If you have taken Health Insurance coverage through your employer and pay a Group Insurance premium every month from your salary, it is possible that you may have to pay more premium for it now.
Companies take group health insurance for their employees and since it is taken on a very large scale, its premium is also slightly less than normal. If you have also taken health insurance through the company, then there is some bad news for you. As per sources cited by Zee News, most of the insurance companies have increased the premium of group health insurance policy by 25-30%, which can have an impact on the employees and they may have to pay a higher premium.
Notably, companies are under a lot of pressure due to rising claims in Covid-19. The ever-increasing loss ratios in group health business have brought down their profits significantly due to the second wave of the pandemic, due to which the companies have increased the group health insurance premium. Insurance companies were demanding an increase in the premium of individual health insurance, but the insurance regulator IRDAI has put a hold on the hike in individual health insurance premiums. Therefore, those who have taken health insurance separately, and not through the company, will not have any increase in their premium.
However, insurance companies do not require the approval of the insurance regulator IRDAI to increase the premium in the group insurance business. That’s why they have increased it. After the Covid-19 epidemic, big companies are increasing the coverage of their employees, while small companies are also taking group health insurance policies to keep their employees safe. In view of the sudden demand for group health insurance, insurance companies have also increased their premium, which will have a direct impact on the pockets of the employees.
Originally Appeared Here