Mediclaim Policies Set to Get More Expensive

16 January 2013

This year your health insurance premiums are likely to cost 30% more. According to a news report insurance sector regulator IRDA has given go-ahead to PSU health insurers to increase their premium rates.

Oriental Insurance, New India Assurance, National Insurance Company and United India Assurance will hike their mediclaim premiums by as much as 30%. They are expected to file re-priced products with IRDA soon.

Private insurers are likely to follow suit for their mediclaim products. They have filed their plea with IRDA for hiking premium rates of retail mediclaim plans.

Health insurance has largely been a losing business in India. More amounts are spent on claims than is being recovered from premiums.

Some of this can be accounted to unhealthy practices by TPAs. It seems through their network of family physicians many of them encourage insurance holders to undergo surgeries that are not needed. The surgeon and TPA make money at the expense of the insurance company and possibly putting the insured person in danger.

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