Health Insurance Premiums Shot Up Over 25% For Policy Owners Last Year

According to a survey done by LocalCircles, a huge community platform and citizen pulse aggregator, for around 52% of health insurance policy owners, the premium increased by over 25% in the last 12 months. The surveyors gathered the data from 11,000 participants in 324 districts in India. Experts believe this is going to impact new buyers in a big way and also existing ones during the renewal.

Financial advisors think if an individual’s financial plan doesn’t take into account the rise in health insurance premiums it could make his/her financial goals go for a toss. The survey data points out that around 21% of people saw an increase in health insurance premiums by 50% while 31% indicated that there was a rise in 25-50% in the past 12 months. Around 15% of the people also said that their premium was the same as the last year.

While this can affect one’s plan to buy or renew health insurance there are still ways in which one can reduce the impact of these hikes and benefit from health insurance plans. like – buying a three-year health policy, opting for a co-pay or port to another policy to maximise benefits.