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Rediff.com  » Getahead » Why you are paying for more for health insurance

Why you are paying for more for health insurance

By Naval Goel
Last updated on: April 18, 2016 14:45 IST
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Ever growing use of new technologies and treatment, increase in the population of old people can, are some of them

Nowadays, purchasing a health plan has become quite difficult for some people owing to the increase in the cost of these plans. This is the major reason why many people are living without an adequate health insurance policy. The increment in cost, lack of affordability and lack of awareness are the common reasons that we usually get to hear from a non-insured person.

There are several things that might be the reason of increasing health insurance cost. We all are aware of the fact that these days, the expenses of hospitalisation are very high. One usually has to pay huge bills for getting quality treatment. There are many other things that are associated with hospitalisation and whether you like it or not, in general, the costs are very high.

The cost of medicines is also heading north. Normally, after any visit to a doctor, you end up buying medicines which generally are quite expensive. Apart from generic drugs, most medicines fall in the higher price bracket. This increased cost of medicines is also one of the reasons towards higher health insurance cost.

One more reason behind the rise of health insurance cost is the ever growing use of new technologies and treatment.

In the last few years, scientists/researchers have introduced several new technologies related to the treatment of diseases and critical surgeries as well. And as with every new product in the market, the cost of these new technologies is also on the higher side.

Many people who are looking to purchase a health plan search for such plans that offer coverage of new forms of treatments that are associated with the advancement in technology. Due to this, the insured has to pay more to avail this kind of service.

The increase in the population of old people can also be one of the reasons for growing health insurance costs. Older people require extra care; this is because, at this age, they might face several serious health problems such as heart diseases, renal complications, depression, coronary issues, diabetes, etc.

These problems need long-term care and treatment that is costly. As a result, health insurance for people in the higher age group or senior citizen category comes at a higher premium.

It is very important for you to understand the reason behind the increase in cost so that you can make a wise decision for a better choice.

How to get the cheapest one

Having a health insurance can protect you from unwanted emergencies. You may search for the cheapest health insurance policy. A health insurance will be there to support you financially when you need it the most.

No matter what is the reason behind your diseases, a health insurance policy will provide the needful coverage. Apart from tax benefits, there are many more things that you will get on purchasing the best health insurance plans in India.

You will be able to get additional cover, discounts, tax benefits and much more when you choose to go for a health cover. You will also get no claim bonus but don’t forget to renew your health insurance policy on time.

If you are searching for the cheapest health plan or are confused which plan to go for, it is advisable for you to take the help of an online insurance web aggregator that gives you free quotes and assists you in choosing the best plan out of several options. 

With readily available free quotes, you will be able to compare different health plans online from top insurance companies and this will lead you towards purchasing the best suited plan as per your budget.

Illustration: Dominic Xavier/Rediff.com

Naval Goel is CEO and Founder, PolicyX

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Naval Goel