Given the unpredictable nature of Covid, the rapid evolution of new and more dangerous variants, as well as long-term complications associated with it, what if the predictions of a third wave come true? Would you be financially prepared to deal with another round of Covid?
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Health insurance premiums are set to rise: 10 strategies, discounts that can bring down mediclaim costs
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Health insurance premiums are set to rise: 10 strategies, discounts that can bring down mediclaim costsBy
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While you may not be able to curb the surging cost, there are various smart strategies, options and discounts, which if availed of, can lower the premium significantly. By availing of discounts and smart options, you can bring down the cost of health insurance.
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With Covid on the rampage and claims likely to shoot up in the coming months, health insurance premiums are predicted to rise. This may be a one-off reason, but have you wondered why you keep paying more for your health cover at renewal? Among the various factors, insurers are allowed to review and revise costs every 3-4 years while phasing out old products and introducing new ones, as well as due to the high health-care inflation. The other reasons for a premium surge are you
Health insurance with Rs 1 crore cover sees 35% growth amid Covid-19 fear
Data available from Policybazaar shows the penetration of such policies has grown from 2 per cent to 35 per cent between 2019 and now
According to Policybazaar, policies by Max Bupa, Care Health Insurance and Aditya Birla Capital have received good traction
Covid-induced awareness around health insurance has led to an increase in sales of high-value policies which offer coverage up to Rs 1 crore. Data available from Policybazaar shows the penetration of such policies has grown from 2 per cent to 35 per cent between 2019 and now. Towards the end of 2019 the penetration of high sum insured policies (Rs 1 crore cover) was at 2 per cent which has now grown to 35 per cent at present, clearly showing how awareness around high sum insured covers has picked up, says Amit Chhabra, head of health insurance at Policybazaar.