Health Insurance Claim: In today’s fast-paced life, people’s daily routine is changing rapidly. People have started falling ill more than before. Lines of patients have started forming in hospitals. The cost of treatment has also started increasing and the claims for it have also started increasing. Policybazaar data powered by PB Fintech shows that the average claim payout for health insurance has increased by 30 percent in the last three years.
Treatment became expensive after Covid
A health insurance company in Gurugram has claimed to settle 15,000-20,000 claims annually and the average amount claimed in FY 2025 was Rs 81,000. Data has shown that the maximum claim of Rs 1.13 lakh was made from Tamil Nadu.
Siddharth Singhal, head of health insurance at Policybazaar, said, “The cost of treatment has increased significantly post-Covid, which is responsible for the rising inflation in the medical sector. Customers are also looking to include the cost of consumable coverage in their health insurance. In their quest for more, they are opting for add-on cover, which is increasing the claim amount.”
Youth are making more claims
It was observed that the number of claimants has increased from an average of 4.9 to 6.4 in FY 2023. It is believed that people have started becoming more aware about health insurance. Nowadays, even for seasonal diseases like dengue, people have to be admitted to hospital several times a year.
It was seen that most of the claims, about 38 percent, are being made by youth aged 18-35 years. Insurance companies keep an eye on these figures because the amount spent on claims is a major part of their costs. In such a situation, it is being considered to design the policy in such a way that customers can be asked to pay more for different categories and coverage.
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