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

Why?

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)
***NOW HERE'S THE CLINCHER***

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

i.e.

V4+3K(FOR RELOCATION)+ 2K(FOR NEW PLAN ADDED 5L SI (Sum Insured) (10/n)
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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