Optima secure premium incresase

[hemantkumar]

Does any one know that at what rate hdfc increases it's health insurance premium in optima secure plan?
Last year I paid around 26700 premium and this year it's raised to 31300 a steep 17% increase.
Is there any negotiation I could do or is it good for me to change to some other policy where premiums raise in every 5 years? Please let me know , my due date for renewal is in September.

 

[bigbyte]

Optima secure premium raises every year and they must have told it upfront. Also you can refer to the pricing chart available for download at their website to see what would be the premium next year, not guaranteed though.
Optima secure is one of the costliest plans.

 

[Patil007]

Optima secure premium raises every year and they must have told it upfront. Also you can refer to the pricing chart available for download at their website to see what would be the premium next year, not guaranteed though.
Optima secure is one of the costliest plans.

True.

They are calling me literally every hour, I was searching Health Insurance on their website.

 

[hemantkumar]

Optima secure premium raises every year and they must have told it upfront. Also you can refer to the pricing chart available for download at their website to see what would be the premium next year, not guaranteed though.
Optima secure is one of the costliest plans.

I got a post from the hdfc ergo yesterday stating that the premium of their optima secure plan has been raised by 8 to 12 percentage based on the age and the tier city which I live. But when i check ,my premium has been increased by nearly 17% should I raise a complain.

 

[Tay]

Does any one know that at what rate hdfc increases it's health insurance premium in optima secure plan?
Last year I paid around 26700 premium and this year it's raised to 31300 a steep 17% increase.
Is there any negotiation I could do or is it good for me to change to some other policy where premiums raise in every 5 years? Please let me know , my due date for renewal is in September.

Yes there has been a drastic increase in the insurance prices across the industry and moreso with HDFC Insurance policies as well

Please keep in mind that the policies which raise prices every 5 years in the end raise by a similar percentage at the end of 5 years if compared to a year on year increase in a regular policy

Also, if you are planning to move to another policy then while comparing please keep in mind about the Secure Benefit (ie you get 2X the cover you pay for starting from Day 1) which Optima Secure has. Many a times one tends to compare HDFC Optima Secure Policy cover directly with another policy having a similar cover which doesnt lead to an apple to apple comparison

Hope this helps in making an informed decision

 

[hemantkumar]

Yes there has been a drastic increase in the insurance prices across the industry and moreso with HDFC Insurance policies as well

Please keep in mind that the policies which raise prices every 5 years in the end raise by a similar percentage at the end of 5 years if compared to a year on year increase in a regular policy

Also, if you are planning to move to another policy then while comparing please keep in mind about the Secure Benefit (ie you get 2X the cover you pay for starting from Day 1) which Optima Secure has. Many a times one tends to compare HDFC Optima Secure Policy cover directly with another policy having a similar cover which doesnt lead to an apple to apple comparison

Hope this helps in making an informed decision

According to you how much premium will I get in 2025

 

[bigbyte]

There health insurance premiums are increasing and as opposed to term insurance, health insurance premiums have no price protection.
The Health insurance providers are forming a cartel and taking consumer for ride.

Edit: I just checked the latest premium chart as available on HDFC Ergo website and compared it with the premium as on November 2022 ( When I bought this plan. There is no difference in premium between Nov 2022 and now (July 2024).

 

[Tay]

According to you how much premium will I get in 2025

It should ideally be around the same percent rise from how much it was from 2023 to 2024

If you are skeptical about the rise in price and premium amount is only of atmost importance over other features then check out the Niva Bupa Reassure 2.0 OR the latest one Niva Bupa Aspire which has a Age Lock benefit wherein the premiums wont increase till you make the first claim

Note :- Do proper due diligence at your end before finalising

 

[Tay]

There health insurance premiums are increasing and as opposed to term insurance, health insurance premiums have no price protection.
The Health insurance providers are forming a cartel and taking consumer for ride.

True, but both are different products altogether. Term insurance is a one time payout compared to an Health Insurance which has no limit on payouts (max till you reach the SI limit per year)

Also, since the medical industry itself has become costlier over the years, the insurance companies have to pass on the rise to someone ie customers (They too are running a business afterall)

Having said that, it is still feasible than not having a health insurance at all. Those who didnt have a health insurance and had to deal with the hospitalization costs can describe it better and would know the value of having one

Note :- I am in no way connected to / working for any Insurance Company

 

[bigbyte]

There health insurance premiums are increasing and as opposed to term insurance, health insurance premiums have no price protection.
The Health insurance providers are forming a cartel and taking consumer for ride.

Edit: I just checked the latest premium chart as available on HDFC Ergo website and compared it with the premium as on November 2022 ( When I bought this plan. There is no difference in premium between Nov 2022 and now (July 2024).

@Hemant kumar @Tay

 

[bigbyte]

Also, since the medical industry itself has become costlier over the years, the insurance companies have to pass on the rise to someone ie customers (They too are running a business afterall)

Even if the cost of Medical treatment is rising, the liability of Insurance company is limited to the committed amount (Sum assured plus add ons).

So suppose today a treatment costs 8 lacs and and after few years it costs 15 lacs.
And if you are insured for say 10 lacs, you'll be reimbursed for a maximum of 10 lacs only, irrespective of rise in cost of treatment.

 

[msankadi]

Even if the cost of Medical treatment is rising, the liability of Insurance company is limited to the committed amount (Sum assured plus add ons).

So suppose today a treatment costs 8 lacs and and after few years it costs 15 lacs.
And if you are insured for say 10 lacs, you'll be reimbursed for a maximum of 10 lacs only, irrespective of rise in cost of treatment.

but the average claim amount they have to settle will increase esp for high coverage plans....example a cataract today maybe 1L but might be 5L in another 7-8 years

 

[bigbyte]

but the average claim amount they have to settle will increase esp for high coverage plans....example a cataract today maybe 1L but might be 5L in another 7-8 years

it hardly matters if they have charged you premium for 10 lacs.

 

[a_tease]

From what I hear on reddit and on other forums, HDFC health insurance is the best (Least worst!) among all the providers. Bite the bullet and pay the premium 🙁

 

[msankadi]

There health insurance premiums are increasing and as opposed to term insurance, health insurance premiums have no price protection.
The Health insurance providers are forming a cartel and taking consumer for ride.

Edit: I just checked the latest premium chart as available on HDFC Ergo website and compared it with the premium as on November 2022 ( When I bought this plan. There is no difference in premium between Nov 2022 and now (July 2024).

Can you please link to it? I am planning to port my policy from star health to hdfc ergo secure in a couple of months too

 

[msankadi]

it hardly matters if they have charged you premium for 10 lacs.

It does because even though there is a maximum limit (like credit card credit line), the premium pricing is determined by average claim amount (like utilization on cc) ...so if the avg claim amount is going up the formula they use internally will tell them to include the premium

Now how much can they increase without losing customers and the whole profitability equation is again another analytical exercise

 

[Tay]

Even if the cost of Medical treatment is rising, the liability of Insurance company is limited to the committed amount (Sum assured plus add ons).

So suppose today a treatment costs 8 lacs and and after few years it costs 15 lacs.
And if you are insured for say 10 lacs, you'll be reimbursed for a maximum of 10 lacs only, irrespective of rise in cost of treatment.

True, but due to the rise in costs the number of claims amounting to 10 lakhs would be more than it was when the cost was less, isnt it ?

Hence the cost to the insurer increases as well

 

[Tay]

but the average claim amount they have to settle will increase esp for high coverage plans....example a cataract today maybe 1L but might be 5L in another 7-8 years

I second that

 

[Tay]

From what I hear on reddit and on other forums, HDFC health insurance is the best (Least worst!) among all the providers. Bite the bullet and pay the premium 🙁

True, either bite the bullet and pay more premium or save premium and fall short in some features or claims process

You cant have the cake and eat it too !!!

 

[bigbyte]

Can you please link to it? I am planning to port my policy from star health to hdfc ergo secure in a couple of months too

https://www.hdfcergo.com/download/prospectus

Download HDFC Optima Prospectus from above link