Being aware of the need of health insurance, many people regard Health Insurance Premium
as a necessary expense for which they can do nothing. However, with little knowledge about the factors than can increase your health insurance premium you can significantly reduce premium costs. Given below is the information on the various factors that can significantly affect your medical insurance premium.
- Age: Your age is one of the most important determinants of your health insurance premium. It is seen that older people are more prone to diseases hence their medical expenses are higher as compared to their younger counterparts. Hence, the cost of medical insurance premium increases with age.
- Medical history: Your Mediclaim premium is also dependant on your medical history. If you have enjoyed an active, healthy life with no previous illness record, your health insurance premium will be significantly lower as compared to the premium paid by an individual who may have experienced any major illnesses in the past. Besides, if you are genetically predisposed to diseases your mediclaim premium may be higher.
- Work atmosphere: The cost of your medical insurance premium is also affected by your work environment. People, who work in high Risk professions or in hazardous industries, such as miners or pilots will need to pay higher premium as compared to people involved in professions with low risks such as that of an accountant or a writer.
- Term of the policy: Another noteworthy determinant of your health insurance premium is the Term of the policy. Policies with long term durations are cheaper as compared to mediclaim policies with shorter durations.
- Claim free year: If you have had a Claim free year, your health insurance provider may offer you some discounts or additional benefits.
- Inflation: Rising cost of medical treatment due to Inflation or because of advancements in medical facilities may also affect the cost of your health insurance premium.
- Extent of coverage: Some health insurance policies offer add on facilities and Riders depending on the specific requirements of individuals. Opting for such riders and additional benefits will increase the cost of your premium.
- Number of members: If you are taking a family health insurance policy, your premium will depend on the number of members included in the Policy as well as their age. If you have senior members included in the policy, your premium costs will increase.
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- Coinsurance: Under this plan, you pay for a certain degree of your cover. This means that you will share the pre-decided cost of your health care with your insurance provider. Cost of your health insurance premium will certainly be low in this case.
If you aim to keep the cost of your health insurance premium low, it is advisable to compare the policies offered by various health insurance companies on the basis of your specific requirement and above mentioned parameters. These days, you can conveniently seek quotations from various insurance companies online through health insurance comparison portals such as Easypolicy.com. You can feed your specific requirements and get health insurance premium quotes; accordingly you can choose a policy that meets your criteria and affordability.