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People buy health insurance policies for themselves and their families so that they can protect their finances during unanticipated medical situations. While a health insurance plan can financially safeguard you in case of medical emergencies, it is worth considering the premium amount that you have to pay for such coverage.
This premium amount is calculated on the basis of various circumstances and factors. Knowing how these factors affect the cost of policy premiums can prove beneficial at the time of purchasing a health policy.
Factors that Impact Your Health Insurance Premium
Your Sum Insured
The sum insured is the most you claim from your insurer during a medical emergency. The more the sum insured, the higher the premium amount will be. You can use a health insurance premium calculator to know exactly how much premium you have to pay for the sum insured amount that you select when buying a health policy from an insurer online.
Your Age
Your health is at its peak when you are young, and this is the time when the health insurance premium amount is low. The reason behind this low premium amount is that the chances of a young individual raising a claim are less compared to an ageing individual. This is also the reason why older individuals have to pay higher premium amounts for their health policies.
Your Existing Illnesses
Medical insurance premium rates can be higher for those with pre-existing diseases. This is because they are more likely to raise more claims due to regular treatments, requiring the health insurance policy to have more coverage.
Your Lifestyle
An individual with unhealthy lifestyles, like addiction to alcohol or smoking, may have to pay a higher mediclaim insurance premium. This is because that individual is at higher risk of developing diseases that can require medical treatments, which will result in more claims.
It is best to get rid of such unhealthy habits and incorporate a healthy lifestyle that will reflect on your overall health. The more healthy you are, the lesser the risk of you requiring medical treatments, which will lead to lower premium rates.
Your BMI
To get the best health insurance with low premiums, you have to ensure that your body mass index is within the normal range. If your BMI is higher then chances are that you are obese, and with obesity comes the risk of type-2 diabetes, heart disease and other health complications. As a result, your health insurance premium amount will be higher.
Conclusion
Some other factors that affect the premium rates of health insurance include your occupation, especially if you are working in a hazardous or dangerous environment on a daily basis and where you live. While you can control a few of these factors to lower premium rates, others are beyond your control, so try to stay as healthy as you can.
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