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What is your opinion that these increases in health insurance premiums are reasonable? I feel like I

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27 Oct, 2022 by  abhishek

I want your opinion regarding the increase in health insurance premiums. right now, I am 35 years old and my wife is 31 years old and added my new born baby daughter who just completed her 91 days. Before the addition of my daughter, I was paying Rs.12169/- but after the addition of my baby to my family floater health insurance the premium is increased by 37% and now, I am required to pay Rs.16939/-. As of next year, I am going under 36–40-year slab insurance company stating that from next year I need to pay a premium of Rs.20153/- again an increase of 19% increase. I feel like I am being robbed. So please provide your opinion that these increases in premium are reasonable.

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HI Abhishek


As you are aware that increase in premium is due to addition of new members it is but obvious that company will charge more for the new liabilities they have, so absolutely don't feel robbed. Secondly as health insurance advisor will recommend you increase your cover from previous amount due to increase in members to have adequate cover in case of need. You can even check & compare your current policy cover with other companies to have latest feature before renewal to have portability benefit .


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29 Oct, 2022
MBA | 5 years experience
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Dear Abhishek,


In your case kindly cross check if the additional premium charged is on individual basis or floater basis? When a new member in added in the policy mid-term he/she gets a individual sum insured with the insurer. A reason you might feel a significant rise in premium. Also as one ages the premium will increase it is a reality. The increase that happens is to take care of health inflation, the price increase of 19% for a 5 yr time frame is fine...because annual health inflation is around 12-13%. Don't be surprised if the insurer increases the premium after 2-3 years.

While you may feel that you are getting robbed imagine what the insurer would feel... when it has to pay to the hospital...a room that costs ₹10,000/- per day in 2020 now cost ₹12000-13000/-.

Therefore is insurance company alone to be blamed for increase in premium? What you are paying currently for full year of coverage an individual with no health insurance would pay in 1.5 days of hospitalization.


I hope this will help you understand insurance premiums increase.


Regards

Rohit Dhingra


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