Health Insurance: Feeling the heat of high premiums?

financialexpress.com:

Health insurance is vital to safeguard your financial well-being. However, an unexpected rise in the premium at the time of renewal can strain your budget. Healthcare inflation has been consistently above consumer price index (CPI) inflation since FY18. Insurers have hiked prices across both retail and group schemes because of the adverse loss ratios in the past couple of years. Here are some practical steps to prevent your health insurance premium escalating beyond your comfort zone.

First and foremost, take a close look at your current health insurance coverage. Are you paying for services you don’t need? Assessing your coverage needs can help you identify areas where you can make adjustments without compromising on your essential healthcare needs.

In the insurance market, new players frequently introduce competitive rates and innovative offerings. Research and compare different plans, ensuring you get the best value for your money. However, the older policy often covers exclusions which may not be the case in case the policy is new.

Evaluate if any policy riders align with your needs and can be added without a significant impact on your premium. This way, you can customise your policy to suit your requirements without breaking the bank. “Although attractive, additional riders or benefits can inflate your premium. Evaluate if you truly need them or if you can get similar coverage elsewhere,” adds Adhil Shetty, CEO, Bankbazaar.com.

If you have a no-claim bonus feature in your policy, now is the time to leverage it. Insurance providers often reward policyholders for not making claims by offering a bonus or discount on premiums. Make the most of this feature to potentially reduce your renewed premium.

Some insurers offer