- Health insurance adoption is on an upward trajectory
- A comprehensive look at the several factors determining your premium amount
- From one’s medical history to their work profile, the information is collated to facilitate ease of paying premium
Times are changing fast. So is the human mind and body. Hectic work schedule coupled with insufficient sleep, lack of exercise and unhealthy food habits have exposed people to various ailments making health insurance a modern-day need.
The premium is the cost against which the insured enjoys the benefits of the policy. There are various factors which determine the extent of premium on a particular policy. Here’s a list of 6 major factors:
1. Medical History
For an effective health insurance policy, the to-be-insured has to furnish his/her complete medical history to the insurer. If he/she is found healthy without any ailments the premium rate will be lower. However, Not only does the insured need to furnish his personal medical history, but also that of his family, to the insuring company. And according to the same rule as above, a family history without any major diseases garners affordable premium while that with any recurrent disease like diabetes, blood pressure, etc., entails a comparatively higher premium.
2. BMI or Body Mass Index
An insured with a higher body mass is more susceptible to various medical complications like blood pressure, diabetes, heart disorders, joint pains and difficulties during pregnancy, requiring more visits to doctors than those unaffected by these. Hence the premium amount increases or decreases directly depending on one’s body mass.
3. Habits and Lifestyle
Lifestyle irregularities directly affect the premium rates of health insurance policies. Individuals who have a habit of smoking, drinking, chewing tobacco or consuming excessive caffeine are more vulnerable to heart, lung, and other types of disorders. Hence premium rates are higher in these cases than for those who do not indulge in them.
4. Age of the Insured
Those insured young pay lower premium to the company than the older ones as the younger one is less likely to fall ill, take medical help or incur high costs of treatment at a lower age. Premiums go up with age as the body is more prone to complications.
5. Work Profile
An individual’s working environment plays another determining factor in deciding the amount of premium one has to pay for the policy. Those working in an apparently safer, secure, and sound atmosphere pay lower premium as chances of exposure to health threatening disorders from work are lower. But for workers working in different ambience running risks of radiation, chemical abuse, high pressure, or pollution pay higher rates of premium for being exposed to higher risks.
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