Factors Affecting Health Insurance Premium

With the advancement in medical facilities, health care costs have also increased. The main benefit of health insurance is that it takes care of the healthcare expenses. And here is how the cost of your insurance premium is determined:

Medical History
Your medical history is one of the major determinants of the health insurance premium. Almost all the ‘ health insurers in India make pre-medical tests mandatory (after a certain age) before buying a health insurance policy.
While, some insurance companies don’t make medical screening mandatory but do consider your current medical conditions, lifestyle-related health risks and medical background of your family.

Gender and Age
Age is another important determinant of the medical insurance premium. The premium varies based on the age of the insured person.

That is why it is recommended to buy a policy at a young age because the cost of the premium is low for young applicants.

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Author: Donna Woods

  • 6+ years of experience in financial analysis
  • 5+ years of experience as a writer, published author, editor, and screenwriter