Tips on Lowering Health Insurance Premiums
Usually, online health insurance policies are made to secure a person's health by giving financial support for the costs incurred during medical treatment, including routine checkups to critical surgeries, hospitalization etc. Majority of people purchase the mediclaim policy to decrease their risk of having to pay expensive charges from their own pockets for this purpose, but in return health insurance companies in India gauge their risk level of insuring a person. Before offering coverage to a customer, insurers consider the information submitted by a client to evaluate the risk factor of covering a person and then decide whether or not they will give coverage and at what rate.
In case insurer offers coverage, then there are some factors which insurance service providers take into consideration in finalizing the health insurance premium which include medical, lifestyle, physical and person risk factors. Some medical and physical risk factors which are mentioned below play a vital role in deciding mediclaim insurance premiums:
People with high body mass indexes require paying higher premiums as compared to those who have normal body mass indexes. Obesity results to diseases like joint problems, diabetes etc and hence, insurance companies in India may consider this while deciding premium amount. Based on high risk of such diseases and medical illnesses, insurers charge their customers before giving coverage. Age and gender of a client also play an important role when it comes to finalizing a premium value. It has been observed that women pay high health insurance premiums than men. In fact, if you buy a healthcare plan at younger age, you will have to pay low premium. Younger individuals don't need to visit the doctor regularly and have fewer diagnosed conditions. It means they are less likely to experience health issues.
Also, pre-existing medical conditions and family history affect the premium amount. When the insurer notice a pre-existing medical condition in a customer's application form, then risk level for that customer increases and hence, he or she has to pay more premium. Insurance companies in India may not insure the condition but it may increase to have additional issues related to that condition, the insurer may hike premium costs. Person who has a family history or some serious illnesses will likely to pay increased health insurance premiums. Standard of living is another factor which highly impacts the insurance rate.
Consider a scenario, if a buyer is working in a lab where he or she is exposed to hazardous chemicals, then policy becomes more expensive. People with office job have limited risks to their health. Insurers consider the statistics on health trends in certain locations, meaning that where you stay may affect your coverage costs. Those who are planning to buy online health insurance policies in India for the very first time, and then rates are likely to be higher. There are many other factors which can easily affect premium amount, so ask your insurance service providers about it and try to save as much as possible.
In case insurer offers coverage, then there are some factors which insurance service providers take into consideration in finalizing the health insurance premium which include medical, lifestyle, physical and person risk factors. Some medical and physical risk factors which are mentioned below play a vital role in deciding mediclaim insurance premiums:
- Tobacco/Alcohol use
- Age
- Gender
- Family History
- Pre-existing medical conditions
People with high body mass indexes require paying higher premiums as compared to those who have normal body mass indexes. Obesity results to diseases like joint problems, diabetes etc and hence, insurance companies in India may consider this while deciding premium amount. Based on high risk of such diseases and medical illnesses, insurers charge their customers before giving coverage. Age and gender of a client also play an important role when it comes to finalizing a premium value. It has been observed that women pay high health insurance premiums than men. In fact, if you buy a healthcare plan at younger age, you will have to pay low premium. Younger individuals don't need to visit the doctor regularly and have fewer diagnosed conditions. It means they are less likely to experience health issues.
Also, pre-existing medical conditions and family history affect the premium amount. When the insurer notice a pre-existing medical condition in a customer's application form, then risk level for that customer increases and hence, he or she has to pay more premium. Insurance companies in India may not insure the condition but it may increase to have additional issues related to that condition, the insurer may hike premium costs. Person who has a family history or some serious illnesses will likely to pay increased health insurance premiums. Standard of living is another factor which highly impacts the insurance rate.
Consider a scenario, if a buyer is working in a lab where he or she is exposed to hazardous chemicals, then policy becomes more expensive. People with office job have limited risks to their health. Insurers consider the statistics on health trends in certain locations, meaning that where you stay may affect your coverage costs. Those who are planning to buy online health insurance policies in India for the very first time, and then rates are likely to be higher. There are many other factors which can easily affect premium amount, so ask your insurance service providers about it and try to save as much as possible.
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