windows 10 pro kaufen office 2019 pro kaufen office 365 pro kaufen windows 10 home kaufen windows 10 enterprise kaufen office 2019 home and business kaufen office 2016 pro kaufen windows 10 education kaufen visio 2019 kaufen microsoft project 2019 kaufen microsoft project 2016 kaufen visio professional 2016 kaufen windows server 2012 kaufen windows server 2016 kaufen windows server 2019 kaufen Betriebssysteme kaufen office software kaufen windows server kaufen https://softhier.com/ instagram takipçi satın al instagram beğeni satın al instagram görüntüleme satın al instagram otomatik beğeni satın al facebook beğeni satın al facebook sayfa beğenisi satın al facebook takipçi satın al twitter takipçi satın al twitter beğeni satın al twitter retweet satın al youtube izlenme satın al youtube abone satın al https://takipci33.com/

Health and Fitness

Age Affects Health Insurance Premium

Age Affects Health Insurance Premium Cost

As per the data collected from Livemint, health insurance queries have surged by 30-40% within a year. While more individuals are now willing to avail the best health insurance policies, there is rampant confusion about how the premium amount is determined. Also, many individuals are still unclear about how their age tends to influence a health insurance premium. 

The basic idea is that the insurance premium amount tends to increase at an average of 8-10% every year. In simpler words, policy buyers who are in their 30s are more likely to pay a lower insurance premium than those in their 40s and 50s. 

The age of the policy buyers, resultantly, happens to be one of the most crucial factors that influence insurance premium. In fact, age is also vital in determining whether one will qualify for the insurance policy. 

Impact of age on health insurance premium

Typically, a health insurance premium is based on the belief – the younger one is, the lower is the risk of mortality. In other words, younger policy buyers are healthier and are considered less susceptible to health disorders common among individuals of older age. 

Therefore, in a nutshell, these are among the top reasons why older individuals are more likely to pay a higher health insurance premium –

  • Tendency to fall sick frequently 
  • Existing physical ailments
  • Life and age-related disorders 

Since insurance providers and aggregators tend to increase the premium as policyholders grow older, one may consider purchasing a health insurance cover at an early age. While age is an essential factor, individuals should also consider other factors that influence the premium of health insurance plans. Having an idea about the same can come in handy to increase the scope of availing lower premiums. 

Other factors that influence the insurance premium

These are a few other factors that impact the premium of the best health insurance policy –

  • Body mass index

Individuals with a high BMI are more prone to lifestyle disorders like diabetes, heart problems, joint problems, etc. As a result, most insurance providers charge a higher insurance policy premium. 

  • Lifestyle habits

Those with a sedentary lifestyle and poor lifestyle habits like smoking, chewing tobacco, drinking alcohol, etc., often have to pay a higher premium amount. They are more prone to heart, lung and kidney disorders than those with a healthier lifestyle.  

  • Medical history

Pre-existing medical conditions and medical history also play a significant role in determining the insurance policy premium’s cost. In some cases, health insurance plans do not cover pre-existing ailments. However, some medical plans may include pre-existing diseases in the cover, but individuals have to pay a higher premium in such cases. 

Alternatively, some medical plans like the Bajaj Allianz health insurance policy include pre-existing conditions but extend a waiting period. 

  • Family medical history

Family medical history is another influential factor. Individuals with a prominent record of familial disorders running in their family are likely to pay a higher insurance premium. 

  • Occupation

Those who work in a hazardous environment and may be exposed to radiation, chemical, and other lethal substances have to bear a higher insurance premium cost. Also, those whose job role exposes them to a higher risk of injuries are likely to pay more to avail extensive coverage. 

Besides these, some health insurance in India may also factor in the gender of the policy buyers to determine their premium. Regardless, individuals should not select an insurance policy solely based on their premium. They must also check factors like the extent of coverage, claim settlement ratio, co-payment percentage and exclusions of the health cover. By doing so, individuals will be able to make an informed decision and select the best health insurance policy that comes in handy during a medical emergency.

Read More: Check your credit card eligibility with a minimum salary

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button