Once we buy health insurance ,then does it premium increase every year or it will remain same ? If it increases every year then by what percentage does it increase?
Thanks
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Once we buy health insurance ,then does it premium increase every year or it will remain same ? If it increases every year then by what percentage does it increase?
Thanks
Yes, every year insurance premium increases with age of the insured. It may or may not be a fixed percentage e.g. depend on age, job profile, past year claim ratio etc.
Yes, it increases every year because of following reasons:
1) increasing age factor
2) Medical inflation
3) demographic of those insured by your insurance company