Health Insurance Prices - Health Insurance Premium Factors
Health insurance sector in India is booming and the growth trend is expected to rise further. The sharp increase in lifestyle diseases in urban areas has spilled the factors resulting in a high predominance of this market. Even in rural areas, where owing to outreach by the concerned agencies, health insurance segment is expected to show some movement. However, as a customer, you must everything pertaining to the way health insurance functions and how the policies are implemented. Being able to judge the different parameters involved gives you an edge when it comes to choosing the right kind of policy. Tone important factor while choosing a health insurance plan is the premium involved in it. Following is a list of factors that affect the premium in a health insurance plan:
- Current medical state and condition: While choosing a policy, you will have to declare your medical conditions in detail. This means undergoing medical check-ups and tests for any pre-existing medical condition. The insurer can choose to cover the existing medical condition in the policy or can even exclude it from the insurance cover altogether. If the insurer does not cover any pre-existing medical condition, the cost of treatment for it will have to be borne by you. This directly impacts the premium.
- Body Mass Index (BMI): BMI is an indicator of the overall fitness of your body. The BMI is calculated depending on the height to weight ratio and a healthy bracket is specified. People with high BMI tend to develop problems like obesity, diabetes etc. and may require advanced treatment for even a normal procedure like pregnancy. This means that people with high BMI have to pay higher premiums than ones having normal BMI.
- Medical history of the family: Certain diseases are genetic in nature and if a personâ€™s family has had a history of such diseases, the probability of occurrence of that disease is higher. This impacts the premium to be paid for health insurance cover as people with a family history of diseases like cancer or diabetes have to pay a higher premium than those who have no such history of diseases.
- Gender: A personâ€™s gender is another important factor in deciding the premiums. There are experts who suggest that women are more likely to have medical consultations or prescriptions. So, the rates of premium are different for men and women.
- Age: Premiums vary with age because a young person is less likely to have a disease or disorder than an old person. The overall body immunity of a young person is higher than that of an old person and so people who buy a policy at a young age are likely to pay lesser premium than those who buy the plan at an advanced age.
- Unhealthy habits: The premium rates are different for smokers and non-smokers. Many insurers increase the premium rates for smokers. This is because smokers are more likely to suffer from life threatening diseases like cancer etc.
- Profession: A personâ€™s choice of profession also impacts the premium rates. Persons who are engaged in hazardous or high risk professions (e.g. nuclear scientists, construction professionals, chemical technicians etc.) will have a higher premium than those who work in safer conditions or profiles.
HDFC Life offers life insurance plans that are formulated for providing coverage to you and your family in times of any health-related contingency. For details, click on the mentioned link: https://www.hdfclife.com/health-insurance-plans.
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