Factors Affecting Health Insurance Premium

Policy Term
The premium for a 2-year health insurance plan will be higher than a 1-year plan. However, almost all insurance companies offer a discount on long-term medical insurance plans.

Type of Health Insurance Plan
The type of health insurance policy you select also affects the cost of the premium. The higher the risks involved the higher will be the premium and vice-versa.

No-Claim-Discount
If you have not made any claim during your policy term, then you can earn NCB or No-claim-bonus ranging from 5 to 50 percent. It is also one of the most important factors that are taken into consideration while calculating the cost of the premium.

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Author: Donna Woods

  • 6+ years of experience in financial analysis
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