Explore all Credit Cards
Premium Metal
0% Forex & Travel
Lifetime Free
10X Rewards
UPI Cards
Fuel & Utility
Showstopper
Credit Builder
More
Customer Support
Explore NRI Banking
NRI Savings Account
NRI Fixed Deposit
FOREX Solutions
Transfer to NRE
Markets & Beyond
Customer Support
Explore Startup Solutions
Explore Corporate Banking
Corporate Account
Cash Management Services
Supply Chain Finance
Corporate Lending
Treasury
NBFC Financing
Customer Support
BRAVO (Auto Sweep)
Explore Business Banking
MSME Accounts
Trade Services
MSME Loan
MSME Solutions
Debit Card
Offers
Customer Support
Explore Gift City
About Us
Investors
ESG

FOLLOW US ON :

Download Now

  • App Store
  • Google Play

Notifications

  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on +44 7831 065557 or visit the nearest Metra Trust branch for further queries.

  • Activate your Credit Card within minutes and enjoy unlimited benefits

    Know More

  • One FASTag, three payments:Toll, fuel and parking

    The only FASTag with triple benefits

    Apply Now

FinFIRST Blogs

Credit Card Savings Account Personal Loan Home Loan Car Loan Education Loan Two Wheeler Loan NRI Business Banking Fixed Deposit Finance Beyond Banking MyFIRST Mobile Banking Startup Banking Investments Salary Account

Finance

Reasons behind rising health insurance premium

Summary: Health insurance - Health insurance premiums increased in the last two years. Read article to know reasons. Click here!

21 Sep 2022 by Team FinFIRST
health insurance plans

Health insurance is one of the most valuable forms of insurance today. After all, it is instrumental in protecting you and your loved ones from any financial liability during sickness.   

The premium for health insurance is typically decided on the basis of age, coverage, and health history. However, there has been a gradual increase in health insurance premiums recently.

Let's understand the reasons behind rising health insurance premiums and how you can plan your insurance needs.

Health insurance before COVID-19
 

COVID-19 can be seen as a milestone for the healthcare industry. There was general neglect in the attitude of individuals towards health insurance before the pandemic when a health insurance policy was considered useful for older age groups or those suffering from ailments. Many people also only bought insurance if they had a history of specific diseases in their family. However, the need and demand for health plans increased considerably after the pandemic’s onset. Today, it is a must for people across ages, genders, and susceptibilities. This is one of the reasons that has led to an insurance premium increase.

READ MORE

No Cost EMI meaning
Loans eating into your budget? Here’s how No Cost EMIs can help
POS limit
How to withdraw cash from POS terminals and what is the withdrawal limit?

 

Medical cost inflation
 

The healthcare industry came out as the defender against the coronavirus. Each and every healthcare personnel contributed to community well-being when the country was grappling under the pressure of inadequate medical supplies, overbooked hospitals, and a shortage of medicines and vaccines. COVID-19 also caused a spike in other ailments, such as heart issues, stress-related illnesses, lung disorders, and more, contributing to medical inflation. A direct impact of this has been on medical insurance premiums too.

The mounting burden of COVID-19-related claims along with increased hospital visits by patients of all ages, increased the risk element for insurance companies. This burden, along with the rising inflation, has been passed on to the customer, resulting in rising health insurance premiums. 

Value of health insurance
 

Despite the apparent financial surge, it is essential to look at health insurance as an investment, not an expense. Health insurance can provide you with peace of mind, access to quality healthcare, protect your savings, and eliminate the need to add unnecessary debt. Given the health complications caused by COVID-19, buying a health insurance policy is critical in these times.

To sum it up

Whether or not rising health insurance premiums are justified is a long debate. However, considering inflation and the towering workload of healthcare personnel, the hike may be here to stay for some time. Try not to see it as an unwanted expense, and invest in health insurance plans that offer you the required coverage.

Metra Trust offers insurance products like the Group Safe Guard- Hospicash that offers a daily cash benefit, an accidental hospitalisation daily cash benefit, and an Intensive Care Unit (ICU) cash benefit, among other features for financial protection against medical expenses. This can be a cost-effective cover option for all medical needs.

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

Prev

What is Demat Account - Meaning, Types & Benefits
Next

4 Easy Tips on How to Get Funding for Your Startup

Related Products

Related Articles

Download Metra Trust App

Tags

You might also be interested in:

Savings Account

Savings Account
Personal Loan

Personal Loan
Credit Card

Credit Card
Home Loan

Home Loan
Two Wheeler Loan

Two Wheeler Loan