We all fall sick. Many of us get so sick that it really becomes tough to handle the situation and we end up in the hospital bed. Although we know that with proper treatment, we will certainly get back to shape, what gets bothersome is the medical bill.
The hospital bills these days are so high that they make it difficult for us to clear them. This is why a health insurance policy plays a vital role. However, when you buy a health insurance policy, you also need to consider the premiums that have to be paid so that you can continue getting the benefits of the policy. Therefore, it is better if you know the premiums that you will be paying in the future before you buy a health insurance policy. And to do so, you can use a health insurance premium calculator. There are some factors that you should consider while calculating the premiums for a health insurance policy. Here are a few of them mentioned below:
Age is one of the most critical factors that sometimes affect that premium amount. In most cases, the insurance providers stick to the rule of thumb, which is higher the age, the higher the premium is. Older people are much more vulnerable to illnesses as compared to youngsters. Therefore, if you buy a health insurance plan when you are young, you will get comprehensive coverage and much better benefits at reasonable premium rates.
The nature of your work and the risk involved in it may affect the premium charges. For example, if you have a desk job, your premium will certainly be less but if you work on a construction site where you may get injured someday, the premium that you will be required to pay is higher.
Body Mass Index (BMI)
If your Body Mass Index (BMI) is higher, the premium rates that you have to pay will be higher. This is so because people who have high BMI are at more risk of serious diseases which include heart ailments, breathing problems, Type 2 diabetes, cancer, and high blood pressure.
Your medical records play an important role in determining the premium amount. If you have a history of suffering from certain diseases or you have a pre-existing illness, there are fair chances that you will be asked to pay a higher premium. On the other hand, if you had no illnesses and you live a healthy life, the premium that you have to pay will certainly be lesser.
Duration of policy
The premium amount is also decided based on the duration of your policy. If you intend to buy a health insurance policy with a longer duration, you will have to pay a lesser premium. On the other hand, if the duration of the policy is shorter, you will be required to pay a comparatively higher premium.
When you smoke, you are at a higher risk of developing serious diseases slowly. Some smokers even develop cancer only because of this habit. This is why insurance companies charge a higher premium to smokers as compared to policy buyers who do not smoke at all. The same goes for people who drink and do not drink at all.
The premium rates depend much on the place you are living in. Certain geographical locations are a bit riskier than the others. For example, living in the hills is a bit riskier than living on the plains. This is why insurance providers charge higher premiums to policy buyers who live in places where life is difficult.
Now if you want to take a look at the various health insurance policies, you can visit the IIFL website. You will also be able to use the health insurance premium calculator to find the premium that you are supposed to pay.