Invest Policy
No Result
View All Result
Saturday, March 6, 2021
  • Login
  • Latest News
  • Banking
  • Economy
  • Market
  • Investment Plans
    • Mutual Funds
    • Money
    • Property
    • Scheme
  • Finance
  • Insurance
    • General Insurance
    • Life Insurance
    • LIC
  • World
Subscribe
Invest Policy
  • Latest News
  • Banking
  • Economy
  • Market
  • Investment Plans
    • Mutual Funds
    • Money
    • Property
    • Scheme
  • Finance
  • Insurance
    • General Insurance
    • Life Insurance
    • LIC
  • World
No Result
View All Result
Invest Policy
No Result
View All Result
Home Insurance

5 Factors That Determine Your Health Insurance Premium

by InvestPolicy
February 27, 2021
in Insurance
0
Health insurance premium
153
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Two friends, Nikita and Sneha bought health insurance. And while discussing this over a cup of coffee they realised though they bought the same plan from the same company, the premium amounts are different.

This is not unique to Nikita and her friend. Health insurance premiums are determined factors like age, lifestyle, city they live in etc, and hence, it can differ for each individual.

In this blog, we will talk about the 5 crucial factors that determine our medical insurance premium and the reasons for that. 

Here are the 5 most important factors that determine the health insurance premium

#Number 1: It depends on what’s your age: 

This is an absolute no brainer. As you grow older, you become prone to more illnesses and hence the medical expenses are much more. The health insurance company will have to cover this risk and that is why you are charged more. 

This is true for all insurance companies in health insurance. Unlike term insurance, mediclaim premiums do not remain the same throughout the policy tenure. It might be the same between 18 to 35 but then once you move into 36 to 45, your medical insurance premium will also go up. 

#Number 2: Whether you are a smoker

Smoking raises the chances of fatal diseases like heart and pulmonary diseases, asthma and also cancer. Now, if smoking is beyond the limit of 10 cigarettes a day, some health insurance companies might deny the policy, and the others charge extra in healthcare premiums.

Health insurance is sold in good faith, and it is expected that one will declare voluntarily if he/she uses tobacco. If the insurance company finds about it later, then the policy might get cancelled. 

#Number 3: Whether you have any pre-existing illnesses

If you have a pre-existing illness, the risk of hospitalisation and medical expenses are more. And the medical insurance company will have to cover this risk. 

Now, different health insurance companies deal pre-existing illnesses differently. Some put a waiting period or a co-payment condition for it, while some increase the medical insurance premium. Or it can be both. 

If you have any pre-existing illnesses declare them while purchasing the policy. If it is discovered by the health insurance company later or during the treatment, then the claim might get rejected. 

#Number 4: Whether its individual or floater policy

A floater policy provides health insurance cover to the entire family. And since it covers more than one person, the chances of hospitalisation also increases. Health insurance companies will cover these expenses. So, the premium amount is also more. 

For example, if you have a Rs 10 lakh floater policy, its premium amount will be more than Rs 10 lakh individual policy.. 

#Number 5: Which city you live in

The medical expenses are different in different cities. For example, the hospitalisation expenses for cities like Delhi or Mumbai will alway be more than smaller cities. Hence, the mediclaim policy premium amount will also be more.

While buying a health insurance policy, offline or online, it is important to declare which city you live in, which may not be your permanent address. 

Bottom Line: 

There are other factors like – what rider you are taking, facilities included in the policy etc. – that are also considered by the insurance companies while calculating the policy premium. But, these factors matter less than the things like your age, lifestyle, city, pre-existing illnesses etc.

While buying a health policy, it is important that you reveal all relevant information correctly. Declaring these informations, like pre-existing illnesses or whether you are a tobacco user, may increase the premium amount, but it will ensure that your claim is not rejected. 

  • Trending
  • Comments
  • Latest
MP E Uparjan

MP E Uparjan 2021 | Farmer online registration, mpeuparjan.nic.in portal

February 27, 2021
sukanya-samriddhi-yojana-vs-lic-kanyadan-policy

LIC Kanyadan Policy Vs Sukanya Samriddhi Yojana

March 2, 2021
What is the role of two employees of Wipro in wrong transfer of Rs 6554 crore to Citibank

What is the role of two employees of Wipro in wrong transfer of Rs 6554 crore to Citibank

February 26, 2021
Amazon's logo was being trolled by saying Hitler's face, the company made changes once again after seeing opposition

Amazon’s logo was being trolled as Hitler’s face, the company made changes once again after seeing protest

March 1, 2021
RailTel IPO: Premium falls in gray market, should you still invest?

Nureca’s IPO will open for subscription on February 15, should it subscribe or not? Know the opinion of experts

February 28, 2021
Pakistan's JF-17 Thunder Can't Take IAF Fighter Jet With China's Help, Report Fails

Pakistan’s JF-17 Thunder Can’t Take IAF Fighter Jet With China’s Help, Report Fails

March 6, 2021
SBI Mutual Fund IPO: The country's largest mutual fund house will bring IPO to raise Rs 7,500 crore, know details

Fino Payments Bank to bring IPO of Rs 1200 crore, support of BPCL, ICICI and Blackstone to the company, know details of IPO

March 5, 2021
Gold Prices Today: 2016 के बाद एक महीने में सबसे अधिक गिरावट के बाद सोना आज संभला, चांदी भी चमकी

Gold entry in Bear Market, experts said – 10 grams gold price may fall to 41,500, know the reason

March 5, 2021
Nifty closed below 15000, Sensex lost 400 points, know the reasons that created pressure on the market

Nifty closed below 15000, Sensex lost 400 points, know the reasons that created pressure on the market

March 5, 2021
Anurag-Taapsee Pannu faces grudge, Phantom Films accuses him of Rs 650 crore tax fraud

Anurag-Taapsee Pannu faces grudge, Phantom Films accuses him of Rs 650 crore tax fraud

March 5, 2021

Recent News

Pakistan's JF-17 Thunder Can't Take IAF Fighter Jet With China's Help, Report Fails

Pakistan’s JF-17 Thunder Can’t Take IAF Fighter Jet With China’s Help, Report Fails

March 6, 2021
SBI Mutual Fund IPO: The country's largest mutual fund house will bring IPO to raise Rs 7,500 crore, know details

Fino Payments Bank to bring IPO of Rs 1200 crore, support of BPCL, ICICI and Blackstone to the company, know details of IPO

March 5, 2021

Categories

  • Banking
  • Economy
  • Featured
  • Finance
  • General Insurance
  • Health Insurance
  • Insurance
  • Investment Plans
  • Latest News
  • LIC
  • Life Insurance
  • Market
  • Money
  • Mutual Funds
  • Property
  • Scheme
  • World

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
Invest Policy

InvestPolicy.com is one of the leading companies when it comes to loans and card marketplace. Our main motto is to help our customers in making personal finance decisions easy and convenient as per their comfort.

© 2021 Invest Policy. All Right Reserved.

No Result
View All Result
  • Latest News
  • Banking
  • Economy
  • Market
  • Investment Plans
    • Mutual Funds
    • Money
    • Property
    • Scheme
  • Finance
  • Insurance
    • General Insurance
    • Life Insurance
    • LIC
  • World
  • About Us
  • Contact Us

© 2021 Invest Policy. All Right Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In