If your health insurance premium is becoming increasingly expensive, then there is a great news for you. The government is now preparing to take a big decision to stop arbitrary premium increase in the health insurance sector. Medical inflation in India has reached 11.5%, which means the cost of treatment in hospitals is increasing every year and its direct impact is on the premium. Under the new proposal of the government, insurance companies will no longer be able to increase the premium as per their wish. It is being considered to limit the agent commission to 20% and not to exceed 10% on annual renewal. Along with this, it is also possible to tighten the arbitrary package rates decided jointly by hospitals and insurance companies. The government wants every claim, hospital bill and discharge summary to be completely transparent. This will reduce the increasing financial burden on customers and will also help in achieving the government’s goal of “Insurance For All 2047”. Recently it was seen that even after the GST cut, many companies had increased the premium, due to which the customers did not get any benefit. Common people can get great relief from the upcoming new rules.
