{"id":19993,"date":"2024-01-18T06:26:35","date_gmt":"2024-01-18T06:26:35","guid":{"rendered":"https:\/\/demo.munark.in\/sinhasi\/?p=19993"},"modified":"2025-02-15T06:47:03","modified_gmt":"2025-02-15T06:47:03","slug":"the-rise-of-health-insurance-premiums-and-the-fall-on-you","status":"publish","type":"post","link":"https:\/\/demo.munark.in\/sinhasi\/sinhasi-the-zen-of-investing\/the-rise-of-health-insurance-premiums-and-the-fall-on-you\/","title":{"rendered":"The rise of health insurance premiums and the fall on you"},"content":{"rendered":"\t\t
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Insurance premium comes as any season’s expense, but insurance is surely the gift that keeps giving. As your body braces through the scorching summer, chilling winter and monsoon dengue terror, you just hope you do not fall sick, let alone hospitalised. Illness does not see the seasons or your savings pocket, it happens and it shackles one like a house of cards.<\/p>

Rising medical costs, advancements in technology and a growing demand for improved healthcare services have resulted in a significant upswing in medical facilities in India. Experts also suggest that substantial claims raised during the COVID-19 pandemic is one of the key contributors to the inflationary pressure on medicare premiums. The soaring Indian medical inflation has outpaced countries like China and Japan in June\u201922 as per a report suggested by Motilal Oswal.<\/p>

Furthermore, individuals in metropolitan areas, particularly those in top-tier cities, are the primary consumers of private health insurance and that can be inferred from the substantial rise in treatment costs in these regions. In recent years, insurers have sharpened their profit margins. For example, Star Health boosted its operating profit from 2.7% in FY19 to nearly 8% in FY23, despite some dips during the pandemic.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t <\/div>\r\n <\/div>\r\n \t\t\t<\/div>\n\t\t<\/section>\n\t\t

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With a strong increase in demand for healthcare, health insurance premiums have soared high with an average increase of 10-25% over the past year. As quoted in The Ken, \u201cInsurers blame rising healthcare costs, coupled with a Covid-induced jump in the number of claims. And hospitals point to higher input and human resources [HR] cost post-pandemic\u201d as the reason for the 30\u201335% jump in healthcare prices post-pandemic.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t <\/div>\r\n <\/div>\r\n \t\t\t<\/div>\n\t\t<\/section>\n\t\t

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The rise in hospital treatment and medical inflation has become the apparent reason for the exorbitant increase in premiums. It is an inevitable expense that one needs for a lifetime. Due to this surge, we have observed people looking for affordable options to move out from their existing insurance. However, the move from the existing ones to the new ones needs to be a calculated one.<\/p>

Here are the key aspects to keep in mind before moving to a new policy.<\/strong><\/p>