & personal finance. We all are doing all possible activity to stay fit and fine. But pandemic like COVID19 do not allow us to stay healthy as this type of virus can attack on anyone and complete fit and fine person also. And sudden expenses of hospitalisation and medical expenses are skyrocketing, which are not in our control. Sudden hospitalisation occurs more by accident cases, our lifestyle, etc

Solution to cope up with expenses - Health Insurance

Today, fortunately people are taking insurance, eventhough most of the people are not taking sufficient insurnace but taking atleast something, and today medical insurance / health insurance are easily avaialble with all types of coverage options, premium options, different mode of premium options also avaialble. 

in outbreak of COVID19, more people are taking insurance and securing their and family's financial fortune.

Rising cost of medication:

Today there are so many complex disases and their medical cost is also higher as medical companies also have to invest one part in Research and Development of drugs and medicines and then after they are also facing regular issues of transportation, expiry of medicines, etc. All theses sum up to the higher medical costs to end user at the end. 

Health insurance companies are givin more comprehensive solution now:

As health insurance companies are also in the mindset that people are ready to pay premium but at the time of any claim, they are not ready to accept any deductions in claims, so that Health Insurance companies are also planning to charge higher side and then pay the full claim without any deductions, which they are practising today. 

Price hike:

In order to implement it right on time, IRDAI has made it mandatory for all insurance companies to get these guidelines implemented in the health insurance products within one year of the issuance of the guidelines. As per the underwriting guidelines, health insurance policies are generally priced depending on the extent of coverage and the list of ailments being covered by the policy. With the increase in the number of ailments being covered within the health insurance plan including genetic disorders, mental health and other critical ailments, insurers will get compensated by charging a higher premium. This results in the increase of health insurance premium for customers.

Needs to keep in mind while taking insurance policy Note :

In future, once the revamped and revised health insurance products are introduced in the market, it will be important for the people to wisely choose their plans. There are numerous factors that one must keep in mind while choosing their insurer and tne insurance plans that include the claim settlement rate of the insurer, some prmoinent features including total number of critical and pre existing ailments covered along with their waiting period, the number of network hospitals of each insurers, no claim bonus, co payment conditions, etc.

feel Free to ask more details on any health insurance products, contact details are as below;

Jainik P Adani

Mob: 9898058920

Whatsapp: wa.me/919898058920

Email : jainikadani@gmail.com