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Factors that could determine how much premium you would pay for health insurance

3 min read

When it comes to insurance, the companies are also businesses that are looking to make a profit at the end of the day. Apart from that, it would also be unfair to two people who have to pay the same amount for an insurance policy, but one of them is virtually utilizing ten times their premium regularly for treatment, while the other has never had to claim the insurance company. To try to balance things up, insurance companies strive to calculate the risk of providing insurance services to an individual before arriving at a premium for the person to pay. This applies to home, auto, travel, health, and every other type of insurance. Here are some factors a health insurance company will consider when calculating the risk of providing health insurance services to you before arriving at the premium you would be required to pay.

One of the things that a health insurance policy might consider is the age of the person who is involved. Several ailments are common among older people. If about 20 percent of young people require medical care yearly, you can be sure that at least 60 percent of older people above the age of 65 require medical care yearly. At old age, many people will start to reap the results of all their recklessness during their younger days. Hence, the health insurance company will charge an older person a higher premium than a younger person if all other conditions are constant.

Health insurance companies are also interested in the habits of an individual while calculating the risks of providing them with insurance services. Individuals who have bad health habits like smoking, drinking alcohol, not involving regularly in exercises, and/or eating junk food are likely to get higher premiums than those who lead a healthy lifestyle. This is because those habits would easily contribute to how frequently and severely the individual could fall ill and how much the insurance company would need to spend on treating them.

Medical history
Insurance companies are often interested in the medical history of an individual as well. They want to know the diseases that the individual has been treating in the past and what it could mean for their future. They also want to know the type of hereditary diseases that are common in the individual’s family. For instance, if they get to discover that the family has a history of cancer, diabetes, or obesity among others, they would believe that the individual could be prone to such diseases. Hence, they would factor that in while calculating the risk and premium for the individual. This would result in a higher premium compared to someone else who does not have a poor medical history.

Sex could also be factored in when calculating insurance. Women have more reasons to visit the hospital than men. As opposed to men that would only visit hospitals for check-ups and illnesses, women will often visit the hospital for other things like childbirth. This can sometimes require a CS that would be considerably more expensive. For these reasons, some insurance companies might calculate the premium for a lady to be slightly higher than a man, even if every other condition apart from the gender are equal.

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