HOW TO REDUCE YOUR HEALTH PREMIUM OUTGO
Outlook Money|September 2024
Health insurance premiums have seen a dramatic rise in the recent years due to a wide range of factors, including rising medical inflation and the rising number of claims.
Anuradha Mishra
HOW TO REDUCE YOUR HEALTH PREMIUM OUTGO

We explore a few ways in which you can reduce your premium costs.

In the aftermath of the Covid-19 pandemic, a lot of people have realised the importance of health insurance. However, a primary concern for most people is the rise in premiums. Over the past few years, health insurance premiums have seen a noticeable upward trend, with different insurers increasing premiums at varying rates for their products.

In a report by Local Circles released in May 2024, 52 per cent of Indians said that their health insurance premiums have increased by over 25 per cent in the last 12 months. The survey was based on 11,000 responses from personal health insurance policyholders located across 324 districts of India.

According to industry experts, the reasons behind this surge in premiums range from business concerns, ageing population, product enhancements, to even medical inflation. Says Parthanil Ghosh, director and chief business officer of HDFC ERGO General Insurance, "Health Insurance in India is still an after-thought proposition and a low-awareness product. Young and healthy people usually do not prioritise purchasing health insurance.

As a result, a greater number of elderly and high-risk individuals remain in the insurance pool, thereby leading to higher premiums. Additionally, people don't buy insurance early and seek coverage usually after the age of 40 (and premiums rise with age)." On April 1, 2024, the Insurance and Regulatory Development Authority of India (Irdai) removed the ceiling of 65 years for individuals to buy a health insurance policy.

The regulatory change suggested that there cannot be an age limit for first-time entry into insurance. For instance, if a 75-year-old wants to buy insurance for the first time, he should not be denied a cover. However, this may or may not increase the numbers of senior takers because of the high premiums charged from older people.

Esta historia es de la edición September 2024 de Outlook Money.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición September 2024 de Outlook Money.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE OUTLOOK MONEYVer todo
Tax Reforms: What's In Store?
Outlook Money

Tax Reforms: What's In Store?

The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms

time-read
10+ minutos  |
October 2024
5 Questions That Will Lead You To The Right Financial Planner
Outlook Money

5 Questions That Will Lead You To The Right Financial Planner

Choosing a financial planner is not as easy as it may seem. Besides the right credentials, you should also consider things like the kind of services you will be needing-tax advisory, estate planning-as well as the fee structure. Here are five questions that will help you choose the right planner

time-read
6 minutos  |
October 2024
Health Insurance Sub-Limits
Outlook Money

Health Insurance Sub-Limits

Sub-limits in health insurance are restrictions placed by the insurance company on the SP maximum amount they will pay for specific expenses that are part of the total hospital bill.

time-read
2 minutos  |
October 2024
Delayed Gratification, Humility, Understanding Inflation And Risks Key To Financial Success
Outlook Money

Delayed Gratification, Humility, Understanding Inflation And Risks Key To Financial Success

The journey to financial success is continuous, requiring patience, education, and disciplined decision-making.

time-read
2 minutos  |
October 2024
Avoiding Common Pitfalls through Asset Allocation and Multi-Asset Investing
Outlook Money

Avoiding Common Pitfalls through Asset Allocation and Multi-Asset Investing

Just as you track the calories and nutrients for a well-balanced diet, you need a balanced portfolio that has multiple assets to balance the risks and returns.

time-read
2 minutos  |
October 2024
Mutual Funds for Financial Growth
Outlook Money

Mutual Funds for Financial Growth

Mutual funds allow you to invest in small amounts and seize the compounding growth, and experts help tackle volatility and asset allocation, making them a potent tool to create wealth.

time-read
2 minutos  |
October 2024
Multi-Asset Investing is The Financial Equivalent of A Well-Balanced Diet
Outlook Money

Multi-Asset Investing is The Financial Equivalent of A Well-Balanced Diet

Just as you track the calories and nutrients for a well-balanced diet, you need a balanced portfolio that has multiple assets to balance the risks and returns.

time-read
2 minutos  |
October 2024
Theme and Triumph: How Thematic Funds Can Boost Your Bottom Line
Outlook Money

Theme and Triumph: How Thematic Funds Can Boost Your Bottom Line

Thematic funds target high-growth opportunities in various industries and economic sectors, allowing investors to participate in future-focused segments to generate long-term returns.

time-read
2 minutos  |
October 2024
Wealth Creation Through SIP - The Slow & Steady Road to Success
Outlook Money

Wealth Creation Through SIP - The Slow & Steady Road to Success

For investors seeking to create long-term wealth, SIPS are a powerful tool that enables regular, disciplined investments to generate compounding returns.

time-read
2 minutos  |
October 2024
Tuition Fee Varies Among Countries
Outlook Money

Tuition Fee Varies Among Countries

I am 22 years old and have recently started working in a software company.

time-read
2 minutos  |
October 2024