Survey claims: Group health insurance can be expensive by up to 15 percent, premium will be higher in India than in other countries
The premium for group health insurance may also increase by up to 15% this year amid the ever-increasing inflation. The increase will be highest in India as compared to other Asian countries. This will be the third year in a row that premiums will see double-digit growth, said the Mercer Marsh Benefits (MMB) survey. The increase is three times higher than the normal inflation rate. 81% of Asian insurers surveyed said the pandemic has increased medical claims along with medical claims in 2021. There has also been an increase in the demand for health insurance.
Highest claim for cancer
In India, about 58 lakh people die every year due to non-communicable diseases. Cancer patients make maximum 55% of these claims. 43% of claims are made by patients suffering from diseases related to the circulatory system. The share of patients suffering from corona in the claim is 36%.
What is group health insurance
- It is a facility provided by a company to its employee, which provides medical coverage to the employee and his family members.
- The premium is paid from the salary of the employee. The employee gets this benefit as long as he is associated with the company.
Increase in corporate spending during the pandemic
The cost of treatment has increased compared to before the pandemic. The number of claims has also increased. This has increased the cost of insurance companies. Companies are now preparing to pass some of the burden on the consumers. - John Koller, Asia Regional Leader, MMB