If your health is insured by your company, don't be surprised if you see a drop in your salary levels. The reason is your company may now ask you to pay a part of the policy premium. The health insurers claim ratio (ratio of claims paid to the premium earned) is around 140%, which is way too high defeating the very purpose of their business. The health insurance companies were finding it hard to keep pace with low margins, high claim ratio. Hence they are finding it difficult to underwrite fresh health policies, thus affecting their business adversely. To control these costs and to promote judicious usage of health insurance policy, health insurance companies are resorting to increasing the premium.
This move will increase the burden of premium on individuals, who have a group health cover provided by their company. Despite that, the importance of health insurance cannot be ignored. Any major health issue can infact drastically eat into your savings. Hence, it's important for every individual to have a health insurance.
by PersonalFN
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