More and more employers in the country extend health insurance policies to their employee which is paid for either on a monthly basis or can even be paid once every year. Now if you have opted for the employer extended group health insurance scheme, it is highly likely that you would now have to shell a higher amount.
As per the leading business dailies report, this is because most of the insurers have raised the premium charges of Group health policies by 25-30 percent.
The increase in the cost for the health coverage has been implemented in order to mitigate a higher number of claims due to the coronavirus pandemic. Also, another reason for increasing the premium for the group health insurance business is the burgeoning loss for the sector.
It is to be noted that for bringing about a hike in the premium of group health insurance, insurers do not need to take the approval of the insurance regulator IRDAI or Insurance Regulatory and Development Authority of India. Now, amid the Covid 19 wave, it has been seen that most big companies are increasing the health cover value for their employees.
Interestingly, it is always a good idea to supplement the group health cover with a personal health insurance policy if your pocket allows the same.