Moneywise

Factors that affect your Health Insurance premium

Health insurance is one of the most important investments one can make today. The lifestyle choices we make and the general unpredictability of life only validate this claim. But what do we really know about our health insurance plans, besides the diseases they do and don’t cover? Your health insurance premiums can differ based on different circumstances. Knowledge is power and in this case, knowledge of the factors that impact the price of your premiums can be the trump card in getting the most out of your policy.

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Pre-existing medical conditions

Policy holders need to disclose their medical records at the time of purchasing medical insurance. While some policies cover pre-existing diseases, others may not and thus increase the cost that you’d need to pay in the event of a medical incident.

Family medical history

Unfortunately, you can’t control your genes. If your family has a history of heart disease, cancer, diabetes and the likes, your premium is more likely to be higher than others.

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Age

Most policy premiums increase with age. This is mainly because the younger you are, the less likely you are to have any pre-existing identified or unidentified diseases.

Body mass index (BMI)

People with a higher BMI have a higher chance of contracting diseases like diabetes, heart disease and joint pains. Besides this, even regular procedures, like those for pregnancy, might require special treatment for those who are overweight. For this reason, people with abnormal BMI’s would normally pay a higher premium than others.

Injurious substances

Dependence on substances that do your body harm like tobacco, alcohol and drugs, not only increase your chances of diseases like cancer, it also increases your insurance premiums; just another reason for you to quit your vice.

Choice of profession

If you’re in a profession that is considered risky or has you working in environments that are considered hazardous, be prepared to pay a higher health insurance premium.

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Marital Status

Don’t ask why, but married couples tend to live longer than others. Since everything in the insurance game runs on statistics, your spouse could be the reason you pay a lower premium.

These are just some of the factors that can impact your health insurance premium. For more detailed insight into what impacts your premiums, get in touch with your insurance agent right away.

Source – http://bit.ly/2jGNLdG