Health insurance premium 40-50% hike on renewal possible?
Is a 40-50% hike in annual health insurance premium on renewal possible? Could health insurance premiums see a 40-50% spike upon renewal? Unfortunately, without caps on increases, such hikes are plausible, especially for older individuals. Managing this burden requires foresight:
• Build a dedicated fund: Allocating funds specifically for future premiums eases financial strain, considering health insurance is often more economical than direct medical expenses.
• Maintain backup savings: Supplement insurance with a separate fund for ancillary costs like routine check-ups, crucial as healthcare needs escalate with age.
• Consider super top-up plans: These plans, with lower premiums, activate after reaching a deductible threshold. Even if base plan premiums skyrocket, a super top-up can remain affordable, providing crucial coverage for major expenses.
When renewing health insurance, must one disclose new medical conditions from the past year? Generally, if conditions arose post-policy issuance, disclosure isn't mandatory. However, exceptions exist:
• Insurer inquiry: If the insurer requests information on new conditions, honesty is paramount to maintain coverage and future claims viability.
• Coverage upgrades: Increasing policy coverage necessitates disclosing new medical conditions.
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Source - Internet
