Overview

The times are rapidly changing but the human mind as well as body are the same as before. People have become subjected to numerous illnesses as a result of their hectic work schedules, lack of sleep, lack of exercise, and poor eating habits. Thus, rendering health insurance has now become a modern-day necessity. The premium on these policies is the sum paid by the insured in exchange for the policy’s benefits. The amount of premium paid on a policy is determined by a number of factors which are as follows:

• Medical History

The to-be-insured must provide the insurer with his or her full medical history in order for the policy to be successful. If he or she is found to be stable and free of ailments, the premium rate would be reduced. However, the insured must provide the insuring firm with not only his own personal medical background, but also that of his relatives. According to the same rule as above, a family history without major diseases results in a low premium, while a family history with chronic diseases such as diabetes, blood pressure, and so on results in a higher premium. You can take the aid of a health insurance premium calculator on Finserv MARKETS to know about how family history affects premium in brief.

• Body Mass Index

An insured with a higher body mass is more vulnerable to medical problems such as high blood pressure, diabetes, heart disease, joint pains, and maternity difficulties. Thus, necessitating more hospital visits than those who are not. As a result, the premium sum is directly proportional to one’s body mass.

• Habits and Lifestyle

The premium rates for health insurance premiums are directly affected by lifestyle irregularities. Individuals who smoke, drink, chew tobacco, or consume an excessive amount of caffeine are more susceptible to heart, lung, and other diseases. As a result, premium rates are higher in these situations than in those that do not.

• Age of the Insured

Younger people pay lower premiums to the insurance provider than older people because they are less likely to become sick, seek medical attention, or experience high care costs at a younger age. Premiums rise as people get older because their bodies are more vulnerable to problems.

• Work Profile

Another determining factor in determining the amount of premium a person must pay for a policy is the individual’s working climate. Many that work in an environment that appears to be cleaner, healthy, and sound pay a lower premium because they are less likely to be exposed to health-threatening disorders as a result of their employment. Staff who work in different environments and are exposed to greater risks such as radiation, chemicals, high pressure, or pollution may pay a higher premium.

Wrapping Up

Whether medical problems are small or big, it is always best to be prepared for everything. Being prepared involves getting a comprehensive health cover. You can always consider choosing Bajaj Health Insurance available on Finserv MARKETS. With cashless facilities at network hospitals and a quick claim settlement process available with the plans, you can be assured of your financial health during the times of a medical crisis, with the health insurance plans on Finserv MARKETS.