When it comes to health or any types of insurance, two things are most important – coverage and premium; one without the other is useless. Your insurance coverage provides you with financial protection if you ever have to file a claim following any emergency, but you lose your cover or policy if you can’t afford to continue paying your premium – meaning that you only need a premium-affordable policy that provides you with adequate protection or cover.
This said, there are certain factors that determine what you pay as premium if you’re buying a health insurance, and these are briefly highlighted below:
1. Body mass index: If you’re overweight or obese, health insurance companies know you’re prone to health risks like diabetes, high blood pressure, cardiovascular problems, sleep apnea, and other medical conditions associated with weight – so they charge you more premiums because of the health risks you face, knowing you could be hospitalized anytime or undergo any medical procedure that costs so much.
2. Lifestyle: Are you a moderate or chronic smoker? Do you do drugs? Do you usually drive above speed limits with tens of speed tickets for evidence? Are you an habitual party-goer or night-clubber? These are the lifestyles that make you an insurance risk and that will fetch you higher premiums.
3. Gender: One way or the other, women tend to pay higher health or medical premiums than men because they basically have more reasons to visit the doctor and take more prescription drugs. Women by their physiology also tend to suffer certain illnesses like cancers, arthritis, and other health conditions than men, inducing them to pay higher premiums.
4. Current age: Older people tend to pay more health insurance premiums than younger folks, because older people are nearer to their graves and suffer more medical conditions than younger folks. Older people have more reasons to visit the hospital and undergo medical procedures than young folks.
5. Pre-existing medical conditions: Pre-existing medical conditions qualify you for higher health premiums than others without any health challenges. People with hereditary conditions like cancer, diabetes, high blood pressure and others pay more premiums because they are more likely to require medical attention than others.
6. Family history: This is also related to the above. If you parents, grandparents, or close relatives suffer from any medical condition, you are also likely to suffer the same and the health insurers bill you more in premiums.
7. Area of residence: If you live in a high risk area that is prone to outbreaks of violence, flooding, and other social unrests, then you insurance company may ask you to pay more health premiums to get you covered in case of anything eventuality.