Anyone notice how Health Insurance (Mediclaim) companies have hiked up premiums without any hospitalisation/illnesses reported? And with unsatisfactory explanation.

All because we're living in a pandemic?

I can understand 10-12% hike maybe, but 40-45%?
Update spoke to my insurance provider

1. Partial Price Hike cause I changed my address. (Non Metro to Metro) - Valid and Fair. Increment adds up.
2. Remainder Hike cause Version 4 of my health plan got upgraded to Version 5 in accordance/approval from IRDAI (1/n)
Here's the funny part though.

1. Spoke to a rep who explained a bunch of these things on a 40 min call.
2. The rep emailed the differences of Version 4 and Version 5.
3. And explained things patiently and helped me understand some really simple things. (2/n)
Most stuff on benefits were things that I'd barely need / use. (Pharmacy Discount, HIV/AIDS - 50K top-up, I mean 50K??, Evacuation Plan (From where?), Compassionate Visit? (Who'd I visit when hospitalized and can't afford Uber/Ola if I have a Health Plan? (3/n)
Continuing on 'added benefits' Medical Referral? (So you wouldn't ideally give this for your plan holders? Most cases I'd take opinion from family doctors/other docs who we know. But fair... Oh and yeah. Return of Mortal Remains> - I'm guessing this is a post-covid thing (4/n)
More added benefits to make Version 5 the Star for which they'd charge me at least 3-4K more. Mental disorder treatment (Again upto 50K) - And no this doesn't mean coverage on my therapy sessions/visits to psychiatrist. It's if I get admitted into a hospital. So just 50K? (5/n)
Now here comes the best part of Version 5.

***Optional Benefits***

Not applicable in Version 4. What are those?

Term Insurance for Critical Illness and Accidental Insurance, Unlimited e-consultations (That's useful, but need to research if they're free)

Wait for it... (6/n)
***Optional Benefits Continued***

One time Premium Waiver if the said person dies. This is for family covered under same plan. i.e. their 1 year of medical insurance is paid for even after my death.

But here goes

All the *Optional Benefits* have an extra cost! (7/n)
So here we are... (Recap) (7/n)

My insurance last year XX amount

This year XX + 6K


Cause my address changed from Non-Metro to Metro - 3K

***Agreed and Okay with it***

Cause Plan V4 became V5 - 3K

Pay for marginal / non-useful benefits cause plan upgraded (8/n)
Now because I love solving problems and I've recently started learning Finance / CFP I ask around, talk to someone in the industry and to the rep on the call for how I can buy something that can exclude non-useful benefits. I want my V4. I'll pay XX+3K for relocation (9/n)

Rep pitches a new V6 Plan

V6 will have all benefits or more benefits than V4 or V5

Will cost me 2K more than V4 and 2K less than V5


So here's my final question (11/11)

In this whole bargain of 2 emails + 45 mins of call + my mind space let's say I do take up V6 Plan

Then would you say I'll
Ohh yeah 5th option The Insurance company, sweetly told me to pay an extra premium kind of like in a "Out of the Frying Pan Into The Fire" analogy!

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