The demand for health insurance has increased amid concerns related to Covid-19. People are taking insurance cover because of the apprehension of expenditure on health services. With the health insurance cover, you get treatment in a better hospital. At the same time, you are not bothered about spending, and you do not have any financial burden. If you have not taken health insurance cover so far, you need to know what the premium of health insurance depends on. These aspects include points such as pre-existing illness, the sum assured, and the place of your residence.
Let’s know what the premium for health insurance depends on:
1. Pre-existing diseases: If you already have a disease, you need to inform the insurance company. If you are already suffering from a disease, the insurance company decides whether you will get cover for that disease or not. If you want to cover it, you may have to pay more premiums. If the policyholder’s family members have a medical history, the effect is also seen on the premium.
2. Body Mass Index (BMI): If your BMI is high, you may have to pay a higher premium than those with normal BMI. This is because people with higher BMI are more likely to suffer from heart-related diseases like arthritis or diabetes.
3. Gender and Age: The health policy premium also depends on the age and gender of the policyholder. If you are short of age, the premium of your health insurance is usually lower than those who are older. The reason behind this is that people are less likely to fall ill at a young age.
4. Sum Assured and Add-on Cover: The amount you take insured will be fixed accordingly. In addition, if you choose an add-on, the effect is also seen at the premium.
5. The profession and the place of your residence also fall at a premium effect: If you are in a profession where you are in a profession with hazardous substances, radiation, chemicals, etc., or you do something that is more likely to injure you, you may have to pay a higher premium. At the same time, the place where you live also affects the premium.
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