With the introduction of health insurance policies, it has become easier for everyone to get their medical conditions treated. Whether it is a genetic medical condition or an unpredicted mishap – health insurance policies take care of almost everything. In fact, you will find a lot of different health insurance plans that are available in the market to give you the flexibility of choosing a policy that suits your requirements the best. However, before you go ahead to buy a health insurance policy, there are a few factors that you must keep in mind. These factors mainly affect your medical insurance premiums, so it is important that you are aware of these.
1. What’s your age?
You must be wondering how age affects your premium, isn’t it? The calculation of insurance premiums is very simple. The higher your age is the more is your premium amount. So, if you wait for an age to buy your health insurance policy, you might have to pay a higher premium amount. Young policyholders pay a much lower premium amount as they have a lesser risk of falling ill when compared to older people.
2.Based on your location
Another factor that can affect the premium is your location. Many of the health insurance companies have premium rates based on the rural and urban components as well. Like the rates may be different for metropolitan cities as compared to the ones in rural areas of the country. There are health insurance companies that offer the best rates of premium throughout all the regions. So, keeping this factor in mind, you can check if your premium rate will be affected or not.
3. Number of Insured members
Since there are a lot of options for insurance policies, the premium rates depend upon who your health insurance plan is covering. The more people your policy covers, the higher will be the premium. A lot of insurance providers offer discounts on the premium rates at times, you can always look for those deals and discounts on the premium and buy the policy that suits your needs.
4.The Type of Plan
Yet another factor that might affect your premium rate is the type of plan that you choose. The premium for a health insurance policy for parents will differ from that for the entire family. Having said this, even the size of the family can affect your premium rates.
5.Add-on Factors
Here, factors like family medical history, pre-existing health conditions like body mass index, alcohol and tobacco consumption, and so on are considered. Some of the insurance providers are very particular about these things; depending on which your premium rates may be affected. In addition to this, even your nature of profession can affect your medical insurance premium.
While these are the 5 major factors that can affect your insurance premium rate, it still shouldn’t stop you from covering you and your loved ones with the best health insurance policies. Care Health Insurance is one of the leading insurance companies in India which offers several health insurance plans for everyone. Secure your loved ones for a better living at affordable rates with Care Health Insurance.
Disclaimer: The above-mentioned information is for reference purposes only